At December 31, 2022, Sheffield Company reported the following as plant assets. Land $4,110,000 Buildings $28,650,000 Less: Accumulated depreciation-buildings 13,680,000 14,970,000 Equipment 47,920,000 4 Less: Accumulated depreciation-equipment 4,730,000 43,190,000 Total plant assets $62,270,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,150,000. 1 May 1 June 1 Sold equipment that cost $870,000 when purchased on January 1, 2019. The equipment was sold for $522,000. Sold land purchased on June 1, 2013 for $1,420,000. The land cost $399,000. July 1, Purchased equipment for $2,530,000. Dec 31 Retired equipment that cost $511,000 when purchased on December 31, 2013.