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At December 31, 2017, Concord Corporation reported the following plant assets.

Land				$ 4,068,000 (credit)
Buildings		$ 26,680,000 (debit)
Less: Accumulated depreciationbuildings		16,170,300 (debit)		10,509,700 (credit)
Equipment		54,240,000 (debit)
Less: Accumulated depreciationequipment		6,780,000 (debit)		47,460,000 (credit)
Total plant assets				$ 62,037,700 (credit)

During 2018, the following selected cash transactions occurred.

Apr.	1		Purchased land for $ 2,983,200.
May	1		Sold equipment that cost $ 813,600 when purchased on January 1, 2011. The equipment was sold for $ 230,520.
June	1		Sold land for $ 2,169,600. The land cost $ 1,356,000.
July	1		Purchased equipment for $ 1,491,600.
Dec.	31		Retired equipment that cost $ 949,200 when purchased on December 31, 2008. No salvage value was received.

1) Journalize the transactions. Concord uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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 Concords balance sheet at December 31, 2018.

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