Financial Accounting: P10-5A At December 31, 2017, Grand Company reported the following

Financial Accounting
P10-5A
At December 31, 2017, Grand Company reported the following as plant assets.
Land 3,770,000
Buildings 27,870,000
Less: Accumulated depreciation- buildings 11,900,000 15,970,000
Equipment 48,370,000
Less: Accumulated depreciation- equipment 4,850,000 43,520,000
Total plant assets $63,260,000

During 2018, the following selected cash transactions occurred.
April 1. Purchased land for $2,120,000.
May 1. Sold equipment that cost $930,000 when purchaed on January 1, 2014. The equipment was sold for $558,000.
June 1. Sold and purchased on June 1, 2008 for $1,490,000. The land cost $394,000.
July 1. Purchaed equipment for $2,480,000.
Dec 31. Retired equipment that cost $508,000 when purchased on December 31, 2008. No salvage value was received.

Required:
1. 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.
2. Record adjusting entries for depreciation for 2018.
3. Prepare the plant assets section of Grand's balance sheet at December 31, 2018. (List Plant Assets in order of Land, Buildings and Equipment)
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