Current Attempt in Progress At January 1, 2022, Sheridan Company reported the following property, plant and equipment accounts: Accumulated depreciation-buildings $ 64,150,000 Accumulated depreciation-equipment 53.500.000 Buildings 97,500,000 Equipment 150.200.000 Land 22.400.000 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 life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2022. the following selected transactions occurred: Purchased land for $4.50 million. Paid $ 1.150 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1. Soldeguipment for $ 340.000 cash. The equipment cost $ 3.60 million when originally purchased on January 1, 2014. June 1 Soid land for $4.32 million Received $ 660.000 cash and accepted a 3-year.5% note for the balance. The land cost $ 1.20 million when purchased on June 1. 2016. Interest on the note is due annually each June 1. Purchased equipment for $2.40 million cash. Dec. 31 Retired equipment that cost $ 1 million when purchased on December 31, 2012. No proceeds were received. Journalize the above transactions. (Credit account titles are automatically indented when the armount 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 Debit Credit April 1 Land 4600000 Cash 1150 Notes Payable 34500 May 1 Depreciation Expense II 360000 LO Accumulated Depreciation Equipment 3600 To record depreciation expense) May 1 340000 Accumulated Depreciation-Equipment 360000 Loss on Disposal of Plant Assets 2900000 BOOK Equipment (To record sale of equipment) June 1 Cash 4320000 Notes Receivable 3660000 Land 1200 Gain on Disposal of Land 67800 July 1 Equipment 2400000 24000 Depreciation Expense 100000 1000 Accumulated Depreciation-Equipment (To record depreciation expense) 1000000 Dec 31 Accumulated Depreciation Equipment 10001 Equipment (To record disposal of equipment) Your answer is partially correct Record any adjusting entries for depreciation required at December 31. (Credit account titles are automatically indented when the armount 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 Tides and Explanation Debit Credit Dec. 31 Depreciation Expense 73900000 73900000 Accumulated Depreciation-Buildings (to record depreciation expense for buildings) 64400000 Dec. 31 Depreciation Expense 64400000 Accumulated Depreciation Equipment (To record depreciation expense for equipment) Teythookand Media Prepare the property, plant and equipment section of the company's statement of financial position at December 31. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.) SHERIDAN COMPANY Statement of Financial Position (Partial) December 31, 2022 Property. Plant and Equipment Land 25 Buildings 97500000 Less y Accumuleed Depreciation-Buildings 64150000 739 Equipment 148000000 Accumulated Depreciation-Equipment 14660000 DO Total Property. Piantend Equipment