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

Land				$ 3,783,000
Buildings		$26,590,000
Less: Accumulated depreciationbuildings		15,037,425		11,552,575
Equipment		50,440,000
Less: Accumulated depreciationequipment		6,305,000		44,135,000
Total plant assets				$59,470,575

During 2023, the following selected cash transactions occurred.

Apr.	1		Purchased land for $2,774,200.
May	1		Sold equipment that cost $756,600 when purchased on January 1, 2016. The equipment was sold for $214,370.
June	1		Sold land for $2,017,600. The land cost $1,261,000.
July	1		Purchased equipment for $1,387,100.
Dec.	31		Retired equipment that cost $882,700 when purchased on December 31, 2013. No salvage value was received.

1.Journalize the transactions. Martinez 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.

2. Record adjusting entries for depreciation for 2023

3. Prepare the plant assets section of Martinezs balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.)