10)

At December 31, 2022. Marigold Corp. reported the following plant assets, Land $4,100,000 Buildings $27530,000 Less: Accumulated depreciation--buildings 12,388,500 15,141,500 Equipment 48,500,000 Less Accumulated depreciation equipment 6,062.500 42,437,500 Total plant assets $61,679,000 During 2023, the following selected cash transactions occurred. April 1 May 1 June 1 Purchased land for $2,000,000 Sold equipment that cost $660,000 when purchased on January 1, 2016. The equipment was sold for $198.000. Sold land for $1,610,000. The land cost $1.001.000 Purchased equipment for $1.101.000 Retired equipment that cost 5688.000 when purchased on December 31, 2013. No salvage value was received July 1 Dec 31 Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and the post 2023 transactions) Marigold uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value the equipment is estimated to have a 10-year useful life and no salvage valut: Update depreciation on assets disposed of at the time of sale or retirement. (Credit countries are automatically indented when amount is entered Do not indent manually. Record journal entries in the enterpreted in the problemfri entry is required select "No Entry for the account titles and enter for the amounts Date Account Titles and Explanation Debit Credit > (To record deprecation) May 1 (To record sale of equipment) (Te record depreciation) Record adjusting entries for depreciation for 2023. (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 for the amounts) Date Account Titles and Explanation Debit Credit (To record building depreciation) > To record equipment depreciation) Prepare the plant assets section of Marigold's balance sheet at December 31, 2023, (List Plant Assets in order of Land Buildings and Equipment.) Marigold Corp. Balance Sheet (Partial) $ $