Problem 9-2A (Part Level Submission) At December 31, 2017, Arnold Corporation reported the following plant assets. $ 3,000,000 LAal Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation $26,500,000 11,925,00014,575,000 40,000,000 5,000,000 35,000,000 equipment Total plant assets $52,575,000 During 2018, the following selected cash transactions occurred. Apr. May 1 1 Purchased land for $2,200,000. Sold equipment that cost $600,000 when purchased on January 1, 2011. The equipment was sold for $170,000. June Sold land for $1,600,000. The land cost $1,000,000. July 1 Purchased equipment for $1,100,000. Dec. 31 Retired equipment that cost $700,000 when purchased on December 31, 2008. No salvage value was received