At December 31, 2013, Jimenez Company reported the following as plant assets.

During 2014, the following selected cash transactions occurred.
April 1 Purchased land for ‚¬2,200,000.
May 1 Sold equipment that cost ‚¬750,000 when purchased on January 1, 2010. The equipment was sold for ‚¬460,000.
June 1 Sold land purchased on June 1, 2004 for ‚¬1,800,000. The land cost ‚¬300,000.
July 1 Purchased equipment for ‚¬2,400,000.
Dec. 31 Retired equipment that cost ‚¬500,000 when purchased on December 31, 2004. No residual value was received.

Instructions
(a) 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 residual value. The equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement.
(b) Record adjusting entries for depreciation for 2014.
(c) Prepare the plant assets section of Jimenez€™s statement of financial position at December 31, 2014.

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€ 3,000,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets €26,500,000 12,100,000 14,400,000 40,000,000 35,000,000 5,000,000 €52,400,000