At December 31, 2022, Bramble Corporation reported the following plant assets. Land $4,278,000 Buildings $26,530,000 17,005,050 Less: Accumulated depreciation-buildings 9,524,950 Equipment Less: Accumulated depreciation equipment 57,040,000 7,130,000 49,910,000 $63,712,950 Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,137,200. May 1 Sold equipment that cost $855,600 when purchased on January 1, 2016. The equipment was sold for $242,420. June 1 Sold land for $2,281,600. The land cost $1,426,000. July 1 Purchased equipment for $1,568,600. Dec. 31 Retired equipment that cost $998,200 when purchased on December 31, 2013. No salvage value was received. Your answer is correct. Journalize the transactions. Bramble 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 salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Record entries in the order displayed in the proble ime 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 titles and enter for the amounts.) Debit Credit Date April 19 Account Titles and Explanation Land 3137200 137200 Cash 3137200 May 19 Depreciation Expense 28520 Accumulated Depreciation-Equipment 28520 (To record depreciation on equipment sold) Cash 242420 Accumulated Depreciation-Equipment 627440 Equipment L 855600 Gain on Disposal of Plant Assets 14260 June 1 Cash 2281600 Land 1426000 Gain on Disposal of Plant Assets 855600 July 1 9 Equipment 1568600 Cash 1568600 Dec. 319 Depreciation Expense 99820 99820 Accumulated Depreciation-Equipment (To record depreciation on equipment retired) Accumulated Depreciation Equipment 998200 Equipment 998200 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 an enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 663250 Accumulated Depreciation-Buildings 663250 (To record depreciation on buildings.) Dec. 31 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation on equipment.) e Textbook and Media List of Accounts - Your answer is partially correct. Prepare the plant assets section of Bramble's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.) BRAMBLE CORPORATION Partial Balance Sheet December 31, 2023 Plant Assets Land 5989200 Buildings 26530000 Less 4: Accumulated Depreciation-Buildings 17668300 H 8861700 Equipment 56754800 Equipment Less 9 : Accumulated Depreciation-Equipment 5 6754800 1 1308180 C C 4 5446620 Total Plant Assets 60297520 eTextbook and Media List of Accounts