Question 9 of 10 1.35/4.5 cuentreprogress At January 1, 2022, Ivanhoe Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment $62,650,000 53,850.000 97,600,000 150,750,000 20,350,000 Land The company uses straight-line depreciation for buildings and equipment, its year-end Is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value the equipment is estimated to have a 10-year useful life and no salvage value. During 2022, the following selected transactions occurred: Apr1 Purchased land for $4,10 million Paid $1.100 million cast and issued a 3-year 6%. note payable for the balance Interest on the note is payable annually each April 1 May 1 Sold equipment for $330.000 cash. The equipment cost $3,30 million when originally purchased on January 1, 2014 June 1 Sold land for $4,02 million Received $750,000 cash and accepted a year, 5% note for the balance The land cost $1.80 million when purchased on June 1. 2016. Interest on the notes due annually each June 1 July 1 Purchased equipment for $2.80 million cash Dec 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received (a) MacBook entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit April 1 Land QI Acc 4400000 Cash 110000 Qu Acco Interest Payable 330000 May 1 Depreciation Expense 1100000 Que Accou 1100000 Accumulated Depreciation Equipment (To record depreciation expense) Ques Account May 1 Cash 130000 Accumulated Depreciation Equipment 50000 Questi Account Loss on Disposal o Plantes 20000 Questi 000 Equipment (To record sale of equipment) Cach June 1 Question Accounting Notes Payable Viewing Account Land improvements 128000 Land HD Question July 1 MacBOOK Homework estion 9 of 10 1.35/4.5 330000 Equipment (To record sale of equipment) June 1 Cash 750000 Notes Payable 3270000 Land improvements 1280001 Land 150000 July 1 Equipment 2800009 Cash 200000 Dec. 31 Depreciation Expense 1000 Accumulated Depreciation Equipment (To record depreciation expense) Accumulated Depreciation Equipment Dec. 31 1000000 Equipment (To record disposal of equipment) eTextbook and Media Assistance Used List of Accounts Assistance Used Save for Late Last saved 50 seconds ago Attempts: 2 of 6 used Submit