At December 31, 2022, Pina Corporation reported the following plant assets.
 

Land				$ 4,083,000
Buildings		$26,620,000
Less: Accumulated depreciation—buildings		16,229,925		10,390,075
Equipment		54,440,000
Less: Accumulated depreciation—equipment		6,805,000		47,635,000
Total plant assets				$62,108,075

During 2023, the following selected cash transactions occurred.
 

Apr.	1		Purchased land for $2,994,200.
May	1		Sold equipment that cost $816,600 when purchased on January 1, 2016. The equipment was sold for $231,370.
June	1		Sold land for $2,177,600. The land cost $1,361,000.
July	1		Purchased equipment for $1,497,100.
Dec.	31		Retired equipment that cost $952,700 when purchased on December 31, 2013. No salvage value was received.

Journalize the transactions. Pina 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 0 for the amounts.)
 

 

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Question 3 of 4 > 0.78 /3 Date Account Titles and Explanation Debit Credit April 1 Land 2,994,200 Cash 2,994,200 May 1 Depreciation Expense 27220 Accumulated Depreciation-Equipment 27220 (To record depreciation on equipment sold) Cash 231,370 Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets June 1 Cash Land Gain on Disposal of Land July 1 Equipment III Question 3 of 4 > 0.78 /3 Date Account Titles and Explanation Debit Credit April 1 Land 2,994,200 Cash 2,994,200 May 1 Depreciation Expense 27220 Accumulated Depreciation-Equipment 27220 (To record depreciation on equipment sold) Cash 231,370 Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets June 1 Cash Land Gain on Disposal of Land July 1 Equipment III