Walton Manufacturing Company was started on January 1, year 1, when it acquired $85,000 cash...
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Walton Manufacturing Company was started on January 1, year 1, when it acquired $85,000 cash by issuing common stock. Walton immediately purchased office furniture and manufacturing equipment costing $7,700 and $34,300, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,900 salvage value and an expected useful life of four years. The company paid $11,700 for salaries of administrative personnel and $15,700 for wages to production personnel. Finally, the company paid $12,700 for raw materials that were used to make inventory. All inventory was started and completed during the year. Walton completed production on 4,500 units of product and sold 3,560 units at a price of $15 each in year 1
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