On January 2, 2023, Bailey Company purchased land that cost $490,000, a building on the land that cost $990,000, and equipment that cost $36,000. The building has an estimated useful life of 22 years. The equipment has an estimated useful life of 8 years. Required: Prepare the property, rplant, and equipment section of the balance sheet as of December 31, 2023. Note: Use straight-line depreciation with no salvage value