the transactions. (Omit cost of goods sold entries.) of a past-duc Part VI - Plant Asset Entries (15 points) At January 1, 2017, Youngstown Company reported the following property, plant, and equipment accounts: Land 20,000,000; Buildings 97.400,000; Acc. depreciation buildings: $ 62,200,000: Equipment: 150.000,000; Ace depreciation--equipment: 54,000,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries 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 2017, the following selected transactions occurred: Apr. 1: Purchased land for $4.4 million. Paid SL.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 $300,000 cash. The equipment cost $2.8 million when originally purchased on January 1, 2009. due annually each June 1. June : Sold land for $3.6 million. Received $900,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.4 million when purchased on June 1, 2011. Interest on the note is July 1: Parchased equipment for $2.2 million cash. Dec 31: Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received Instructions: (a) Record the above transactions. (b) Record any adjusting entries required at December 31 Note: Closed book THE END