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At December 31, 2020, Novak Company reported the following as plant assets. $ 4,470,000 18,020,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $28,860,000 10,840,000 47,050,000 5,070,000 41,980,000 $64,470,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,060,000. May 1 Sold equipment that cost $1,020,000 when purchased on January 1, 2017. The equipment was sold for $612,000. June 1 Sold land purchased on June 1, 2011 for $1,590,000. The land cost $407,000. July 1 Purchased equipment for $2,380,000. Dec. 31 Retired equipment that cost $482,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Journalize the above transactions. 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation) May 1 (To record sale of equipment) (To record depreciation) 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. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit (To record building depreciation) (To record equipment deprecition) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the plant assets section of Novak's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Novak Company Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Question Attempts: 0 of 5 used