At January 1,2022, Blossom Company reported the following property, plant, and equipment accounts: ...

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Accounting

At January 1,2022, Blossom Company reported the following property, plant, and equipment accounts:
During 2022, the following selected transactions occurred:
Apr. 1 Purchased land for $4 million. Paid $1 million cash and issued a 3-y ear, 6% note payable for the balance. Interest on the note is payable annually each April 1.
May 1 Sold equipment for $320,000 cash. The equipment cost $3 million when originally purchased on January 1,2014.
June 1 Sold land for $6 million. Received $700,000 cash and accepted a 3-year, 5% note for the balance. The land cost $2 million when purchased on June 1,2016. Interest on the note is due annually each June 1.
July 1 Purchased equipment for $3 million cash.
Dec. 31 Retired equipment that cost $1 million when purchased on December 31,2012. No proceeds were received.
(a)
Your answer is partially correct. (FILLED OUT THE TABLE)
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