Question

At December 31, 2020, Sheffield Company reported the following as plant assets.

Land				$ 4,110,000
Buildings		$28,650,000
Less: Accumulated depreciation—buildings		13,680,000		14,970,000
Equipment		47,920,000
Less: Accumulated depreciation—equipment		4,730,000		43,190,000
Total plant assets				$62,270,000

During 2021, 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, 2017. The equipment was sold for $522,000.
June 1		Sold land purchased on June 1, 2011 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, 2011. The company received no proceeds related to salvage.

Prepare the plant assets section of Sheffield’s balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.)

Sheffield Company Balance Sheet (Partial) December 31, 2021For the Year Ended December 31, 2021For the Month Ended December 31, 2021
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property Plant and EquipmentTotal Owner's Equity
					$
			$
Add    Less     :
Add    Less     :
Current Assets    Current Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property Plant and Equipment    Owner's Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Owner's Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property Plant and Equipment    Total Owner's Equity					$

Answer 1

Balancesheet of Sheffield Company ( partial ) for the year ended 31.12.21

LAND ( 4,110,000 + 21,50,000 - 399,000 ) $ 58,61,000

BUILDINGS    286,50,000

Less: Accumulated depreciation          13,680,000          $ 14,970,000

EQUIPMENTS (47,920,000 - 870,000 + 2530,000 - 511,000 ) 490,69,000

Less: Accumulated depreciation ( 4,730,000 - 377000 + 126500 - 511000 ) 39,68,500 $ 45,100,500

TOTAL PLANT ASSETS $ 659,31,500

No adjustments made to the building such as depreciation because, there is no information regarding the depreciation of the buildings