At December 31, 2022, Tamarisk, Inc. reported the following plant assets. Land $3,670,000 Buildings $27,580,000 Less: Accumulated depreciation-buildings Equipment 12.411,000 15.169,000 48.100,000 Less: Accumulated depreciation-equipment 6.012,500 42.087.500 Total plant assets $60,926.500 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2.040.000 May 1 June 1 July 1 Dec. 31 Sold equipment that cost $1,140,000 when purchased on January 1, 2016. The equipment was sold for $342,000. Sold land for $1,600,000. The land cost $992.000 Purchased equipment for $1,092.000 Retired equipment that cost $714,000 when purchased on December 31, 2013. No salvage value was received Doudy Date Account Titles and Explanation Debit Apr. 1 Land 2040000 Credit Cash 2040000 May 1 Depreciation Expense 38000 Accumulated Depreciation-Equipment 30000 (To record depreciation) May 11 Cash 342000 Accumulated Depreciation Equipment 950000 Equipment Gain on Disposal of Plant Assets (To record sale of equipment) 1140000 152000 June 1 v Cash Land Gain on Disposal of Plant Assets My 1 ~ Equipment Cath 1600000 992000 608000 1092000 1092000 Dec 31- Depreciation Expense 71400 Accumulated Depreciation-Equipment (To record depreciation) Dec. 31 w Accumulated Depreciation Equipment 714000 Equipment (To record retirement of equipment) 71400 714000 Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in a problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation (To record building depreciation) (To record equipment depreciation) Debit Credit