6. Record the previous transaction assuming the transaction lacks commercial substance.
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1 Final Exam Review Chapters 10, 11, & 12 Spring 2017 Information and materials have been used from other sources including the textbook: Intermediate Accounting by Keiso 1. On January 1, 2014 the company started construction and made the following expenditures related to a building: March 1 $360,000, June 1 $3,000,000, July 31 $1,500,000, and December 31 $750,000. The building was completed December 31, The company had the following debt during the construction period: Construction loan 12% note with a value of $2,000,000 Short-term loan 11% interest with a payable of $1,400,000 Long-term loan 9% note with a value of $1,250,000 How much interest should be capitalized? What is the total cost of the building? How much should yearly depreciation be if the building has a useful life of 30 years and a salvage value of $300,000?
2 2. Equipment was acquired by trading used equipment. The exchange lacks commercial substance. Original cost of equipment traded $100,000, accumulated depreciation $40,000, fair value of equipment traded $80,000, cash received $10,000, fair value of equipment acquired $70,000. Record the journal entry of the acquisition of equipment. 3. Equipment was acquired by trading used equipment. The exchange has commercial substance. The book value of the original equipment is $8,000, with an original cost of $12,000. The fair value of equipment traded is $6,000, and they paid cash of $7,000. Fair value of equipment acquired $15,000. Record the journal entry of the acquisition of equipment. 4. On December 1, 2015, ABC purchased the following assets from XYZ for a $220,000 zerointerest bearing note due December 1, The market interest rate for obligations of this nature is 10%. XYZ Book Value Fair Value Inventory $60,000 $50,000 Land $40,000 $80,000 Buildings $70,000 $120,000 $170,000 $250,000
3 5. Cannondale Company purchased an electric wax melter on April 30, 2014, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. Prepare the journal entry to record the trade of equipment. Assume the transaction has commercial substance. List price of new melter $15,800 Cash paid 10,000 Cost of old melter (5-year life, $700 salvage value) 11,200 Accumulated depreciation old melter (straight-line) 6,300 Secondhand fair value of old melter 5, Record the previous transaction assuming the transaction lacks commercial substance. 7. Winston Co. buys Harry Co. for $702,180. At the time of purchase, Harry Co s balance sheet showed assets of $613,140, liabilities of $197,220, and owners equity of $415,920. The fair value of Harry Co s assets is estimated to be $808,070. What is the value of Goodwill Winston Co. will record? 8. ABC Corporation owns a patent that has a carrying amount of $450,305. ABC expects future net cash flows from this patent to total $203,790. The fair value of the patent is $120,860. Record the journal entry for the loss on impairment.
4 9. Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $394,050. The Johnson Division s net assets, including the goodwill, have a carrying amount of $793,370. The fair value of the division is estimated to be $731,820 and the implied goodwill is $332,500. Record the impairment of goodwill. 10. Alatorre purchased a patent from Vania Co. for $1,724,200 on January 1, The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, During 2014, Alatorre determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2014? 11. Thomas More Company incurred the following costs during the current year in connection with its research and development activities. Compute the amount to be reported as research and development expense by More on its current year income statement. Cost of equipment that will have alternative use in future $365,600 over next 5 years (straight-line depreciation) Materials consumed in R&D project $60,650 Consulting fees paid to outsider for R&D project $117,400 Personnel costs for R&D $122,800 Indirect costs reasonably allocable to R&D projects $48,800 Materials purchased for future R&D projects $30, LMNO Co. purchases a patent from W Corp. on January 1, 2014, for $57,440. The patent has a remaining legal life of 18 years. LMNO feels the patent will be useful for 10 years. Prepare LMNO s journal entries to record the purchase of the patent and 2014 amortization
5 13. LMNO Co. purchases a patent from W Corp. on January 1, 2014, for $51,680. The patent has a remaining legal life of 16 years. LMNO feels the patent will be useful for 10 years. Assume that at January 1, 2016, the carrying amount of the patent on LMNO s books is $41,344. In January, LMNO spends $16,016 successfully defending a patent suit. LMNO still feels the patent will be useful until the end of Prepare the journal entries to record the $16,016 expenditure and 2016 amortization. 14. Company Co. purchased a truck at the beginning of 2014 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles in 2014 and 31,000 miles in Compute depreciation expense for 2014 and Burgess Co. purchased a machine on June 30, 2015 for $28,000. Burgess paid $200 in title fees and county property taxes of $125 on the machine. In addition, Burgess paid $500 shipping charges for delivery, and $475 was paid to build a platform for the machine. The machine has a useful life of 5 years and a salvage value of $3,000. Record the depreciation for RST Co. has equipment with a cost of $9,000,000, accumulated depreciation to date of $1,000,000, expected future net cash flows $7,000,000, and fair value of $4,800,000. Prepare the journal entry to record impairment.
6 17. Stanislaw Timber Company owns 9,000 acres of timberland purchased in 2003 at a cost of $1,400 per acre. At the time of purchase, the land without the timber was valued at $400 per acre. During 2005, Stanislaw selectively logged 700,000 board feet and sold 650,000 board feet of timber, of the estimated 3,500,000 board feet. In 2006, Stanislaw planted new seedlings to replace the trees cut at a cost of $100,000. Determine cost of timber sold related to depletion for Calculate depreciation using the sum of the year digits method for 2014, 2015, and 2016 if Café Co. purchased the equipment on April 1, 2014 at a cost of 1,000,000. The equipment has a salvage value of 100,000 and a useful like of 5 years. 19. Using the same information, calculate depreciation under the double-declining balance method for 2014, 2015, 2016, 2017, and 2018.
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Accounting Of Intangible Assets Indian as- 26
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 16, Issue 2. Ver. II (Feb. 2014), PP 40-45 Accounting Of Intangible Assets Indian as- 26 Manpreet Sharma,
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Technical Summary This extract has been prepared by IASC Foundation staff and has not been approved by the IASB. For the requirements reference must be made to International Financial Reporting Standards.