Problem 9-2A (Part Level Submission) At December 31, 2017, Arnold Corporation reported the following plant assets. Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciationbuildings 11,925,000 14,575,000 Equipment 40,000,000 Less: Accumulated depreciationequipment 5,000,000 35,000,000 Total plant assets $52,575,000 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $600,000 when purchased on January 1, 2011. The equipment was sold for $170,000. June 1 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.