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. Date Account Titles and Explanation Debit Credit April 1 4 Land 2785200 Cash 2785200 May 1 = Depreciation Expense Depreciation Expense C 2 5,320D 25,320 Accumulated Depreciation - Equipment 25,320 (To record depreciation on equipment sold) From Cabinet Cash C 215220 215220 Accumulated Depreciation-Equipment 557040 Gain on Disposal of Plant Assets 12660 Equipment Equipment L 759600 June 14 Cash 2025600 Land 1266000 Gain on Disposal of Plant Assets D 7 59600 759600 Gain on Disposal of Plant Assets Equipment C 1 392600 July 1 & July 1 Equipment D 1392600 Dec. 31 Depreciation Expense 88620 Accumulated Depreciation-Equipment 88620 (To record depreciation on equipment retired) Accumulated Depreciation-Equipment 886200 Equipment 886200 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation on buildings.) Dec. 31 Depreciation Expense 666,750 Accumulated Depreciation-Buildings 663,750 (To record depreciation on equipment.)