Unadjusted Trial Balance Debit Credit Property plant and equipment Accumulated depreciation Prepaid insurance Supplies Unearned service revenue 320,000 89,500 24,000 7,500 3,000
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Prepare
| A. | supplies actual count at year end, $6,500 |
| B. | remaining unexpired insurance, $6,000 |
| C. | remaining unearned service revenue, $1,200 |
| D. | salaries owed to employees, $2,400 |
| E. |
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- On 30 June 2018, HTL Bhd classifies a business segment as a disposal group for sale. Thecarrying amount and the impairment loss recognised are as follows:BeforeRM’mImpairmentRM’mAfterRM’mGoodwill allocated 50 950) -Property, at revalued amount 80 (13.3) 66.7Plant and equipment, at cost 100 (16.7) 83.3AFS investment at fair value 40 - 40Other monetary assets 30 - 30Net amount 300 (80) 220On 31 December 2018, the fair value of the AFS investment increase to RM45m. On thisdate, HTL Bhd signs an agreement with a third party to dispose of the business for aconsideration of RM240m. Costs to sell are estimated at 3% of the consideration.Required:Compute the reversal of impairment loss that shall be recognised on 31 December 2018.Enter Co. determined the following information for the purpose of testing its investment in associate for impairment: Carrying amount of investment (including ₱100,000 goodwill) 1,600,000 Fair value less costs of disposal (FVLCD) 1,440,000 Value in use (VIU) 1,380,000 How much is the impairment loss? 160,000 b. 220,000 c. 60,000 d. 0( Appendix 7A) Impairment Listed below is information related to three assets reported in the financial statements of Grant Company: Required: For each scenario, indicate whether the asset has been impaired and, if so, the amount of the impairment loss that should recorded.
- Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk. A. Fee paid to attorney for title search............................................ 3,600 B. Cost of real estate acquired as a plant site: Land................................ 720,000 Building (to be demolished)........... 60,000 C. Finder's fee paid to real estate agency.......................................... 23,400 D. Delinquent real estate taxes on property, assumed by purchaser................. 15,000 E. Architect's and engineer's fees for plans for new building....................... 75,000 F. Cost of removing building purchased with land in (B)............................ 10,000 G. Proceeds from sale of salvage materials from old building....................... 3,400 H. Cost of filling and grading land................................................ 18,000 1. Premium on one-year insurance policy during construction...................... 8,400 J. Money borrowed to pay building contractor.................................... 800,000 K. Special assessment paid to city for extension of water main to the property....... 13,400 L. Cost of repairing windstorm damage during construction....................... 3,000 M. Cost of repairing vandalism damage during construction........................ 2,000 N. Cost of trees and shrubbery planted........................................... 14,000 0. Cost of paving parking lot to be used by customers............................. 21,600 P. Interest incurred on building loan during construction.......................... 40,000 Q. Proceeds from insurance company for windstorm and vandalism damage........ 4,500 R. Payment to building contractor for new building................................ 800,000 S. Refund of premium on insurance policy (1) canceled after 10 months............. 1,400 Instructions 1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Indicate receipts by an asterisk. Identify each item by letter and list the amounts in columnar form, as follows: Item Land Land Improvements Building Other Accounts 2. Determine the amount debited to Land. Land Improvements, and Building. 3. The costs assigned to the land, which is used as a plant site, will not be depreciated, while the costs assigned to land improvements will be depreciated. Explain this seemingly contradictory application of the concept of depreciation. 4. What would be the effect on the income statement and balance sheet if the cost of paving the parking lot of 21,600 [payment (0)] was incorrectly classified as Land rather than Land Improvements? Assume Land Improvements are depreciated over a 10-year life using the double-declining-balance method.How much should be recorded as the purchase price of theindividual PPE items: For items 18 to 22, identify the amount to be included asEquipment 18. Payment for injuries to third‐parties not covered byinsurance – P200,00019. Freight amounted to P50,000 and freight insuranceamounted to P5,000.20. Site preparation of P100,000 and installment cost ofP75,000.21. Test run cost which includes P10,000 materials, P15,000direct labor cost, P1,000 allocated supervisor’s salary andother overhead cost of P5,000. The good produced was soldfor P30,000.22. Value‐added tax amounting to P100,00023. Import tax of P30,00PREPARE A REVISED STATEMENT OF FINANCIAL POSITION GIVEN THE AVAILABLE INFORMATION. ASSUME THAT THE ACCUMULATED DEPRECIATION BALANCE FOR THE BUILDINGS IS 172000 AND FOR THE EQUIPMENT, 117000. THE ALLOWANCE FOR DOUBTFUL ACCOUNTS HAS A BALANCE OF 29000. THE PENSION LIABILITY IS CONSIDERED A NON-CURRENT LIABILITY. (LIST CURRENT ASSETS IN REVERSE ORDER OF LIQUIDITY. LIST PROPERTY, PLANT, AND EQUIPMENT IN ORDER OF BUILDINGS AND EQUIPMENT. ENTER ACCOUNT NAME ONLY AND DO NOT PROVIDE THE DESCRIPTIVE INFORMATION PROVIDED IN THE QUESTION.)
- E10-1 Inclusion in Property, Plant, and Equipment Guthrie Inc. must determine whether the following items are included in property, plant, and equipment: a. idle equipment awaiting sale b. machinery kept on hand and used only when other machinery breaks c. land held for investment d. the right to publish a literary work e. progress payments on a building being constructed by a contractor f. fully depreciated assets still being used g. expenditures to improve leased property h. equipment leased to others i. purchase of an asset with an expected life of 9 months j. obligation to remove leasehold improvement at the termination of a lease Required: 1. Indicate which items are included in the cost of property, plant, and equipment and which items are excluded from the cost of property, plant, and equipment. 2. Next Level For each item excluded from property, plant, and equipment, explain why it was excluded.(Impairment) Assume the same information as E11-16, except that Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,000.Instructions(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017.(b) Prepare the journal entry (if any) to record depreciation expense for 2018.(c) The asset was not sold by December 31, 2018. The fair value of the equipment on that date is $5,300,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $20,000.Investment Property: Recognition: The following are being considered for classification under Investment Property by ABC Retailer Incorporated. Which should be included and what is correct balance for the account? a. Land held for undetermined use – P 4,000,000 b. Manufacturing plant – P 5,000,000 c. Vehicles rented out for additional income – P 3,000,000 d. Land plus building under construction to be rented out under an operating lease – P6,000,000 e. Investment Property, balance
- Six situations are given below concerning a plant asset currently used in operations.CA-Carrying amount; ViU-Value in use; FV-CTS-Fair value less costs to sellCase CA ViU FV-CTS1 120,000 180,000 135,0002 135,000 195,000 120,0003 150,000 180,000 255,0004 180,000 120,000 90,0005 210,000 165,000 195,0006 225,000 195,000 255,000Which among the cases, if any, require impairment loss recognition?Initial operating loss related to Property, Plant and Equipment should beA. Capitalized as part of the cost of planB. Deferred and amortized over a reasonable periodC. Expensed and charged to the income statementD. Charge to retained earningsTopic: Non-Current Assets Held for Sale and Discontinued Operations 13. Which of the following shall be recognized by the entity in its 20x2 financial statements? Held for ale asset Impairment loss a. P700,000 P100,000 b. P650,000 P100,000 c. P650,000 P150,000 d. P0 P100,000 13. Requirement: Provide the journal entry on December 31, 20x2.
