Question 1 At December 31, 2022, Riverbed Corporation reported the following plant assets. Land $ 5,613,000 Buildings $26,640,000 Less: Accumulated depreciation-buildings 22,311,675 4,328,325 Equipment 74,840,000 Less: Accumulated depreciation-equipment 9,355,000 65,485,000 Total plant assets $75,426,325 During 2023, the following selected cash transactions occurred. 1 Apr. 1 Purchased land for $4,116,200. May Sold equipment that cost $1,122,600 when purchased on January 1, 2016. The equipment was sold for $318,070. June 1 Sold land for $2,993,600. The land cost $1,871,000. July 1 Purchased equipment for $2,058,100. Dec. 31 Retired equipment that cost $1,309,700 when purchased on December 31, 2013. No salvage value was received. Your answer is partially correct. Try again. Journalize the transactions. Riverbed 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit April 1 - Land 4116200 Cash 4116200 May 1 Depreciation Expense 37420 Accumulated Depreciation-Equipr 37420 (To record depreciation on equipment sold) Cash 318070 Accumulated Depreciation-Equipme 823240 Equipment 1122600 Gain on Disposal of Plant Assets 18710 June 1 Cash 2993600 Land 1871000 ga 1122600 July 1 Gain on Disposal of Land || Gain on Disposal of Plant Mertrage Pavable 2058100 Cash 2058100 Dec. 31 Depreciation Expense 130970 Accumulated Depreciation-Equipr 130970 (To record depreciation on equipment retired) Accumulated Depreciation Equipme 1309700 Equipment 1309700 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is partially correct. Try again. Prepare the plant assets section of Riverbed's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.) RIVERBED CORPORATION Partial Balance Sheet December 31, 2023 Plant Assets Land 7858200 Buildings 2664000 Less Accumulated Depreciation-Building: 22977671 3662325 Equipment 7446580 X Less Accumulated Depreciation Equipme 1462186 5984393 Total Plant Assets 7136446 SHOW LIST OF ACCOUNTS