Question 1 At December 31, 2022, Concord Corporation reported the following plant assets. Land $ 4,068,000 10,509,700 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment $26,680,000 16,170,300 54,240,000 6,780,000 47,460,000 $62,037,700 Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,983,200. Sold equipment that cost $813,600 when purchased on January 1, 2016. The equipment was sold for $230,520. Sold land for $2,169,600. The land cost $1,356,000. Purchased equipment for $1,491,600. Retired equipment that cost $949,200 when purchased on December 31, 2013. No salvage value was received. May 1 Depreciation Expense 27120 Accumulated Depreciation-Equipment 27120 (To record depreciation on equipment sold) Cash 230520 Accumulated Depreciation-Equipment 596640 Gain on sale of equipment 13560 Equipment 813600 June 1 Cash 2169600 X Gain on Disposal of Land 813600 X Land 1356000 Prepare the plant assets section of Concord's balance sheet at December 31, 2023. (Hint: You may wish to set up T acco Assets in order of Land, Building and Equipment.) CONCORD CORPORATION Partial Balance Sheet December 31, 2023 Plant Assets Land 5695200 Buildings 26680000 $ Less Accumulated Depreciation-Buildings 16837300 9842700 Equipment 53968800 X Less Accumulated Depreciation-Equipment 10690930 43277870 Total Plant Assets 58835270