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At December 31, 2019, Farr Company reported the following plant assets. $2,500,000 Land Buildings Less Accumulation depreciation buildings Equipment Less Accumulation depreciation equipment Total plant assets $24,500,000 9.500,000 35 000 000 7000 000 15,000,000 28 000 000 45.500.000 Record the following transactions which took place in 2020 5 04/01/20 Purchased land for $1.500,000 cash Land 27. 05/01/20 Sold equipment for $200,000 that cost $480,000 when purchased on Jan 1, 2015. The equipment had a useful life of 10 years and no salvage value Record the entry to bring depreciation up to date depreciation expense equi24 000 accumulated depreciation 480000/1 24 000 Record the sale disposal) of the equipment for $20.000 Cash accum. Depe. Equip equip 480.000 35 06/01/20 Sold land for $1,500,000; the land cost $900,000 42 12/31/20 Record the adjusting entry for depreciation for buildings for 2020. Buildings are estimated to have a 40 year useful life and no salvage 12/31/20 Record the adjusting entry for depreciation for the remaining equipment for 2020. Equipment is estimated to have a 10 year useful life and no salvage value 59 Indicate how Equipment and its Accumulated Depreciation will appear on the financial