At December 31,2022 , Sheffield Company reported the following as plant assets. During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,150,000. May 1 Sold equipment that cost $870,000 when purchased on January 1,2019 . The equipment was sold for $522,000. June 1 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. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journales in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (To record sale of equipment) June 1^ Cash 1420000 Land 399000 July 1 1021000 Dec. 31 Accumulated Depreciation-Equipment 573000 Accumulated Depreciation-Equipment 573000 (To record depreciation) Dec. 31 Accumulated Depreciation-Equipment 4780400 Accumulated Depreciation-Equipment 4780400 (To record retirement of equipment) Record adjusting entries for depreciation for 2023 . (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manully. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the plant assets section of Sheffield's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.) At December 31,2022 , Sheffield Company reported the following as plant assets. During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,150,000. May 1 Sold equipment that cost $870,000 when purchased on January 1,2019 . The equipment was sold for $522,000. June 1 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. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journales in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (To record sale of equipment) June 1^ Cash 1420000 Land 399000 July 1 1021000 Dec. 31 Accumulated Depreciation-Equipment 573000 Accumulated Depreciation-Equipment 573000 (To record depreciation) Dec. 31 Accumulated Depreciation-Equipment 4780400 Accumulated Depreciation-Equipment 4780400 (To record retirement of equipment) Record adjusting entries for depreciation for 2023 . (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manully. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the plant assets section of Sheffield's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.)
