Open the file Select save and choose the save destination Open the file from where you saved it Use the information from the Data Section at the top of the page to complete the sections below All amounts must be cell references or formulas Check figure: The total plant assets on the balance sheet should be $51,675,000 Save the file Problem P9-5A, Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation. Financial Accounting, sh Edition by Weygandt, Kleso, 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 S26,500,000 Less: Accumulated depreciation buildings 12,100,000 14,400,000 Equipment $40,000,000 Less: Accumulated depreciation equipment 5,000,000 35,000,000 Total plant assets S52,400,000 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 S460,000 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. structions: a) Journalize the above transactions. The company uses straight line depreciation for buildings and equipment. The buildings are estimated to ave a SO 1-year life and no salvage value. The equipment is estimated to have a 10 1 year useful life and no alvage 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 Account title Amount Amount May 01 Account title Account title Account title Account title Amount Amount Amount Amount Cost Life in years Depreciation per year Depreciation per month Depreciation for 4 months Depreciation for 4 years and 4 months Amount Number Formula Formula Formula Formula Cost Accumulated depreciation - Equipment Book value Cash proceeds Gain on disposal Amount Amount Formula Amount Formula Jun 01 Amount Account title Account title Account title Amount Amount Jul 01 Account title Account title Amount Amount Dec 31 Account title Account title Amount Amount Dec 31 Account title Account title Amount Amount Cost Accumulated depreciation - Equipment Book value Cash proceeds Gain / Loss on disposal Amount Amount Formula Amount Formula Record adjusting entries for depreciation for 2014. Dec 31 Account title Account title Amount Amount Dec 31 Account title Account title Amount Amount Beginning balance, Equipment Less: Sale of equipment Less: Retirement of equipment Amount Amount Amount Formula Formula Depreciable life - 10 years. Annual depreciation Equipment purchased during the year Depreciable life - 10 years - 1/2 year depreciation Total annual depreciation Amount Formula Formula (e) Prepare the plant assets section of Walton's balance sheet at December 31, 2014 WALTON COMPANY Partial Balance Sheet December 31, 2014 Amount Plant Assets Account title Account title Less: Account Title Account title Less: Account Title Title Formula Amount Amount Amount Amount Formula Formula Amount Balance Date Balance Land Amount Date Amount Formula Balance Balance Buildings Amount Formula Balance Date Balance Equipment Amount Date Amount Date Formula Amount Amount Accumulated Depreciation - Building Balance Date Balance Amount Amount Formula Date Date Accumulated Depreciation - Equipment Amount Balance Amount Amount Date Amount Date Amount Date Amount Balance Formula
