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1、Chapter9InvestmentsinProperty,Plant,andEquipmentandinIntangibleAssetsAlbrecht,Stice,Stice,Swain1COPYRIGHT©2008ThomsonSouth-Western,apartofTheThomsonCorporation.Thomson,theStarlogo,andSouth-Westernaretrademarksusedhereinunderlicense.Long-TermAssetsProperty,plant,andeq
2、uipmentTangibleassetsacquiredfortheuseinbusinessoperations.Land,buildings,andequipment.IntangibleAssetsAssetswithoutphysicalsubstancethatareusedinbusiness.Licenses,patents,franchises,andgoodwill.2CapitalBudgetingCapitalbudgetingPlanningforinvestmentinlong-termassets.
3、Long-termassetshavevaluebecausetheyhelpcompaniesgeneratefuturecashflows.Involvescomparingthecostoftheassettothevalueoftheexpectedcashflows,afteradjustingforthetimevalueofmoney.TimevalueofmoneyTheconceptthatadollartodayisworthmorethanadollarreceivedinthefuture.3AssetA
4、cquisitionIncludepurchaseprice.Includecostsincurredtoacquiretheassetandgettingitreadyforitsintendeduse.Salestax,shipping,installation,andothercosts.ForkLift........................12,500Cash........................3,500NotesPayable................9,000Purchasedaforkl
5、iftfor$12,000andpaid$500forshipping;paid$3,500cashandissuedanotefor$9,000tothebank.4LeasesLeaseAcontractthatspecifiesthetermsunderwhichtheownerofanasset(thelessor)agreestotransfertherighttousetheassettoanotherparty(thelessee).Whattermsshouldbeincludedinalease?TermPay
6、mentamountDuedates5MatchLeaseTermsThepartythatisgrantedtherighttousethepropertyunderthetermsofalease.LesseeLessorOperatingLeaseCapitalLeaseTheownerofpropertythatisleased(rented)toanotherparty.Asimplerentalagreement.Aleasingtransactionthatisrecordedasapurchasebytheles
7、see.6ClassifyingLeasesAleaseisclassifiedasacapitalleaseifitisnon-cancelableandmeetsoneofthefollowingcriteria:Leasetransfersownershipoftheasset.Leasecontainsabargainpurchaseoption.Leasetermisequalto75%ormoreoftheestimatedlifeoftheasset.Presentvalueoftheleasepaymentsis
8、equalto90%ormoreofthefairmarketvalueoftheasset.7OperatingLeaseDahl&Sons,AttorneysatLaw,leasesabuildingwithmonthlyrentalpaymentsof$1
