Marigold 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.

At December 31, 2022, Marigold Corporation reported the following plant assets. Land $5,073,000 Buildings $26,580,000 Less: Accumulated depreciation-buildings Equipment 67,640,000 Less: Accumulated depreciation-equipment 8,455,000 59,185,000 Total plant assets $70,672,825 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,720,200. May 1 Sold equipment that cost $1,014,600 when purchased on January 1, 2016. The equipment was sold for $287,470. June 1 Sold land for $2,705,600. The land cost $1,691,000. July 1 Purchased equipment for $1,860,100. Dec. 31 Retired equipment that cost $1.183,700 when purchased on December 31, 2013. No salvage value was received. Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. 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 265800 Accumulated Depreciation-Buildings 265800 (To record depreciation on buildings.) Dec. 31 Depreciation Expense 6637175 Accumulated Depreciation-Equipment 6637175 (To record depreciation on equipment.) Prepare the plant assets section of Marigold's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.) MARIGOLD CORPORATION Partial Balance Sheet December 31, 2023 Plant Assets Land 7102200 Buildings 26580000 Less : Accumulated Depreciation-Buildings Equipment 67301800 Less : Accumulated Depreciation Equipment 53985175 Total Plant Assets Activate Windows Go to Settings to activate Windows