Question 1 of 1 - / 10 5 View Policies Current Attempt in Progress At January 1, 2021, Sheridan Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $65,600,000 49.100.000 96,400,000 156.900.000 20,300,000 The company uses straight-line depreciation for buildings and equipment, its year endis December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40 year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2021, the following selected transactions occurred: Apr. 1 May 1 June 1 Purchased land for $4,210,000. Paid $1,020,000 cash and issued a three-year, 6% mortgage payable for the balance. Interest on the mortgage is payable annually each April 1. Sold equipment for $270,000 cash. The equipment cost $3,021.600 when originally purchased on January 1, 2013. Sold land for $3,288.900. Received $934,500 cash and accepted a three-year, 5% note for the balance. The land cost $1.500.000 when purchased on June 1, 2015. Interest on the noteis due annually each June 1. Purchased equipment for $2.200,000 cash. Retired equipment that cost $1,000,000 when purchased on January 1, 2012. No proceeds were received. Tested land for impairment and found that its fair value was $20,300,000. - Dec 31 31 99+ Record the above transactions. (Lista debit entries latfore credit entries Credit account ttles are automatically inderhed when the amount is entered. Do not Indente manually. If no entry is required, select "No Entry for the accounts and enter for the amounts Round answers to decimal places, eg. 5,275. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit (To record depreciation expense) To record loss/gan on sale of equipment co record lossgain on sale of land) > To record depreciation and (To record loss/gain on sale of land) (To record depreciation expense) (To record the retirement of equipment) (To record impairment loss) Save for Later Attempts:0 of 3 used Submit Answer Using multiple attempts will impact your score. 20% score reduction after attempt 2 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) in order. This part will be available when you complete the part above