roperty, nts in favour of recording them as P9-9B At January 1, 2017, Jaina Company, a public company, reported the following property, plant, and equip- Record pr ment accounts: yoo Accumulated depreciation-buildings Accumulated depreciation-equipment Building Equipment Land equipment prepare pa. statements $12,100,000 15,000,000 28,500,000 48,000,000 4,000,000 Jaina uses straight-line depreciation for buildings and equipment, and its fiscal year end is December 31. The build- ings are estimated to have a 50-year life and no residual value; the equipment is estimated to have a 10-year useful life or collectible at maturity on the anniversary date of the issue. and no residual value. Interest on all notes is payable During 2017, the following selected transactions occurred: Purchased land for $1.9 million. Paid $475,000 cash and issued a 10-year, 6 % note for the balance. Sold equipment that cost $750,000 when purchased on January 1, 2010. The equipment was sold for Apr. May 1 1 $350,000 cash. Sold land purchased on June 1, 1996, for $1.2 million. Received $380,000 cash and accepted a 6% note June 1 Purchased equipment for $1 million on account, terms n/60. Retired equipment that cost $470,000 when purchased on December 31, 2010 for the balance. The land cost $300,000. July 1 Dec. 31 (b) Record any adjusting entries required at December 31, 2017, and update account balances (c) Prepare the property, plant, and equipment section of Jaina's balance sheet at December 31, 2017. Instructions (a) Record the above transactions. nanies use the cost model instead of the revaluation model to account