At December 31, 2022, Cheyenne Corporation reported the following plant assets.

Land

$ 3,933,000

Buildings

$26,550,000

Less: Accumulated depreciationbuildings

15,633,675

10,916,325

Equipment

52,440,000

Less: Accumulated depreciationequipment

6,555,000

45,885,000

Total plant assets

$60,734,325

During 2023, the following selected cash transactions occurred.

Apr.

1

Purchased land for $2,884,200.

May

1

Sold equipment that cost $786,600 when purchased on January 1, 2016. The equipment was sold for $222,870.

June

1

Sold land for $2,097,600. The land cost $1,311,000.

July

1

Purchased equipment for $1,442,100.

Dec.

31

Retired equipment that cost $917,700 when purchased on December 31, 2013. No salvage value was received.

Journalize the transactions. Cheyenne 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 titles and enter 0 for the amounts.)

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 0 for the amounts.)

Prepare the plant assets section of Cheyennes 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.)

Journalize the transactions. Cheyenne uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 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 statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is enter o for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation on equipment sold) (To record depreciation on equipment retired) Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is e. Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31 (To record depreciation on buildings.) Dec. 31 (To record depreciation on equipment.) Prepare the plant assets section of Cheyenne's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beg Assets in order of Land, Building and Equipment.) CHEYENNE CORPORATION Partial Balance Sheet