At December 31, 2011, Jimenez 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 2012, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $780,000 when purchased on January 1, 2008. The equipment was sold for $450,000. June 1 Sold land purchased on June 1, 2002, for $1,500,000. The land cost $400,000. July 1 Purchased equipment for $2,000,000. Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received.