Please explain. Thank you.

At December 31, 2022. Concord Corporation reported the following plant assets. Land $3,640.000 $28.180,000 12,681,000 15,499,000 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment 48,740,000 6,092,500 42,647,500 Total plant assets $61,786,500 During 2023, the following selected cash transactions occurred. Apr. 1 May 1 June 1 Purchased land for $2,170,000. Sold equipment that cost $750,000 when purchased on January 1, 2016. The equipment was sold for $225,000 Sold land for $1.510.000. The land cost $993.000. Purchased equipment for $1.093,000. Retired equipment that cost $698,000 when purchased on December 31, 2013. No salvage value was received. July 1 Dec 31 (a) Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Concord uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit (To record depreciation) (To record sale of equipment) (To record depreciation) (To record retirement of equipment)