At December 31, 2020, Grand Company reported the following as plant assets.
Land $4,000,000
Buildings $28,500,000
Less: Accumulated depreciation-buildings 12,100,000 16,400,000
Equipment 48,000,000
Less: Accumulated depreciation-equipment 5,000,000 43,000,000
Total plant assets $63,400,000
During 2023, the following selected cash transactions occurred.
Apr. 1 Purchased land for $3,841,200.
May 1 Sold equipment that cost $1,047,600 when purchased on January 1, 2016. The equipment was sold for $296,820.
June 1 Sold land for $2,793,600. The land cost $1,746,000.
July 1 Purchased equipment for $1,920,600.
Dec. 31 Retired equipment that cost $1,222,200 when purchased on December 31, 2013. No salvage value was received.
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.
Required:
Record journal entries in the order presented in the problem. (If no entry is required, enter "No Entry" for the account titles and enter 0 for the amounts.)