prepare the plant assets section of Sheffield's balance sheet at Dec 31,2020.

Problem 9-5A (Part Level Submission) At December 31, 2019, Sheffield Corp. reported the following as plant assets. Land $ 3,770,000 Buildings $27,870,000 Less: Accumulated depreciation-buildings 11,900,000 15,970,000 Equipment 48,370,000 Less: Accumulated depreciation-equipment 4,850,000 43,520,000 Total plant assets $63,260,000 During 2020, the following selected cash transactions occurred. April 1 Purchased land for $2,120,000. May 1 Sold equipment that cost $930,000 when purchased on January 1, 2016. The equipment was sold for $558,000. June 1 Sold land purchased on June 1, 2010 for $1,490,000. The land cost $394,000. July 1 Purchased equipment for $2,480,000. Dec. 31 Retired equipment that cost $508,000 when purchased on December 31, 2010. The company received no proceeds related to salvage. Your answer is correct. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50- year 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 entero for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 2120000 Cash 2120000 May 1 Depreciation Expense 31000 Accumulated Depreciation Equipment 31000 (To record depreciation) May 1 Accumulated Depreciation Equipment 403000 Cash 558000 Gain on Disposal of Plant Assets 31000 Equipment 930000 (To record sale of equipment) June 1 Cash 1490000 Land 394000 Gain on Disposal of Plant Assets 1096000 July 1 Equipment 2480000 Cash 2480000 Dec. 31 Depreciation Expense 50800 50800 Accumulated Depreciation-Equipment (To record depreciation) Dec. 31 | Accumulated Depreciation-Equipment 508000 508000 Equipment (To record retirement of equipment) | Your answer is correct. Record adjusting entries for depreciation for 2020. (Credit account titles are automatically indented when amount is entered. Do no manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the accou and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 5574001 Accumulated Depreciation-Buildings 557400 (To record building depreciation) Dec. 31 Depreciation Expense 4817200 4817200 Accumulated Depreciation-Equipment (To record equipment depreciation) Prepare the plant assets section of Sheffield's balance sheet at December 31, 2020. (List Property, plant and Equipment in order of Lane Buildings and Equipment.) Sheffield Corp. Balance Sheet (Partial) December 31, 2020 Current Assets Land 5496000 Buildings 27870000 Less 12457400 15412600 Accumulated Depreciation-Buildings Equipment 49412000 Less Accumulated Depreciation Equipment Total Current Assets Click If you would like to Show Work for this question: Onen Show Work