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At December 31, 2022, Ayayai Company reported the following as plant assets. Land $ 4,380,000 Buildings $27,460,000 Less: Accumulated depreciation-buildings 13.430,000 14,030,000 Equipment 47.130.000 Less: Accumulated depreciation equipment 4.620.000 42.510.000 Total plant assets $60.920.000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2.020.000. May 1 Sold equipment that cost $630.000 when purchased on January 1, 2019. The equipment was sold for $378,000. June 1 Sold land purchased on June 1, 2013 for $1,600,000. The land cost $400,000. July 1 Purchased equipment for $2.540.000. July 1 Purchased equipment for $2,540,000. 1.44/6 Dec. 31 Retired equipment that cost $504,000 when purchased on December 31, 2013. (a) w 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 O for the amounts) Date Credit Debit Account Titles and Explanation wa int Titles and Explanation Debit Apr. 1 Land Credit 2020000 Cash 2020000 May 1 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) May 1 Cash MILO Accumulated Depreciation-Equipment Equipment Equipment 1.44/6 (To record sale of equipment) June 1 Cash Land Gain on Disposal of Plant Assets o July 1 Equipment Dec. 31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Dec. 31 Accumulated Depreciation-Equipment 78F Cloudy FA Accumulated Depreciation-Equipment 1.44/6 = (To record depreciation) Dec. 31 Accumulated Depreciation-Equipment | Equipment (To record retirement of equipment) W e Textbook and Media List of Accounts Save for Later Attempts: 1 of 5 used Submit Answer udies are automatically ually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record building depreciation) (To record equipment deprecition) Toythonk and Media 78 Cloudy Prepare the plant assets section of Ayayai's balance sheet at December 31, 2023. (Ust Plant Assets in order of Land, Buildings and Equipment.) Ayayai Company Balance Sheet (Partial) $ 78F Cloudy o II here to search $ ho e Textbook and Media List of Accounts Attempts: 0 of 5 used Submit Answer Save for Later