Question 2 At December 31, 2017, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 13,740,000 13,910,000 Equipment Less: Accumulated depreciation-equipment 4,600,000 43,410,000 $ 3,590,000 $27,650,000 48,010,000 Total plant assets $60,910,000 During 2018, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2014. The equipment was sold for $648,000. Sold land purchased on June 1, 2008 for $1,410,000. The land cost $402,000. Purchased equipment for $2,370,000 Retired equipment that cost $503,000 when purchased on December 31, 2008. No salvage value was received