Problem 9-5A At December 31, 2019, Metlock, Inc. reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 13,240,000 15,880,000 Equipment Less: Accumulated depreciation-equipment 4,650,000 42,670,000 3,560,000 $29,120,000 47,320,000 Total plant assets $62,110,000 During 2020, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Purchased land for $2,190,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2016. The equipment was sold for $648,000. Sold land purchased on June 1, 2010 for $1,510,000. The land cost $395,000. Purchased equipment for $2,480,000 Dec. 31 Retired equipment that cost $473,000 when purchased on December 31, 2010. The company received no proceeds related to salvage