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Problem 9-02A (Part Level Submission) At December 31, 2022, Novak Corporation reported the following plant assets. Land $ 3,198,000 $26,610,000 12,712,050 13,897,950 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment 42,640,000 5,330,000 37,310,000 Total plant assets $54,405,950 During 2023, the following selected cash transactions occurred. Apr. 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,345,200. Sold equipment that cost $639,600 when purchased on January 1, 2016. The equipment was sold for $181,220. Sold land for $1,705,600. The land cost $1,066,000. Purchased equipment for $1,172,600. Retired equipment that cost $746,200 when purchased on December 31, 2013. No salvage value was received. (b) 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 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 Dec. 31 Depreciation Expense X Accumulated Depreciation-Equipment (To record depreciation on buildings.) Dec. 31 Depreciation Expense x Accumulated Depreciation-Buildings (To record depreciation on equipment.) Brief Exercise G-18 If Mary Smith invests $6,246.18 now and she will receive $10,000 at the end of 12 years, what annual rate of interest will Mary earn on her investment? (Hint: Use Table 3.) (Round answer to 0 decimal places, e.g. 25%.) Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Annual rate of interest %