At December 31, 2022, Flounder Company reported the following as plant assets.

Land				$ 3,590,000
Buildings		$ 27,650,000
Less: Accumulated depreciationbuildings		13,740,000		13,910,000
Equipment		48,010,000
Less: Accumulated depreciationequipment		4,600,000		43,410,000
Total plant assets				$ 60,910,000

During 2023, the following selected cash transactions occurred.

April 1		Purchased land for $ 2,170,000.
May 1		Sold equipment that cost $ 1,080,000 when purchased on January 1, 2019. The equipment was sold for $ 648,000.
June 1		Sold land purchased on June 1, 2013 for $ 1,410,000. The land cost $ 402,000.
July 1		Purchased equipment for $ 2,370,000.
Dec. 31		Retired equipment that cost $ 503,000 when purchased on December 31, 2013.

(a)

New attempt is in progress. Some of the new entries may impact the last attempt grading.

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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Apr. 1May 1June 1July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Apr. 1May 1June 1July 1Dec. 31	enter an account title to record depreciation	enter a debit amount	enter a credit amount
	enter an account title to record depreciation	enter a debit amount	enter a credit amount
	(To record depreciation)
May 1	enter an account title to record sale of equipment on May 1	enter a debit amount	enter a credit amount
	enter an account title to record sale of equipment on May 1	enter a debit amount	enter a credit amount
	enter an account title to record sale of equipment on May 1	enter a debit amount	enter a credit amount
	enter an account title to record sale of equipment on May 1	enter a debit amount	enter a credit amount
	(To record sale of equipment)
choose a transaction date Apr. 1May 1June 1July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Apr. 1May 1June 1July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Apr. 1May 1June 1July 1Dec. 31	enter an account title to record depreciation	enter a debit amount	enter a credit amount
	enter an account title to record depreciation	enter a debit amount	enter a credit amount
	(To record depreciation)
choose a transaction date Apr. 1May 1June 1July 1Dec. 31	enter an account title to record retirement of equipment	enter a debit amount	enter a credit amount
	enter an account title to record retirement of equipment	enter a debit amount	enter a credit amount
	(To record retirement of equipment)

(b)

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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Apr. 1May 1June 1July 1Dec. 31	enter an account title to record building depreciation	enter a debit amount	enter a credit amount
	enter an account title to record building depreciation	enter a debit amount	enter a credit amount
	(To record building depreciation)
choose a transaction date Apr. 1May 1June 1July 1Dec. 31	enter an account title to record equipment deprecition	enter a debit amount	enter a credit amount
	enter an account title to record equipment deprecition	enter a debit amount	enter a credit amount
	(To record equipment deprecition)

(c)

Prepare the plant assets section of Flounders balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.)

Flounder Company Balance Sheet (Partial) choose the accounting period For the Year Ended December 31, 2023For the Month Ended December 31, 2023December 31, 2023
select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property Plant and EquipmentTotal Owner's Equity
enter a balance sheet item					$ enter a dollar amount
enter a balance sheet item			$ enter a dollar amount
select between addition and deduction AddLess: enter a balance sheet item			enter a dollar amount		enter a subtotal of the two previous amounts
enter a balance sheet item			enter a dollar amount
select between addition and deduction AddLess: enter a balance sheet item			enter a dollar amount		enter a subtotal of the two previous amounts
select a closing section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property Plant and EquipmentTotal Owner's Equity					$ enter a total amount for this section