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Determining Acquisition Costs of Land and Building plant asset expenditures and receipts were recorded in random order. $ 13,200 1,560,000 10,000 290,000 70,000 20,500 5,600 28,000 30,000 $2,027,300 Weminster Company was organized on January 1. During the first year of operations, the following Analyze the foregoing transactions using the following column headings. Insert the number of each transaction in the Item column, and then insert the amounts in the appropriate columns. For amounts Biskey Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2018, at a total cash price of $1,575,000 for building, $816,000; land, $578,000; land improvements, $85,000; and vehicles, $221,000. The company's a building, land, land improvements, and four vehicles. The estimated market values of the assets are Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Compute the depreciation expense for 2018 on the building using the straight-line method, Compute the depreciation expense for 2018 on the land improvements assuming a five-year life 4. Defend or refute this statement: Accelerated depreciation results in payment of less taxes over Debit 1. Cost of filling and grading the land 2. Full payment to building contractor 3. Real estate taxes on land paid for the current year 4. Cost of real estate purchased as a plant site (land 200,000 and building 90,000) 5. Excavation costs for new building 6. Architect's fees on building plans 7. Accrued real estate taxes paid at time of purchase of real estate 8. Cost of parking lots and driveways 9. Cost of demolishing building to make land suitable for construction of new building Credit 10. Proceeds from salvage of demolished building Required: entered in the Other Accounts column, also indicate the account titles. Item Land Property, plant, and Equipment Cost; Depreciation Methods fiscal year ends on December 31. Required: 1. Prepare the journal entry to record the purchase. 2. a 15-year life and a $51,300 salvage 3. double-declining-balance depreciation. S 7,200 Buildings Other Accounts the asset's life, Accounting for Natural Resources On May 31, 2017, Barren Oil Company purchased an oil well, with estim barrels of oil, for $2.0 million cash. going Property, Plant, and Equipment Cost; Depreciation Methods Biskey Construction negotiates a lump-sum purchase of several assets from a company that is out of business. The purchase is completed on January 1, 2018, at a total cash price of $1,575,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $816,000; land, $578,000; land improvements, $85,000; and vehicles, $221,000. The company's fiscal year ends on December 31. Required: 1. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase. 2. Compute the depreciation expense for 2018 on the building using the straight-line method, assuming a 15-year life and a $51,300 salvage value. 3. Compute the depreciation expense for 2018 on the land improvements assuming a five-year life and double-declining-balance depreciation. 4. Defend or refute this statement: Accelerated depreciation results in payment of less taxes over the asset's life. account for an impairment in the value of the factory. Acquisition, Depreciation, and Disposal of Assets On January 2, 2018, Dale Company purchased a building and land for $580,000. The most recent appraisal values for the building and the land are $420,000 and $180,000, respectively. The building has an estimated useful life of 25 years and a salvage value of $30,000. Required: 1. Assuming cash transactions and straight-line depreciation, prepare journal entries to record: Purchase of the building and land on January 2, 2018 b. Depreciation expense on December 31, 2018 2. Assume that after four years the property (land and building) was sold for $470,000. Prepare the journal entry to record the sale. a. expected useful life is five years, and that its estimated salvage value is $5,000. The company On January 2, 2017, Union Oil Company purchased a new airplane. The following costs are related to 3. Ignore the information in parts (1) and (2) and assume that the airplane costs $90,000, that its now uses the straight-line depreciation method. On January 1, 2020, the following balances are Prepare the necessary journal entries to record the sale of this airplane on July 1, 2020, for $40,000. Yard bought a used pickup truck at a cost of Acquisition, Depreciation, and Sale of an Asset the purchase: Airplane, base price. Cash discount Sales tax Delivery charges $112,000 3,000 4,000 1,000 Required: 1. Prepare the journal entry to record the payment of these items on January 2, 2017. 2. Ignore your answer to part (1) and assume that the airplane cost $90,000 and has an expected useful life of five years or 1,500 hours. The estimated salvage value is $3,000. Using units-of- production depreciation and assuming that 300 hours are flown in 2018, calculate the amount of depreciation expense to be recorded for the second year, in the related accounts: Airplane Accumulated Depreciation, Airplane $ 90,000 51,000 itinn, Depreciation, and Sale of an Asset Acquisition, Depreciation, and Disposal of Assets On January 2, 2018, Dale Company purchased a building and land for $580,000. The most recent appraisal values for the building and the land are $420,000 and $180,000, respectively. The building has an estimated useful life of 25 years and a salvage value of $30,000. a. Required: 1. Assuming cash transactions and straight-line depreciation, prepare journal entries to record: Purchase of the building and land on January 2, 2018 b. Depreciation expense on December 31, 2018 2. Assume that after four years the property (land and building) was sold for $470,000. Prepare the journal entry to record the sale. Property, Plant, and Equipment and Intangible Assets Chapter 10 45 10-16 Depreciation Calculations On January 1, 2017, Clauser Company purchased a $79,000 machine. The estimated life of the machine was four years, and the estimated salvage value was $4,000. The machine had an estimated useful life in productive output of 90,000 units. Actual output for the first two years was: 2017, 25,000 units; 2018, 18,000 units. a. Required: 1. Compute the amount of depreciation expense for the first year, using each of the following methods: Straight-line b. Units-of-production 2. What was the carrying amount of the machine at the end of the first year, assuming that straight- line depreciation was used? 3. If the machine is sold at the end of the third year for $20,000, how much should the company report as a gain or loss (assuming straight-line depreciation)? wy Calculating and Commenting on Asset Turnover Champagne Ltd. and Ardenne Ltd., two corporations of roughly the same size, are both involved in the manufacture of in-line skates. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following information. In addition, Waystation had sales of $4,000,000 in 2018. Cost of goods sold for the year was $2,500,000 fair value over carrying amount, $50,000 resulted because the fair value of Waystation's inventory nas greater than its recorded carrying amount. As of the end of 2018, the fair value of Waystation's total Compute Waystation's fixed asset turnover ratio for 2018 Using the fair value of fixed assets instead of the carrying amount of fixed assets, recompute Waystation's fixed asset turnover ratio for 2018. State any assumptions that you make. 3. Interpretive Question: Waystation's primary competitor is Handy Corner Handy Corner's fixed asset turnover ratio for 2018, based on publicly available information is 2.8 times. Is Waystation more or less efficient at using its fixed assets than Handy Corner? Explain your answer assets was $3,500,000. As of December 31, 2018, the fair value of Waystation's inventory was $100,000 3 livesus Ardenne Ltd. Champagne Ltd. $225,000 555.000 750.000 400,000 $ 200,000 620,000 1,000,000 750,000 Net income Sales revenue Average total assets Average plant assets Required: 1. For each company, calculate the asset turnover ratio. 2. Based on your calculations in part (1), comment on the relative efficiency of the two companies in using their assets to generate sales and produce net income. Fixed Asset Turnover Ratio Waystation Company reported the following asset values in 2017 and 2018: 2017 2018 $ 40,000 500,000 700,000 300,000 800,000 400,000 $ 30,000 400.000 500,000 200,000 600,000 300,000 Cash Accounts receivable Inventory Land. Buildings Equipment as of the end of 2017, the fair value of Waystation's total assets was $2,500,000, of the excess of greater than the inventory's recorded carrying amount. Required: 1. 2. nments