On January 2, 2023, Edwards Company purchased land that cost \\( \\$ 640,000 \\), a building on the land that cost \\( \\$ 520,000 \\), and equipment that cost \\( \\$ 70,000 \\). The building has an estimated useful life of 26 years. The equipment has an estimated useful life of 8 years. Required: Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2023. Note: Use straight-line depreciation with no salvage value