The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement

At December 31, 2020, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated d Equipment Less: Accumulated depreciation- equipment 4,000,000 $28,500,000 epreciation-buildings12,100,000 16,400,000 48,000,000 5,000,000 43,000,000 Total plant assets $63,400,000 During 2021, 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, 2017. The equipment was June 1 Sold land purchased on June 1, 2011 for $1,500,000. The land cost $400,000. July 1 Purchased equipment for $2,500,000. sold for $450,000 Dec. Retired equipment that cost $500,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. 31 Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. I no entry is required, select "No Entry for the account titles and enter 0 for the amoants.) Date Account Titles and Explanation Debit Credit (To record building depreciation) (To record equipment depreciation)