Your answer is partially correct. At December 31, 2022, Sheffield Company reported the following as plant assets. During 2023, 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, 2019. The equipment was sold for $522,000. June 1 Sold land purchased on June 1, 2013 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, 2013