During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1...

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During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,140,000. Sold equipment that cost $930,000 when purchased on January 1, 2017. The equipment was sold for $558,000. Sold land purchased on June 1, 2011 for $1,590,000. The land cost $402,000. Purchased equipment for $2,480,000. Retired equipment that cost $517,000 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. During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,140,000. Sold equipment that cost $930,000 when purchased on January 1, 2017. The equipment was sold for $558,000. Sold land purchased on June 1, 2011 for $1,590,000. The land cost $402,000. Purchased equipment for $2,480,000. Retired equipment that cost $517,000 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.

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