Problem 10 05A a c (Video) At December 31, 2020, Sheffield Company reported the following as plant assets Land $ 4,110,000 Buildings $28,650,000 Less Accumulated depreciationbuildings 13,680,000 14,970,000 Equipment 47,920,000 Less Accumulated depreciationequipment 4,730,000 43,190,000 Total plant assets $62,270,000 During 2021, the following selected cash transactions occurred April 1 Purchased land for $2,150,000 May 1 Sold equipment that cost $870,000 when purchased on January 1, 2017 The equipment was sold for $522,000 June 1 Sold land purchased on June 1, 2011 for $1,420,000 The land cost $399,000 July 1 Purchased equipment for $2,530,000 Dec 31 Retired equipment that cost $511,000 when purchased on December 31, 2011 The company received no proceeds related to salvage Record adjusting entries for depreciation for 2021 (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 0 for the amounts ) Date Account Titles and Explanation Debit Credit Apr 1May 1June 1July 1Dec 31 (To record building depreciation) Apr 1May 1June 1July 1Dec 31 (To record equipment deprecition)

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Problem 10-05A a-c (Video) At December 31, 2020, Sheffield Company reported the following as plant assets. Land $ 4,110,000 Buildings $28,650,000 Less: Accumulated depreciationbuildings 13,680,000

Problem 10-05A a-c (Video)

At December 31, 2020, Sheffield Company reported the following as plant assets.

Land		$ 4,110,000
Buildings	$28,650,000
Less: Accumulated depreciationbuildings	13,680,000	14,970,000
Equipment	47,920,000
Less: Accumulated depreciationequipment	4,730,000	43,190,000
Total plant assets		$62,270,000

During 2021, the following selected cash transactions occurred.

April 1		Purchased land for $2,150,000.
May 1		Sold equipment that cost $870,000 when purchased on January 1, 2017. The equipment was sold for $522,000.
June 1		Sold land purchased on June 1, 2011 for $1,420,000. The land cost $399,000.
July 1		Purchased equipment for $2,530,000.
Dec. 31		Retired equipment that cost $511,000 when purchased on December 31, 2011. The company received no proceeds related to salvage.

Record adjusting entries for depreciation for 2021. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 1May 1June 1July 1Dec. 31

	(To record building depreciation)
Apr. 1May 1June 1July 1Dec. 31

	(To record equipment deprecition)