Question 2 At January 1, 2017, Ivanhoe Company reported the following property, plant, and equipment accounts $62,650,000 Accumulated depreciation-build ings Accumulated depreciation-equipment 53,850,000 Buildings 97,600,000 150,750,000 Equipment Land 20,350,000 makes adjusting entries annually. The build ings are estimated December 31, and The company uses straight-line depreciation for buildings and equipment, its year-end useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value have a 40-year During 2017, the following selected transactions occurred: Apr. 1 Purchased land for $4.40 million. Paid $1.100 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note payable annually each April 1. Sold equipment for $330,000 cash. The equipment cost $3.30 million when originally purchased on January 1, 2009. May 1 June 1 Sold land for $4.02 million. Received $750,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.80 million when purchased on June 1, 2011. Interest on the note is due annually each June 1 Purchased equipment for $2.80 million cash July 1 Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. Record the tles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts,: Debit Credit Date Account Titles and Explanation (To record depreciation expense) May 1 (To record sale equipment) June 1 (To record depreciation expense) (To record disposal f equipment) LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT entered. Do not indent manually. If no entry is required, Record any adjusting entries required at December 31. (Credit account titles are automatically indented when the amount select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record depreciation expense for buildings) Dec. 31 (To record depreciation expense for equipment) Dec. 31 (To record interest incurred but not yet paid) Dec. 31 (To record interest accrued but not yet received) LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT financial position at December 31. (List Property, Plant and Equipment in order of Land, Buildings and Prepare the property, plant, and equipment section of the company's statement Equipment.) IVANHOE COMPANY Financial Position (Partial) Statement S LINK TO LINK TO T LINK TO XT LINK TO TT