CALCULATOR PRINTER Problem 9-05A al-c (Video) (Part Level Submission) At December 31, 2020, Sunland Company reported the following as plant assets. Land $ 4,360,000 Buildings $29,770,000 Less: Accumulated depreciation-buildings 12,500,000 17,270,000 Equipment 47,890,000 Less: Accumulated depreciation equipment 4,870,000 43,020,000 Total plant assets $64,650,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,030,000, May 1 Sold equipment that cost $1,110,000 when purchased on January 1, 2017. The equipment was sold for $666,000. June 1 Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000. July 1 Purchased equipment for $2,580,000. Dec. 31 Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds related to salvage Sunland Company Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work CALCULATOR PRINTER VERSION HACK NEXT Your answer is partially correct Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50 year Me and no salvage value. The equipment is estimated to have a 10-year useful Me 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 for the amounts) Date Account Titles and Explanation Apr 1 Land T Cash TMay 1 Cash 1000) Accumulated Depreciation Equipment (To record deprecation) | Equipment Gain on Disposal of Plant Assets (To record sale of equipment) Cash 1490000 Gain on Disposal of Plant Assets 1099000 Land 391000 July 1 Equipment Equipment 2580000 Cash 2580000 (To record depreciation) Accumulated Depreciation-Equipment 489000 489000 T Equipment (To record retirement of equipment) Click if you would like to Show Work for this question: Open Show Work Your answer is partially correct. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31 Depreciation Expense 545400 | Accumulated Depreciation-Buildings (To record building depreciation) Depreciation Expense Dec 31 4753000 | Accumulated Depreciation Equipment (To record equipment deprecation) Click if you would like to show Work for this questions Open Show Work SHOW LIST OF ACCOUNTS SOLUTION