Show Attempt History Current Attempt in Progress At December 31, 2022, Novak Company reported the following as plant assets Land $4,470,000 Buldings $28.860,000 Less: Accumulated depreciation-buildings 10.840,000 18,020,000 Equipment 47.050.000 Less: Accumulated depreciation-equipment Total plant assets 5,070,000 41,960.000 $64,470,000 During 2023, the following selected cash transactions occurred April 1 Purchased land for $2,060,000 May 1 June 1 July 1 Dec. 31 Sold equipment that cost $1,020,000 when purchased on January 1, 2019. The equipment was sold for $612,000. Sold land purchased on June 1, 2013 for $1.590,000. The land cost $407.000 Purchased equipment for $2.380.000 Retired equipment that cost $482.000 when purchased on December 31, 2013. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. (List off debit entries before credit entries 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 O for the amounts) Date Account Titles and Explanation Ape 3 Land May 1 Cath Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) May 1 Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment) Debit 2060000 Credit 2060000 June 11 (To record sale of equipment) Dec 21 Accumulated Depreciation Equipment Equipment (To record depreciation) Dec. 31. Cost of Goods Sold Accumulated Depreciation Equipment (To record retirement of equipment) eTextbook and Media MacBook Air (b) Record adjusting entries for depreciation for 2023, (List all debit entries before credit entries. 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 O for the amounts) Date Account Titles and Explanation (To record building depreciation) (To record equipment deprecition) eTextbook and Media List of Accounts Save for Later Debit MacBook Air Credit Attempts: 0 of 5 used Submit A Prepare the plant assets section of Novak's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment) Novak Company Balance Sheet (Partial) December 31, 2023 Current Assets Land Building Love Accumulated Depreciation Building Equipment Lest Accumulated Depletion Total Property Plant and Equipment eTextbook and Media List of Accounts