At December 31, 2022, Novak Corporation reported the following plant assets. Land $3,198,000 Buildings $26,610,000 Less: Accumulated depreciation-buildings 12,712,050 13,897,950 Equipment 42,640,000 Less: Accumulated depreciation-equipment 5,330,000 37,310,000 Total plant assets $54,405,950 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,345,200. May 1 Sold equipment that cost $639,600 when purchased on January 1, 2016. The equipment was sold for $181,220. June 1 Sold land for $1,705,600. The land cost $1,066,000. July 1 Purchased equipment for $1,172,600.