At December 31, 2022, Pina Colada Company reported the following as plant assets. Land $ 3,870,000 Buildings $ 27,080,000 Less: Accumulated depreciationbuildings 10,420,000 16,660,000 Equipment 48,520,000 Less: Accumulated depreciationequipment 4,610,000 43,910,000 Total plant assets $ 64,440,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $ 2,140,000. May 1 Sold equipment that cost $ 930,000 when purchased on January 1, 2019. The equipment was sold for $ 558,000. June 1 Sold land purchased on June 1, 2013 for $ 1,590,000. The land cost $ 402,000. July 1 Purchased equipment for $ 2,480,000. Dec. 31 Retired equipment that cost $ 517,000 when purchased on December 31, 2013. (a) Partially correct answer icon 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 enter an account title Land enter a debit amount 2,140,000 enter a credit amount enter an account title Cash enter a debit amount enter a credit amount 2,140,000 choose a transaction date enter an account title to record depreciation Depreciation Expense enter a debit amount 31,000 enter a credit amount enter an account title to record depreciation Accumulated Depreciation-Equipment enter a debit amount enter a credit amount 31,000 (To record depreciation) May 1 enter an account title to record sale of equipment on May 1 Cash enter a debit amount 558,000 enter a credit amount enter an account title to record sale of equipment on May 1 Accumulated Depreciation-Equipment enter a debit amount 403,000 enter a credit amount enter an account title to record sale of equipment on May 1 Equipment enter a debit amount enter a credit amount 930,000 enter an account title to record sale of equipment on May 1 Accumulated Depreciation-Equipment enter a debit amount enter a credit amount 31,000 (To record sale of equipment) choose a transaction date enter an account title Cash enter a debit amount 1,590,000 enter a credit amount enter an account title Land enter a debit amount enter a credit amount 1188000 enter an account title Accumulated Depreciation-Equipment enter a debit amount enter a credit amount 402000 choose a transaction date enter an account title Equipment enter a debit amount 2,480,000 enter a credit amount enter an account title Cash enter a debit amount enter a credit amount 2,480,000 choose a transaction date enter an account title to record depreciation Depreciation Expense enter a debit amount 51,700 enter a credit amount enter an account title to record depreciation Accumulated Depreciation-Equipment enter a debit amount enter a credit amount 51,700 (To record depreciation) choose a transaction date enter an account title to record retirement of equipment Accumulated Depreciation-Equipment enter a debit amount 517,000 enter a credit amount enter an account title to record retirement of equipment Equipment enter a debit amount enter a credit amount 517,000 (To record retirement of equipment) eTextbook and Media List of Accounts Attempts: 3 of 5 used (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 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 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) eTextbook and Media List of Accounts Attempts: 0 of 5 used (c) Partially correct answer icon Your answer is partially correct. Prepare the plant assets section of Pina Coladas balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.) Pina Colada Company Balance Sheet (Partial) choose the accounting period December 31, 2023 select an opening section name Current Assets enter a balance sheet item Land $ enter a dollar amount 5,608,000 enter a balance sheet item Buildings $ enter a dollar amount 27,080,000 select between addition and deduction Less : enter a balance sheet item Accumulated Depreciation-Buildings enter a dollar amount 16,660,000 enter a subtotal of the two previous amounts 16,660,000 enter a balance sheet item Equipment enter a dollar amount 50,070,000 select between addition and deduction Less : enter a balance sheet item Accumulated Depletion enter a dollar amount 46297300 enter a subtotal of the two previous amounts 46,297,300 select a closing section name Total Property Plant and Equipment $ enter a total amount for this section 68,565,300 eTextbook and Media List of Accounts Attempts: 4 of 5 used