At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,100,000 Buildings $28,400,000 Less: Accumulated depreciation—buildings 12,870,000 15,530,000 Equipment 47,910,000 Less: Accumulated depreciation—equipment 5,360,000 42,550,000 Total plant assets $62,180,000 During 2018, the following selected cash transactions occurred. April 1 Purchased land for $2,100,000. May 1 Sold equipment that cost $1,080,000 when purchased on January 1, 2014. The equipment was sold for $648,000. June 1 Sold land purchased on June 1, 2008 for $1,530,000. The land cost $408,000. July 1 Purchased equipment for $2,370,000. Dec. 31 Retired equipment that cost $485,000 when purchased on December 31, 2008. The company received no proceeds related to salvage.