At December 31, 2022, Sheffield Company reported the following as plant assets. Land $4,100,000 Buildings $27,530,000 Less: Accumulated depreciation-buildings Equipment 13,490,000 14,040,000 48,500,000 Less: Accumulated depreciation-equipment 5,190,000 43,310,000 Total plant assets $61,450,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,000,000. May 1 June 1 July 1 Sold equipment that cost $660,000 when purchased on January 1, 2019. The equipment was sold for $396,000. Sold land purchased on June 1, 2013 for $1.610,000. The land cost $401.000. Purchased equipment for $2,570,000. Dec. 31 Retired equipment that cost $488.000 when purchased on December 31, 2013.