The following data relate to the Plant Assets account of Marin Inc. at December 31, 2022 A B C D Original cost $45,200 $65,900 $82,750 $73,000 Year purchased 2017 2018 2019 2020 Useful life 10 years 18,000 hours 15 years 10 years Residual value $3,100 $4,700 $9,000 $4,700 straight- straight- double- Depreciation method activity line line declining Accumulated depreciation $21,050 $34,100 $14,750 $26.280 through 2022 Note: In the year an asset is purchased. Marin does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Marin takes a full year's depreciation on the asset The following transactions occurred during 2023 The following transactions occurred during 2023 1 On May 5, Asset A was sold for $16,750 cash. The company's bookkeeper recorded this retirement as follows: Cash Asset A 16.750 16,750 2 3 4 On December 31, it was determined that Asset B had been used 3,500 hours during 2023 On December 31, before calculating depreciation expense on Asset C. Marin's management decided that Asset C's remaining useful life should be nine years as of year end On December 31, it was discovered that a piece of equipment purchased in 2022 had been expensed completely in that year The asset cost $35.000, had a useful life of 10 years when it was acquired, and had no residual value. Management has decided to use the double-declining-balance method for this asset, which can be referred to as 'Asset E Ignore income taxes (a) Prepare any necessary adjusting journal entries required at December 31, 2023, as well as any entries to record depreciation for 2023. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries. Round depreciation per unit to 2 decimal places, eg. 15.25 and final answers to O decimal places, eg 5,275) SL repare any necessary adjusting journar entries required at December 31, 2023, as well as any entries to record depreciation for 2023. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries. Round depreciation per unit to 2 decimal places, eg. 15.25 and final answers to O decimal places, eg. 5,275.) Account Titles and Explanation (To record depreciation on Asset A) (To record disposal of Asset A) (To record depreciation on Asset B) Debit Credit (To record depreciation on Asset B) (To record depreciation on Asset C) (To record cost of Asset E) (To record depreciation on Asset E) (To record depreciation on Asset D)