CALCULATOR PRINTER VE Problem 9-02A 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 May 1 June 1 July 1 Dec. 31 Purchased land for $2,785,200. Sold equipment that cost $759,600 when purchased on January 1, 2016. The equipment was sold for $215,220 Sold land for $2,025,600. The land cost $1,266,000. Purchased equipment for $1,392,600. 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 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 sa entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation AX SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered is required, select "No Entry for the account tities and enter o for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31 (To record depreciation on buildings.) Dec. 31 (To record depreciation on equipment.) SHOW LIST OF ACCOUNTS LINK TO VIDEO LINK TO TEXT Prepare the plant assets section of Sheffield's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post transactions.) (List Plant Assets in order of Land, Building and Equipment.) SHEFFIELD CORPORATION Partial Balance Sheet CALCULATOR PRINTER VERSION BACK 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 2 transactions.) (List Plant Assets in order of Land, Building and Equipment.) SHEFFIELD CORPORATION Partial Balance Sheet Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO VIDEO LINK TO TEXT SAVE FOR LATER SUBMIT AN Question Attempts: 0 of 5 used WAGON # OXA O 2 1587240)