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At December 31, 2019, Novak Enterprises reported the following as plant assets.

Land		3,710,000
Buildings	27,420,000
Less: Accumulated depreciation-buildings	13,940,000	13,480,000
Equipment	47,200,000
Less: Accumulated depreciation-equipment	4,820,000	42,380,000
Total plant assets		59,570,000

During 2020, the following selected cash transactions occurred.

April 1	Purchased land for 2,030,000.
May 1	Sold equipment that cost 960,000 when purchased on January 1, 2016. The equipment was sold for 596,480.
June 1	Sold land purchased on June 1, 2010 for 1,500,000. The land cost 397,000.
July 1	Purchased equipment for 2,510,000.
Dec. 31	Retired equipment that cost 503,000 when purchased on December 31, 2010. No residual value was received.

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 residual value. The equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement.

2-Record adjusting entries for depreciation for 2020.

3-Prepare the plant assets section of Novaks statement of financial position at December 31, 2020.

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