Question 5 At December 31, 2017, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 13,320,000 14,380,000 Equipment Less: Accumulated depreciation-equipment 5,220,000 42,440,000 $ 4,490,000 $27,700,000 47,660,000 Total plant assets $61,310,000 During 2018, the following selected cash transactions occurred April 1 May 1 Purchased land for $2,160,000. Sold equipment that cost $1,020,000 when purchased on January 1, 2014. The June 1 July 1 Dec. 31 equipment was sold for $612,000. Sold land purchased on June 1, 2008 for $1,470,000. The land cost $400,000. Purchased equipment for $2,330,000. Retired equipment that cost $482,000 when purchased on December 31, 2008. No salvage value was recelved. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation) May 1