Current Attempt in Progress At December 31, 2022, Sheffield Corp.reported the following plant assets. Land $3,770,000 $27.870,000 Buildings Less: Accumulated depreciation-buildings 12.541,500 15,328.500 Equipment 48,370,000 Less: Accumulated depreciation-equipment 6,046,250 42,323.750 Total plant assets $61,422,250 During 2023, the following selected cash transactions occurred. April 1 May 1 June 1 Purchased land for $2,120,000. Sold equipment that cost $930,000 when purchased on January 1, 2016. The equipment was sold for $279,000. Sold land for $1.490.000. The land cost $994.000. Purchased equipment for $1.094.000. Retired equipment that cost $708,000 when purchased on December 31, 2013. No salvage value was received. July 1 Dec. 31 Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Land Cash May 1 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) May 1 Cash Accumulated Depreciation Equipment Equlpment Gain on Disposal of Plant Assets (To record sale of equipment) June 1 cash Land Gain on Disposal of Plant Assets July 1 Equipment Cash Dec 31 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Dec 31 V Accumulated Depreciation-Equipment Equipment (To record retirement of equipment) Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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 Depreciation Expense Accumulated Depreciation Equipment (To record building depreciation) Dec 31 Depreciation Expense Accumulated Depreciation-Buildings (To record equipment depreciation) eTextbook and Media List of Accounts Prepare the plant assets section of Sheffield's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.) Sheffield Corp. Balance Sheet (Partial) December 31, 2023 Plant Assets Land $ Buildings $ Less Accumulated Depreciation-Buildings Equipment Less : Accumulated Depreciation Equipment Total Plant Assets $
