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The company uses straight-line depreciation for buildings and equipment. its year-end is December 31 , and it makes adjustments annually. The buildings are estimated to

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The company uses straight-line depreciation for buildings and equipment. its year-end is December 31 , and it makes adjustments annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10 -year useful life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $4 million Paid $1 million cash and issued a 3 -year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $330,000 cash. The equipment cost $3 million when originally purchased on January 1.2014. June 1 Sold tand tor $4 million. Received $/30,000 cash and accepted a 3y ear, $% note tor the balance. ine land cost $2 million when purchased on June 1. 2016. Interest on the note is due annually each June 1 . July 1 Purchased equipment for $3 million cash. Dec, 31 Retired equipment that cost $1 million when purchased on December 31, 2012, No proceeds were received. (a) Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1. 2022. (If a transaction ca a decrease in Assets, Llabilities or Stockholders' Equity, ploce a negotive sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

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