At December 31, 2022, Riverbed Company reported the following as plant assets. Land $ 4,180,000 Buildings $27,310,000 Less: Accumulated depreciation-buildings 12,890,000 14,420,000 Equipment 47,470,000 Less: Accumulated depreciation-equipment 4,530,000 42,940,000 Total plant assets $61,540,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,060,000. May 1 Sold equipment that cost $1,050,000 when purchased on January 1, 2019. The equipment was sold for $630,000. June 1 Sold land purchased on June 1, 2013 for $1,520,000. The land cost $400,000. July 1 Purchased equipment for $2,540,000. Dec. 31 Retired equipment that cost $494,000 when purchased on December 31, 2013. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 2,060,000 Cash 2,060,000 May 1 Depreciation Expense 35000 Accumulated Depreciation Equipment 35000 (To record depreciation) DANN DE May 1 Cash 630,000 Accumulated Depreciation Equipment 455000 Equipment 1,050,000 Gain on Disposal of Plant Assets 35000 (To record sale of equipment) June 1 Cash 1,520,000 Land 400,000 Gain on Disposal of Plant Assets 1120000 July 1 Equipment 2,540,000 Cash 2,540,000 Dec. 31 Depreciation Expense 49400 Accumulated Depreciation-Equipment 49400 (To record depreciation) Dec. 31 V Accumulated Depreciation-Equipment 494000 Equipment 494000 (To record retirement of equipment) Your answer is partially correct. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 682750 Accumulated Depreciation-Buildings 68275 (To record building depreciation) Dec. 31 Depreciation Expense 4719600 Accumulated Depreciation Equipment 471960 (To record equipment deprecition) Riverbed Company Balance Sheet (Partial) December 31, 2023 Plant and Equipment $ 5840000 gs $ 27310000 Accumulated Depreciation-Buildings 13572750 13737250 ent 48466000 Accumulated Depreciation Equipment 8385000 i 40081000 operty Plant and Equipment V $ 59658250