At December 31, 2022, Flint Company reported the following as plant assets. Land $3,770,000 Buildings $27,290,000 Less: Accumulated depreciation-buildings Equipment 12,170,000 15,120,000 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. June 1 May 1 Sold equipment that cost $900,000 when purchased on January 1, 2019. The equipment was sold for $540,000. Sold land purchased on June 1, 2013 for $1,540,000. The land cost $394,000. July 1 Purchased equipment for $2,530,000. Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2013. (a) Your answer is partially correct. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Apr. 1 Land Cash May 1 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) May 1 Cash Debit 2190000 30000 540000 Accumulated Depreciation-Equipment 390000 Equipment Gain on Disposal of Plant Assets Credit 2190 30 900 30 (b) (To record sale of equipment) June 1 Cash Land Gain on Disposal of Plant Assets July 1 Equipment Cash Dec. 31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Dec. 31 Accumulated Depreciation-Equipment Equipment (To record retirement of equipment) eTextbook and Media List of Accounts Save for Later Your answer is correct. 1540000 2530000 49100 491000 394 146 2530 49 491 Attempts: 2 of 5 used Submit Answer Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31 Dec. 31 Account Titles and Explanation Depreciation Expense Accumulated Depreciation-Buildings (To record building depreciation) Depreciation Expense Accumulated Depreciation-Equipment (To record equipment deprecition) Debit 545800 4789400 Credit 5458 47894 (c) Prepare the plant assets section of Flint's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.) eTextbook and Media List of Accounts Save for Later Flint Company Balance Sheet (Partial) $ 69 $ $ Attempts: 0 of 5 used Submit