At December 31, 2022, Arnold Corporation reported the following plant assets. Land $ 3,000,000 $ 26,500,000 Buildings Less: Accumulated depreciation-buildings Equipment 11.925,000 14,575,000 40,000,000 5,000,000 35,000,000 Less: Accumulated depreciation-equipment Total plant assets $ 52,575,000 During 2023, the following selected cash transactions occurred. Apr 1 May 1 June 1 Purchased land for $2,200,000, Sold equipment that cost $ 600,000 when purchased on January 1, 2016. The equipment was sold for $ 170,000. Sold land for $ 1,600,000. The land cost $ 1,000,000 Purchased equipment for $1,100,000, Retired equipment that cost $ 700,000 when purchased on December 31, 2013. No salvage value was received July 1 Dec. 31 Enter the 2023 transactions in the tabular summary from part (a). Arnold 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 (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Cash Land Buildings Accum. Depr. - Bldg Bal. $3,000,000 $ 26,500,000 $(11.925,0 Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 Dec. 31