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At December 31, 2019, Concord Corporation reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 11,820,000 16,360,000 Equipment Less: Accumulated depreciation-equipment 4,780,000 43,960,000 $3,640,000 $28,180,000 48,740,000 $63,960,000 Total plant assets During 2020, the following selected cash transactions occurred April 1 Purchased land for $2,170,000 May 1 Sold equipment that cost $750,000 when purchased on January 1, 2016. The equipment was sold for $450,000. June 1 Sold land purchased on June 1, 2010 for $1,510,000. The land cost $393,000 July 1 Purchased equipment for $2,510,000 Dec. 31Retired equipment that cost $498,000 when purchased on December 31, 2010. The company received no proceeds related to salvage. ournalize 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select No Entry" for the account titles and enter 0 for the amounts.)

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