Could someone please help fill out this problem for my study guide. At December 31, 2022, Windsor, Inc. reported the following plant assets.
Land
$ 3,870,000
Buildings
$27,080,000
Less: Accumulated depreciation—buildings
12,186,000 14,894,000
Equipment
48,520,000
Less: Accumulated depreciation—equipment
6,065,000 42,455,000
Total plant assets
$61,219,000
During 2023, the following selected cash transactions occurred.
April 1 Purchased land for $2,140,000.
May 1 Sold equipment that cost $930,000 when purchased on January 1, 2016. The equipment was sold for $279,000.
June 1 Sold land for $1,590,000. The land cost $1,002,000.
July 1 Purchased equipment for $1,102,000.
Dec. 31 Retired equipment that cost $717,000 when purchased on December 31, 2013. No salvage value was received.
Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Windsor 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.