On January 2, 2016, Williams Company purchased land that cost $620,000, a building on the land that cost $1,430,000, and equipment that cost $46,000. The building has an estimated useful life of 22 years. The equipment has an estimated useful life of 10 years.
Required:
Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2016.
Note: Use straight-line depreciation with no salvage value.