Required:

Journalize the transactions.

Pouncer uses straight-line depreciation for building and equipment.

The buildings are estimated to have a 40-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.

Please provide with complete anwers, in table format. Thanks

At December 31, 2019, Pouncer Corporation reported these plant assets. Land $4,000,000 Buildings $28,500,000 Less: Accumulated depreciation - Buildings 12,100,000 Building, net 16,400,000 Equipment 48,000,000 Less: Accumulated depreciation - Equipment 5,000,000 Equipment, net 43,000,000 Total plant assets $63,400,000 During 2020, the following selected cash transactions occurred: Apr 1 Purchased land for $2,600,000. May 1 Sold land purchased on June 1, 2005 for $1,800,000. The land cost $300,000. Jul 1 Sold equipment that cost $675,000 when purchased on January 1, 2015. The equipment was sold for $350,000. Oct 1 Purchased equipment for $1,000,000. Dec 31 Retired equipment that cost $470,000 when purchased on December 31, 2010. No salvage value was received