At December 31, 2022, Sheffield Corporation reported the following plant assets. Land $3,798,000 Buildings $26,660,000 Less: Accumulated depreciation-buildings 15,097,050 11,562,950 Equipment 50,640,000 Less: Accumulated depreciation equipment 6,330,000 44,310,000 Total plant assets $59,670,950 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,785,200. May 1 Sold equipment that cost $759,600 when purchased on January 1, 2016. The equipment was sold for $215,220. June 1 Sold land for $2,025,600. The land cost $1,266,000. July 1 Purchased equipment for $1,392,600. Dec. 31 Retired equipment that cost $886,200 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Sheffield 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Prepare the plant assets section of Sheffield's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.)