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 iseful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.

Problem 9-5A (Part Level Submission) At December 31, 2015, Grand Company reported the following as plant assets. $4,440,000 16,367,000 Land Buildings Less: Accumulated depreciation- buildings Equipment Less: Accumulated depreciation- equipment Total plant assets $28,142,000 11,775,000 48,246,000 5,063,000 43,183,000 $63,990,000 During 2016, the following selected cash transactions occurred. April 1 Purchased land for $2,058,000. May 1 Sold equipment that cost $1,149,000 when purchased on January 1, 2012. The equipment was sold for $689,400. June 1 Sold land purchased on June 1, 2006 for $1,453,000. The land cost $394,000. July 1 Purchased equipment for $2,438,000. Dec. 31 Retired equipment that cost $488,000 when purchased on December 31, 2006. No salvage value was received. Your answer is partially correct. Try again. Prepare the plant assets section of Grand's balance sheet at December 31, 2016. (List Plant Assets in order of Land, Building Grand Company Balance Sheet (Partial) December 31, 2016 Plant Assets dy TLand T Buildings 28142000 TAccumulated Depreciation Equipment 1149000 Less TAccumulated Depreciation. Total Plant Assets SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR