At december 31, 2022, novak corporation reported the following plant assets. land $ 3,198,000 buildings $26,610,000 less: accumulated depreciation—buildings 12,712,050 13,897,950 equipment 42,640,000 less: accumulated depreciation—equipment 5,330,000 37,310,000 total plant assets $54,405,950 during 2023, the following selected cash transactions occurred. apr. 1 purchased land for $2,345,200. may 1 sold equipment that cost $639,600 when purchased on january 1, 2016. the equipment was sold for $181,220. june 1 sold land for $1,705,600. the land cost $1,066,000. july 1 purchased equipment for $1,172,600. dec. 31 retired equipment that cost $746,200 when purchased on december 31, 2013. no salvage value was received. journalize the transactions. novak 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.