At December 31, 2017, Sheffield Corporation reported the following plant assets Land Buildings Less: Accumulated depreciation -buildings Equipment Less: Accumulated depreciation -equipment Total plant assets $5,313,000 5.550.825 21,119,175 70,840,000 5,550,825 8,855,000 61,985,000 $72,848,825 During 2018, the following selected cash transactions occurred Apr. Purchased land for $3,896,200 May 1 Sold equipment that cost $1,062,600 when purchased on January 1, 2011. The equipment was sold for $301,070. June Sold land for $2,833,600. The land cost $1,771,000 July Purchased equipment for $1,948,100 Dec. 31 Retired equipment that cost $1,239,700 when purchased on December 31, 2008. No salvage value was received Journalize the transactions. Sheffield uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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Journal entries of Sheffield Corporation as on Dec 31 2018 Date Description Amount Dr A... View the full answer