On January 2,2023, Thomas Company purchased land that cost $640,000, a bulding on the land that cost $580,000, and equipment that cost $45,000. The building has an estimated useful life of 29 years. The equipment has an estimated useful life of 9 years. Required: Prepare the property, plant, and ecuipment section of the balance sheet as of December 31,2023. Note: Use straight-line deprecintion with mo salvage value