Current Attempt in Progress At December 31, 2022. Sheffield Corporation reported the following plant assets. Land $5,313,000 Buildings $26,670,000 Less: Accumulated depreciation-buildings 21.119,175 5,550,825 Equipment 70,840,000 Less Accumulated depreciation-equipment 8,855,000 61.985,000 Total plant assets $72,848,825 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,896,200 May 1 June 1 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. July 1 Purchased equipment for $1,948,100 Dec 31 Retired equipment that cost $1.239,700 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 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 O for the amounts.) Date Account Titles and Explanation (To record depreciation on equipment sold) Debit Credit