t JanuarY 1, 201, Blossam Company reported the following proparty, plant, and equipment acoounts Accurnulated depreciation-buildiig $60,400,000 Accumulated depredation equipment 53,500,000 Buildings Equipment Land 97,600,000 150,000,000 21,850,000 ear end s December 31, and ma es ad usting entries annualy The buildings are estr ated to have a 40-year useful i e and no salvage value; the equipments estimated to have a The company uses straight-line deprec ation for buidings and equipment. ts 10-year useul life and no salvage value. During 2017, the rolowing selected transactions occurred. Apr 1 May 1 une 1 uly1 Dec. 31 Purchased land for $4.40 milion, paid $1.100 milion cash and issued a 3-year, 6% note payable forthe balance. Interest on the note is payable annually each April 1. Sold equipment for 320,000 cash. The equipment cost $2.64 million when originally purchased on January 1, 2009. Sold land for $5,74 milion. Received 5700 000 cash and accepted J 3 year, 5% note for the balance. The land cost?1.50 milion when purchased on June 1, 2011. Interest on the note ts due nnual Purchased equipment for $2.70 millin cash. Retired equipment that cost $1 milion when purchased on December 31, 2007, No proceeds were received. each June 1 Your answer is partially correct. Try again. Record the above transactions Credit account titles are automatically indented when the amount is entered. Do not indent manually. ? ?0 entry ?s required select 'No Entry the account titles and enter 0 for the amounts. Date Account Iitles and Explanation Dehit Credit April 1 Land 4400000 Cash Nobas Payabla May 1 IDepreciation Expense 88000 Accumulated D qupment (To record deprecabon expense) May 1 Cash 320000 Acournulated 2333333 Lass an Disposal af Plant Assets 66667