Problem 10-05A a-c (Video) At December 31, 2020, Sheffield Company reported the following as plant assets 4,100,000 Less: Accumulated depreciation-buildings 13,490,000 14,040,000 Less: Accumulated depreciation-equipment 5,190,000 43,310,000 $27,530,000 48,500,000 Equipment $61,450,000 Total plant assets During 2021, the following selected cash transactions occurred Purchased land for $2,000,000. Sold equipment that cost $660,000 when purchased on January 1, 2017. The equipment was sold for $396,000 Sold land purchased on June 1, 2011 for $1,610,000. The land cost $401,000. Purchased equipment for $2,570,000 Retired equipment that cost $488,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. April 1 May 1 June 1 July 1 Dec. 31 May 1 Depreciation Expense 22000 Accumulated Depreciation-Equipment 22000 (To record depreciation) May 1 Cash 396000 Accumulated Depreciation-Equipment 187000 Equipment 660000 77000 Gain on Disposal of Plant Assets (To record sale of equipment)