Assignment Instructions/ Description
Image transcription textAt December 31, 2025, Sheffield Company reported the following at plant assets
Land
$ 4.100,000
Buildings
$27.530,000
Less: Accumulated depreciation-buildings
13,490,000
14,040.000
Equipment
48,500,000
Less: Accumulated depreciation-equipment
5,190,000
43,310,000
Total plant assets
$61,450,000
During 2023. the following selected cash transactions occurred.
April 1
Purchased land for $2,000.000.
May 1
Sold equipment that cost $660,000 when purchased on January 1, 2019. The equipment was sold for $396,000
June 1
Sold land purchased on June 1, 2013 for $1.610,000. The land cost $401.000.
July 1
Purchased equipment for $2,570.000.
Dec. 31
Retired equipment that cost $488.000 when purchased on December 31, 2013
(a)
(b)
Your answer is partially correct.
Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account titles are automatically
indented when amount is entered Do not indent manually. Record journal entries in the order presented in the problem. I/ no entry is
required, select "No Entry" for the account titles and enter ( for the amounts.)
Account Titles and Explanation
Debit
Credit
Depreciation Expense
umulated Depreciation-Buildings
To record building depreciation)
preciation Expense
Accumulated Depreciation Equipment
(To record equipment deprecition)
eTextbook and Media
List of Accounts
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Attempts: 3 of Sused
Your answer is partially correct
Prepare the plant assets section of Shetheld's balance sheet at December 31, 2023 (List Plant Accus in andin of Land Buildings and
Sheffield Company
Balance Sheet (Partial)
In n n
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