At December 31, 2022, Sheridan Company reported the following plant assets. Land $ 4,320,000 Buildings $29,800,000 Less: Accumulated depreciation-buildings 13,410,000 16,390,000 Equipment 47,520,000 Less: Accumulated depreciation-equipment 5,940,000 41,580,000 Total plant assets $62,290,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,000,000. May 1 June 1 Sold equipment that cost $840,000 when purchased on January 1, 2016. The equipment was sold for $252,000. Sold land for $1,430,000. The land cost $993,000. Purchased equipment for $1,093,000. July 1 Dec. 31 Retired equipment that cost $680,000 when purchased on December 31, 2013. No salvage value was received. (a) Your answer is correct. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Sheridan 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually Record journal entries in the order presented in the problem. If no entnr is required select "No Entry" for the account titles and