Problem 9-02A At December 31, 2022, Concord Corporation reported the following plant assets. $ 4,068,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,680,000 16,170,300 54,240,000 6,780,000 10,509,700 47,460,000 $62,037,700 During 2023, the following selected cash transactions occurred. Apr. Purchased land for $2,983,200. 1 Sold equipment that cost $813,600 when purchased on January 1, 2016. The equipment was sold for $230,520. June Sold land for $2,169,600. The land cost $1,356,000. July Purchased equipment for $1,491,600. Retired equipment that cost $949,200 when purchased on December 31, 2013. No salvage value was received. 1 May 1 1 Dec. 31 Your and Your answer is correct. Journalize the transactions. Concord uses straight line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no sal 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. (Recorde the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit April 1 land 2,983,200 Cash 2.983,200 May 1 Depreciation Expense 27.120 27.120 Accumulated Depreciation Equipment (To record depreciation on equipment sold) . Cash 230,520 596,640 Accumulated Depreciation Equipment Calman Dengan Anak Equipment 813,600 June 1 Cash 2.169,600 Gain on Disposal of Plant Assets 813,600 Land 1.356,000 July 1 Equipment 1491600 Cash 1491600 Dec. 31 Depreciation Expense 94,920 94,920 Accumulated Depreciation Equipment (To record depreciation on equipment retired) Accumulated Depreciation-Equipment 949200 Equipment 949200 Your answer is partially correct. Try again. Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not required, select "No Entry" for the account tities and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31 TDepreciation Expense 667000 667000 Accumulated Depreciation-Buildings (To record depreciation on buildings.) Dec. 31 Depreciation Expense 101 5,652,875 Accumulated Depreciation-Equipment (To record depreciation on equipment.) Partial Balance Sheet December 31, 2023 Plant Assets Land 5695200 Buildings 26680000 Less Accumulated Depreciation-Buildings 16837300 9842700 Equipment 53968800 Less Accumulated Depreciation-Equipment 10753080 43215720 587620 Total Plant Assets SHOW LIST OF ACCOUNTS