Show Attempt History Current Attempt in Progress At December 31, 2022. Pronghorn Corporation reported the following plant assets. Land $ 3,498,000 Buildings Less: Accumulated depreciation-buildings 12,725,450 $26,630,000 13,904,550 46,640,000 5,830,000 Equipment Less: Accumulated depreciation-equipment 40,810,000 $57,033,450 Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,565,200. May 1 Sold equipment that cost $699,600 when purchased on January 1, 2016. The equipment was sold for $198.220 June 1 Sold land for $1,865,600. The land cost $1,166,000. July 1 Purchased equipment for $1,282,600. Dec. 31 Retired equipment that cost $816,200 when purchased on December 31, 2013. No salvage value was received. Date Account Titles and Explanation Debit Credit April 1: Land 2,565,200 Cash 2,565,200 May 1 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation on equipment sold) Cash Accumulated Depreciation Equipment Gain on Disposal of Plant Assets Equipment June 1 : Cash Gain on Disposal of Land Land July 1 Equipment Cash Dec. 31 Depreciation Expense Accumul tion Equipment To record depreciation on equipment retired) Accumulated Depreciation Equipment Equipment eTextbook and Media List of Accounts * Your answer is incorrect. Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indenti entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31 (To record depreciation on buildings.) Dec. 31 PRONGHORN CORPORATION Partial Balance Sheet December 31, 2023 Current Assets - Your answer is partially correct. Journalize the transactions. Pronghorn 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 for the amounts)