2.82/3 Question 3 of 4 At December 31, 2022. Martinez Corporation reported the following plant assets, $3,783,000 11,552.575 Land Buildings Less: Accumulated depreciation--buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,590,000 15.037,425 50,440,000 6,305,000 44,135,000 $59,470,575 1 During 2023, the following selected cash transactions occurred. Apr. Purchased land for $2,774,200. May 1 Sold equipment that cost $756,600 when purchased on January 1, 2016. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1,261,000, July Purchased equipment for $1,387,100. Dec. 31 Retired equipment that cost $882,700 when purchased on December 31, 2016. No salvage value was received. June 1 1 Your answer is partially correct. Question 3 of 4 2.82/3 E Journaltze the transactions. Martinez 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 value Update depreciation on assets disposed of at the time of sale or retirement. (Record entries in the order displayed in the problem statement. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Date Account Titles and Explanation Debit Credit April 1 Land 2774200 Cash 2774200 May 1 Depreciation Expense 25220 25220 Accumulated Depreciation Equipment (To record depreciation on equipment sold) Cash 214370 Accumulated Depreciation Equipment 554840 Equipment 756600 Gain on Disposal of Plant Assets 12610 June 1 Cash 2017600 Land 1261000 Loss on Disposal of Land 756600 July 1 Equipment 1387100 Cash 1387100 Dec 31 Depreciation Expense 88270 88270 Accumulated Depreciation Equipment (To record depreciation on equipment retired) Question 3 of 4 2.82/ 35 Accumulated Depreciation Equipment 882700 Equipment 882700 e Textbook and Media List of Accounts Your answer is partially correct. Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry* for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 664750 Accumulated Depreciation-Buildings 664750 (To record depreciation on buildings.) Dec. 31 Depreciation Expense 5062915 5062915 Accumulated Depreciation Equipment (To record depreciation on equipment.) e Textbook and Media