At December 31, 2022, Sunland Company reported the following plant assets.

Land $ 4,360,000

Buildings $29,770,000

Less: Accumulated depreciationbuildings 13,396,500 16,373,500

Equipment 47,890,000

Less: Accumulated depreciationequipment 5,986,250 41,903,750

Total plant assets $62,637,250

During 2023, the following selected cash transactions occurred.

Apr. 1 Purchased land for $2,030,000.

May 1 Sold equipment that cost $1,110,000 when purchased on January 1, 2016. The equipment was sold for $333,000.

June 1 Sold land for $1,490,000. The land cost $991,000.

July 1 Purchased equipment for $1,091,000.

Dec. 31 Retired equipment that cost $689,000 when purchased on December 31, 2013. No salvage value was received.

Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Sunland 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.