At January $1,2025,$ Cullumber company reported the following property, plant, and equipment accounts:At January $1,2025,$ Cullumber Company reported the following property, plant, and equipment accounts:

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 $2025,$ the following selected transactions occurred:

Apr. $1$ Purchased land for $$5\mathrm{.}00$ million. Paid $$1\mathrm{.}250$ 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 $$290,000$ cash. The equipment cost $$3\mathrm{.}84$ million when originally purchased on January $1,2017.$

June $1$ Sold land for $$5\mathrm{.}82$ million. Received $$660,000$ cash and accepted a $3-$year, $5\%$ note for the balance. The land cost $$1\mathrm{.}30$

million when purchased on June $1,2019.$ Interest on the note is due annually each June $1.$

July $1$ Purchased equipment for $$2\mathrm{.}30$ million cash.

Dec. $31$ Retired equipment that cost $$1$ million when purchased on December $31,2015.$ No proceeds were received.

Journalize the above transactions. $($Hint: You may wish to set up T$-$accounts, post beginning balances, and then post $2025$

transactions.$)($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Round answers to $0$

decimal places, e$.$g$.5,125.)$

Record any adjusting entries for depreciation required at December $31.($List debit entry before credit entry. Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles

and enter $0$ for the amounts.$)$

Prepare the property, plant, and equipment section of the company's balance sheet at December $31.($List Property, Plant, and

Equipment in order of Land, Buildings and Equipment.$)$

CULLUMBER COMPANY

Balance Sheet $($Partial$)$