Problem 9-5A At December 31, 2019, Sheridan Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 10,570,000 19,230,000 Equipment Less: Accumulated depreciation-equipment 4,910,000 42,610,000 $4,320,000 $29,800,000 47,520,000 Total plant assets $66,160,000 During 2020, the following selected cash transactions occurred April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,000,000. Sold equipment that cost $840,000 when purchased on January 1, 2016. The equipment was sold for $504,000. Sold land purchased on June 1, 2010 for $1,430,000. The land cost $393,000. Purchased equipment for $2,440,000 Retired equipment that cost $480,000 when purchased on December 31, 2010. The company received no proceeds related to salvage. Problem 9-5A At December 31, 2019, Sheridan Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 10,570,000 19,230,000 Equipment Less: Accumulated depreciation-equipment 4,910,000 42,610,000 $4,320,000 $29,800,000 47,520,000 Total plant assets $66,160,000 During 2020, the following selected cash transactions occurred April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,000,000. Sold equipment that cost $840,000 when purchased on January 1, 2016. The equipment was sold for $504,000. Sold land purchased on June 1, 2010 for $1,430,000. The land cost $393,000. Purchased equipment for $2,440,000 Retired equipment that cost $480,000 when purchased on December 31, 2010. The company received no proceeds related to salvage