CALCULATOR PRINTFE V ON BACK TO Question 2 At January 1, 2017, Sheridan Company reported the following property, plant, and equipment accounts: Accumulated depreciation--buildings $62,950,000 Accumulated depreciation equipment 53,500,000 Buildings 92.300.000 Equipment 150,350,000 Land 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 We and no salvage value, the equipment is estimated to have a 10-year useful life and no salvage value During 2017, the following selected transactions occurred: Apr. 1 May 1 June 1 Purchased land for $5.00 million Paid $1.250 million cash and issued a 3-year, 6e note payable for the balance. Interest on the rite is payable atually each April 1 Sold equipment for $210,000 cash. The equipment cost $2.40 million when originally purchased on January 1, 2009 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 milion when purchased on June 1, 2011. Interest on the notes due annually each June 1 Purchased equipment for $2.50 million cash. Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received July 1 Dec. 31 Your arwer is partially correct. Try again Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no antry is require the account titles and enter for the amounts.) Date April Account Thies and Explanation and Can T Notes Payable May 1 Depreciation Expense 1 Accumulated Depreciation Copment (To record depreciation expense) May 1 Cash 210000 Accumulated Depreciation-Equipment 2000000 loss of disposal of equipment 190000 Equipment (To record sale of equipment) T 2400000 June 1 Cash 840000T Notes Receivable 4080000 T x IT 3520000 T Land 1400000 y 1 Equipment Tcash Dec. 31 Accumulated Depreciation Equipment Equipment (To record depreciation expense) 1 Dec. 31 (To record disposal of equipment) Your answer is partially correct. Try again. pare the property, plant, and equipment section of the company's statement of financial position at December 31. (List PA ipment.) SHERIDAN COMPANY Statement of Financial Position (Partial) December 31, 2017 Property, plant and Equipment Land 24150000 Buildings ST 97300000 T Less Accumulated Depreciation-Buildings T 65382500 T 31917500 Equipment 149450000) Less Accumulated Depreciation Equipment 65304000 84146000 Total Property, Plant and Equipment 140213500 LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO Question Atte