Current Attempt in Progress At December 31, 2022, Sheffield Corporation reported the following plant assets. Land $5,313.000 $26,670,000 21,119,175 5,550,825 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 70.840,000 8.855.000 61.985,000 $72,848,825 During 2023, the following selected cash transactions occurred. Apr. 1 May 1 June 1 Purchased land for $3,896,200 Sold equipment that cost $1,062,600 when purchased on January 1, 2016. The equipment was sold for $301.070. Sold land for $2.833,600. The land cost $1,771,000. Purchased equipment for $1.948,100. Retired equipment that cost $1,239,700 when purchased on December 31, 2013. No salvage value was received. July 1 Dec. 31 Your answer is partially correct Journalize the transactions. Sheffield 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 Plant Assets (To record depreciation on equipment sold) TAI To record depreciation on equipment sold) TUTTI (To record depreciation on equipment retired) (To record depreciation on equipment retired) eTextbook and Media List of Accounts X Your answer is incorrect. Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 = X Your answer is incorrect Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record depreciation on buildings.) Dec. 31 LA LCD (To record depreciation on equipment.) * Your answer is incorrect. Prepare the plant assets section of Sheffield's balance sheet at December 31, 2023. (Hint: You may wish to set up Taccounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.) SHEFFIELD CORPORATION Partial Balance Sheet DICE $
