SA At December 31, 2017, Grand Company reported the following as plant assets. Journalize a seriesof Land Buildings Less: Accumulated depreciation-buildings $28,500,000 12,100,000 48,000,000 5,000,000 s 4,000,000 16,400,000 43,000,000 equipment transactions related to purchase, sale, retirement, and depreciation. (LO 2, 3, 5) uipment ccumulated depreciation-equipment Total plant assets $63,400,000 XLS uring 2018, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $750,000 when purchased on January 1, 2014. The equipment was sold for $450,000. June Sold land purchased on June 1, 2008, for $1,500,000. The land cost $400,000. July 1 Purchased equipment for $2,500,000. Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2008. The company received no proceeds related to salvage. Instructions (a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no (b) Depreciation Expense- salvage value. The equipment is estimated to have a 10-year useful life and no salvage Buildings $570,000 value. Update depreciation on assets disposed of at the time of sale or retirement. Equipment $4,800,000 (c) Total plant assets (b) Record adjusting entries for depreciation for 2018. (c) Prepare the plant assets section of Grand's balance sheet at December 31, 2018. 561,760,000