At January 1, 2022, Sheridan Company reported the following property, plant, ad equipment accounts:

At January 1, 2022, Sheridan Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,950,000 53,500,000 97,300,000 150,350,000 20,550,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. 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. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $5.00 million. Paid $1.250 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $210,000 cash. The equipment cost $2.40 million when originally purchased on January 1, 2016 June 1 Sold land for $4.92 million. Received $840,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.40 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.50 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. Your answer is partially correct. Try again. Journalize the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Date Account Titles and Explanation April 1 land cash Debit 15000000 T1250000) B750000] 180000 180000 T210000) 2000000) 1190000 Mortgage Payable May 1 Depreciation Expense TAccumulated Depreciation-Equipment (To record depreciation expense) May 1cash TAccumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment (To record sale of equipment) June 1cash Notes Receivable Tand Gain on Disposal of Land Puly 1 Equipment 12400000 1840000 7080000 400000 B520000 2500000 Tcash) 12500000 Dec. 31 Depreciation Expense 14820000 14820000 Accumulated Depreciation-Equipment (To record depreciation expense) Dec. 31 Accumulated Depreciation-Equipment 119000 X Equipment 119000 (To record disposal of equipment) 14820000 Your answer is correct. Record any adjusting entries for depreciation required at December 31. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 2432500 Accumulated Depreciation-Buildings 2432500 (To record depreciation expense for buildings) Dec. 31" Depreciation Expense 114820000 Accumulated Depreciation-Equipment (To record depreciation expense for equipment) Your answer is partially correct. Try again. Prepare the property, plant, and equipment section of the company's statement of financial position at December 31. (List Property, plant and Equipment in order of Land, Buildings and Equipment.) SHERIDAN COMPANY Statement of Financial Position (Partial) December 31, 2022 Property, Plant and Equipment Tand $124150000 Buildings $197300000 Less: TAccumulated Depreciation-Buildings 65382500 131917500 Equipment 1149450000 Less. Accumulated Depreciation-Equipment 65400000 84050000 X Total Property, Plant and Equipment 140117500