On January 2, 2023, Gonzalez Company purchased land that cost $360,000, a building on the land that cost $770,000, and equipment that cost $30,000. The building has an estimated useful life of 22 years. The equipment has an estimated useful life of 8 years. Required: Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2023. Note: Use straight-line depreciation with no salvage value. Property, Plant, and Equipment (Choose one) Total Property, Plant and Equipment Gonzalez Company Balance Sheet (partial) December 31 X Aa

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