r9 Homework Chapter 9 Homework Question 8 of 8

journalize the above transactions

At January 1,2022, Wildhorse Co. reported the following property, plant, and equipment accounts: The company uses straight-line depreclation for buildings and equipment, its year-end is December 31 , and it makes adjustingentries 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 usefutlife and no salvage value. During, 2022, the following selected transactions occurred: Apr.1 Purchased land for $4.60 million. Paid $1.150 million cash and issued $3 vear, 6% note payable for the balance. Interest on the note is payable arnually each Aprit 1. May 1. Sold equipment for $300,000 cash. The equipment cost $3.12 million when originalily purchased on January 1.2014. June 1 Sold land for $4,08 milison. Received $900,000 cash and accepted a 3 -vear, 5% note for the balance. The land cost $1.30 million when purchased on June 1, 2016 . Interest on the note is 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. Journalize the above transactions. (Credit account titles are automatically indented when the amount is encered. Do not indent manually, If no entry is required, select "No Entry" for the occount titles and enter o for the amounts.)