Question t January 1, 2017, Pharoah Company reported the following property, plant, and equipment accounts: Accumulated depreciation-equipment 54,250,000 Buildings 150,250,000 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 2017, the following selected transactions occurred: Apr 1 Purchased land or $4.40 million paid $1.100 million cash and issued a 3 year, 6% note payable for the balance Interest on the nate is payable annually each April 1 May1 Sold equipment for $350,000 cash. The equipment cost $2.64 milion when criginally purchased on January 1, 2009. June 1 50ld land for $5.40 million. Received and accepted a 3-year, 5% note for the balance. The land cost $1.50 million when purchased on June 1, 2011, Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.4D millian cash. Det. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. oth balance. e $500,000 cash