At December 31, 2017, Grand Company reported the following as plant assets.
| Land |
mce_markernbsp;3,770,000 |
| Buildings |
$27,290,000 |
| Less: Accumulated depreciation-buildings |
12,170,000 |
15,120,000 |
| Equipment |
48,020,000 |
| Less: Accumulated depreciation-equipment |
4,550,000 |
43,470,000 |
| Total plant assets |
$62,360,000 |
During 2018, the following selected cash transactions occurred.
| April 1 |
Purchased land for $2,190,000. |
| May 1 |
Sold equipment that cost $900,000 when purchased on January 1, 2014. The equipment was sold for $540,000. |
| June 1 |
Sold land purchased on June 1, 2008 for $1,540,000. The land cost $394,000. |
| July 1 |
Purchased equipment for $2,530,000. |
| Dec. 31 |
Retired equipment that cost $491,000 when purchased on December 31, 2008. No salvage value was received.
|
Prepare the plant assets section of Grand's balance sheet at December 31, 2018.