MULTISTEP QUESTION. FIRST STEP:

At December 31, 2022,IndigoCorporation reported the following plant assets.

Land$5,358,000

Buildings$26,710,000

Less: Accumulated depreciation?buildings21,298,050

5,411,950

Equipment71,440,000

Less: Accumulated depreciation?equipment8,930,000

62,510,000

Total plant assets$73,279,950

During 2023, the following selected cash transactions occurred.

Apr.1Purchased land for $3,929,200.May1Sold equipment that cost $1,071,600when purchased on January 1, 2016. The equipment was sold for $303,620.June1Sold land for $2,857,600. The land cost $1,786,000.July1Purchased equipment for $1,964,600.Dec.31Retired equipment that cost $1,250,200when purchased on December 31, 2013. No salvage value was received.

a) Enter the 2023 transactions in the tabular summary from part (a).Indigouses straight-line depreciation for buildings and equipment. The buildings are estimated to have a40-year useful life and no salvage value; the equipment is estimated to have a10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.(If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)