At December 31, 2022. Marigold Corporation reported the following plant assets. Land $ 5,073,000 6,414,825 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,580,000 20,165,175 67,640,000 8,455,000 59,185,000 $70,672,825 During 2023, the following selected cash transactions occurred. 1 1 Apr. May June July Dec. 1 Purchased land for $3,720,200. Sold equipment that cost $1,014,600 when purchased on January 1, 2016. The equipment was sold for $287,470. Sold land for $2,705,600. The land cost $1,691,000. Purchased equipment for $1,860,100. Retired equipment that cost $1,183,700 when purchased on December 31, 2013. No salvage value was received. 1 31 Your answer is partially correct. Journalize the transactions. Marigold 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 for the amounts.) Date Account Titles and Explanation Debit Credit April 1 Land 3720200 Cash 3720200 May 1 Depreciation Expense 33820 Accumulated Depreciation-Equipment 33820 (To record depreciation on equipment sold) Cash 287470 Accumulated Depreciation Equipment 743500 Equipment 1014600 Gain on Disposal of Plant Assets 16370 June 1 Equipment 1860100 Cash 1860100 Gain on Disposal of Land 1014600 July 1 Equipment 1860100 Cash 1860100 Dec. 31 Depreciation Expense 118370 Accumulated Depreciation-Equipment 118370 (To record depreciation on equipment retired) Accumulated Depreciation Equipment 1183700 Equipment 1183700 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 118370 Accumulated Depreciation-Equipment 118370 (To record depreciation on buildings.) Dec. 31 Accumulated Depreciation-Equipment 1183700 Equipment 1183700 (To record depreciation on equipment.) e Textbook and Media List of Accounts X Your answer is incorrect. Prepare the plant assets section of Marigold'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.) MARIGOLD CORPORATION Partial Balance Sheet V $ $ $
