At December 31, 2022, Pronghorn Corporation reported the following plant assets. Land $ 3,498,000 Buildings $26,630,000 Less: Accumulated depreciation-buildings 13,904,550 12,725,450 Equipment 46,640,000 Less: Accumulated depreciation-equipment 5,830,000 40,810,000 Total plant assets $57,033,450 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,565,200. May 1 Sold equipment that cost $699,600 when purchased on January 1, 2016. The equipment was sold for $198,220. June 1 Sold land for $1,865,600. The land cost $1,166,000. July 1 Purchased equipment for $1,282,600. Dec. 31 Retired equipment that cost $816,200 when purchased on December 31, 2013. No salvage value was received. Enter the 2023 transactions in the tabular summary from part (a). Pronghorn 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Cash + Land Buildings Accui Bal. $3,498,000 $26,630,000 Apr. 1 $ -2,565,200 2,565,200 i May 1 198,220 i i May 1 i i June 1 1,865,600 - 1,166,000 i July 1 - 1,282,600 i i Dec. 31 i i Dec. 31 -1783980 4,897,200 26,630,000 Enter the 2023 transactions in the tabular summary from part (a). Pronghorn 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Accum. Depr. - Bldgs. + Equipment Accum. Depr. - Equip. $(13,904,550) $46,640,000 $(5,830,000) i i i $ i -699,600 i i i i i 1,282,600 i i - 13,904,550 46,406,800 -4,197,600 Enter the 2023 transactions in the tabular summary from part (a). Pronghorn 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Stockholders' Equity Retained Ea Common Stock + Revenue Expens i $ i $ 110,770 i i 699,600 i i i 204,050 i 58,047,870 i Enter the 2023 transactions in the tabular summary from part (a). Pronghorn 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Retained Earnings Expense Dividend i $ i $
