32 P9-5A What is the equipment balance net of accumulated depreciation as of December 31, 2023? \begin{tabular}{|c|l|} \hline A & $31,925,000 \\ \hline B & $39,300,000 \\ \hline C & $40,150,000 \\ \hline D & $40,200,000 \\ \hline \end{tabular} P9.5A (I.O 2, 3, 5), AP At December 31, 2022, Arnold Corporation reported the following plant assets. During 2023 , the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $600,000 when purchased on January 1, 2016. The equipment was sold for $170,000. June 1 Sold land for $1,600,000. The land cost $1,000,000. July 1 Purchased equipment for $1,100,000. Dec. 31 Retired equipment that cost $700,000 when purchased on December 31 , 2013. No salvage value was received