Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse
Problem P9-5A, At December 31, 2013, Walton Company reported the following as plant assets.
		Land					$3,000,000
		Buildings				$26,500,000
		Less: Accumulated depreciationbuildings				12,100,000	14,400,000
		Equipment				$40,000,000
		Less: Accumulated depreciationequipment				5,000,000	35,000,000
		Total plant assets					$52,400,000
During 2014, the following selected cash transactions occurred.
Apr 01	Purchased land for		$2,200,000
May 01	Sold equipment that cost		$750,000	when purchased on January 1, 2010. The equipment was sold for					$460,000
Jun 01	Sold land purchased on June 1, 2004, for			$1,800,000	The land cost		$300,000
Jul 01	Purchased equipment for		$2,400,000
Dec 31	Retired equipment that cost			$500,000	when purchased on December 31, 2004. No salvage value was received.
Instructions:
(a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to
have a	50	-year 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.
		Apr 01	Account title			Amount
			Account title				Amount
		May 01	Account title			Amount
			Account title				Amount
		May 01	Account title			Amount
			Account title			Amount
			Account title				Amount
			Account title				Amount
			Cost			Amount
			Life in years			Number
			Depreciation per year			Formula
			Depreciation per month			Formula
			Depreciation for 4 months			Formula
			Depreciation for 4 years and 4 months			Formula
			Cost			Amount
			Accumulated depreciation - Equipment			Amount
			Book value			Formula
			Cash proceeds			Amount
			Gain on disposal			Formula
		Jun 01	Account title			Amount
			Account title				Amount
			Account title				Amount
		Jul 01	Account title			Amount
			Account title				Amount
		Dec 31	Account title			Amount
			Account title				Amount
		Dec 31	Account title			Amount
			Account title				Amount
			Cost			Amount
			Accumulated depreciation - Equipment			Amount
			Book value			Formula
			Cash proceeds			Amount
			Gain / Loss on disposal			Formula
(b) Record adjusting entries for depreciation for 2014.
		Dec 31	Account title			Amount
			Account title				Amount
		Dec 31	Account title			Amount
			Account title				Amount
		Beginning balance, Equipment				Amount
		Less: Sale of equipment				Amount
		Less: Retirement of equipment				Amount
						Formula
		Depreciable life - 10 years - Annual depreciation				Formula
		Equipment purchased during the year				Amount
		Depreciable life - 10 years - 1/2 year depreciation				Formula
		Total annual depreciation				Formula
(c) Prepare the plant assets section of Waltons balance sheet at December 31, 2014.
		WALTON COMPANY
		Partial Balance Sheet
		December 31, 2014
		Plant Assets
		Account title					Amount
		Account title				Amount
		Less: Account Title				Amount	Formula
		Account title				Amount
		Less: Account Title				Amount	Formula
		Title					Formula
Land						Buildings
Balance	Amount	Date	Amount			Balance	Amount
Date	Amount					Balance	Formula
Balance	Formula
Equipment						Accumulated Depreciation - Building
Balance	Amount	Date	Amount					Balance	Amount
Date	Amount	Date	Amount					Date	Amount
Balance	Formula							Balance	Formula
Accumulated Depreciation - Equipment
Date	Amount	Balance	Amount
Date	Amount	Date	Amount
		Date	Amount
		Date	Amount
		Balance	Formula