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At December 31, 2020. Sarasota Company reported the following as plant assets. Land $ 3,640,000 Buildings $28.180.000 Less. Accumulated depreciation-buildings 11,820.000 16.360.000 Equipment 48.740,000 Less: Accumulated depreciation equipment 4,780.000 43.960.000 Total plant assets $ 63,960.000 During 2021, 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, 2017. The equipment was sold for $ 450.000. June 1 Sold land purchased on June 1, 2011 for $1,510,000. The land cost $ 393,000. July 1 Dec 31 Purchased equipment for $2,510,000. Retired equipment that cost $ 498,000 when purchased on December 31, 2011. The company received no proceeds related to salvage (a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-vear life and no salvage value the eruinment is estimated to have a grofile 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 salvage value. The equipment is estimated to have a 10-year useful life and no salyage 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.) Date Account Titles and Explanation Debit Credit (To record depreciation) May 1 (To record sale of equipment) (To record sale of equipment) (To record depreciation) (To record retirement of equipment) The following payroll liability accounts are included in the ledger of Lily Company on January 1, 2020. FICA Taxes Payable $700 Federal Income Taxes Payable 1.210.00 State Income Taxes Payable 105.00 Federal Unemployment Taxes Payable 275.00 State Unemployment Taxes Payable 1965.00 Union Dues Payable 850 U.S. Savings Bonds Payable 345 In January, the following transactions occurred. Jan. 10 Sent check for $850 to union treasurer for union dues. 12 Remitted check for $ 1.910.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld 15 Purchased U.S. Savings Bonds for employees by writing check for 5 345. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows salaries and wages $ 56,000, FICA taxes withheld $ 4,284, federal income taxes payable $2,050, state income taxes payable S 440, union dues payable $ 360, United Fund contributions payable S 1980, and net pay $ 46,886, 31 Prepared payroll checks for the net pay and distributed checks to employees. At January 31 the company also makes the following accrued adjustments pertaining to employee compensation 1 Employer payroll taxes: FICA taxes 7.65%. federal unemployment taxes 0.8%, and state unemployment taxes 5.4% 2 Vacation pay: 6 of gross earnings. (a) Journalize the January transactions. (Round answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit -M1 (To record completion of monthly payroll register.) (To record completion of monthly payroll register.) (To record preparation and distribution of payroll checks to employees.)