Journalize the above transactions the company uses

Question

Problem

At December 31, 2017, Grand Company reported the following as plant assets.

Land		$ 4,180,000
Buildings	$27,310,000
Less: Accumulated depreciation-buildings	12,890,000	14,420,000
Equipment	47,470,000
Less: Accumulated depreciation-equipment	4,530,000	42,940,000
Total plant assets		$61,540,000

During 2018, the following selected cash transactions occurred.

April 1 Purchased land for $2,060,000.
May 1 Sold equipment that cost $1,050,000 when purchased on January 1, 2014. The equipment was sold for $630,000.
June 1 Sold land purchased on June 1, 2008 for $1,520,000. The land cost $400,000.
July 1 Purchased equipment for $2,540,000.
Dec. 31 Retired equipment that cost $494,000 when purchased on December 31, 2008. No salvage value was received.

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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.

Date	Account Titles and Explanation	Debit	Credit
Apr. 1	Land	2060000
	Cash		2060000
May 1	Depreciation Expense	35000
	Accumulated Depreciation-Equipment		35000
	(To record depreciation)
May 1	cash	630000
	Accumulated Depreciation-Equipment	455000
	Equipment		1050000
	Gain on Disposal of Plant Assets		35000
	(To record sale of equipment)
June 1	Cash	1520000
	Gain on Disposal of Plant Assets		1120000
	Land		400000
July 1	Equipment	2540000
	Cash		2540000
Dec. 31	Depreciation Expense	49400
	Accumulated Depreciation-Equipment		49400
	(To record depreciation)
Dec. 31	Accumulated Depreciation-Equipment	494000
	Equipment		494000
	(To record retirement of equipment)

Record adjusting entries for depreciation for 2018.