Problem 9-2A

At December 31, 2017, Sheffield Corporation reported the following plant assets.

Land				$ 3,798,000
Buildings		$26,660,000
Less: Accumulated depreciationbuildings		15,097,050		11,562,950
Equipment		50,640,000
Less: Accumulated depreciationequipment		6,330,000		44,310,000
Total plant assets				$59,670,950

During 2018, the following selected cash transactions occurred.

Apr.	1		Purchased land for $2,785,200.
May	1		Sold equipment that cost $759,600 when purchased on January 1, 2011. The equipment was sold for $215,220.
June	1		Sold land for $2,025,600. The land cost $1,266,000.
July	1		Purchased equipment for $1,392,600.
Dec.	31		Retired equipment that cost $886,200 when purchased on December 31, 2008. No salvage value was received.

Prepare the plant assets section of Sheffields balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.)