Problem 9-2A

At December 31, 2017, Culver Corporation reported the following plant assets.

Land $ 3,798,000 Buildings $26,690,000 Less: Accumulated depreciationbuildings 15,097,050 11,592,950 Equipment 50,640,000 Less: Accumulated depreciationequipment 6,330,000 44,310,000 Total plant assets $59,700,950

During 2018, the following selected cash transactions occurred.

Apr. 1 Purchased land for $2,785,200. May 1 Sold equipment that cost $759,600 when purchased on January 1, 2011. The equipment was sold for $215,220. June 1 Sold land for $2,025,600. The land cost $1,266,000. July 1 Purchased equipment for $1,392,600. Dec. 31 Retired equipment that cost $886,200 when purchased on December 31, 2008. No salvage value was received.

Journalize the transactions. Culver 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.)

Date Account Titles and Explanation Debit Credit April 1 May 1 June 1 July 1 Dec. 31 April 1 May 1 June 1 July 1 Dec. 31 (To record depreciation on equipment sold) April 1 May 1 June 1 July 1 Dec. 31 April 1 May 1 June 1 July 1 Dec. 31 April 1 May 1 June 1 July 1 Dec. 31 (To record depreciation on equipment retired)

SHOW LIST OF ACCOUNTS

Record adjusting entries for depreciation for 2018. (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.)

Date Account Titles and Explanation Debit Credit Dec. 31 (To record depreciation on buildings.) Dec. 31 (To record depreciation on equipment.)

SHOW LIST OF ACCOUNTS

Prepare the plant assets section of Culvers balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.)

CULVER CORPORATION Partial Balance Sheet For the Month Ended December 31, 2018 December 31, 2018 For the Year Ended December 31, 2018 Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Plant Assets Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Plant Assets Total Stockholders' Equity $ $ Add Less : Add Less : Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Plant Assets Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Plant Assets Total Stockholders' Equity $