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1、Chapter7 PlantAssets&IntangiblesLearningObjectivesDeterminethecostofaplantassetAccountfordepreciationSelectthebestdepreciationmethodAnalyzetheeffectofaplantassetdisposalAccountfornaturalresourcesanddepletionAccountforintangibleassetsandamortizationReportplantassettransactionsonthestateme
2、ntofcashflowsTypesofAssetsLandBuildings,machinery,equipmentLandimprovementsandleaseholdimprovementsLump-sum(orbasket)purchasesofassetsMeasuringthecostofaplantassetThecostofanyassetisthesumofallthecostincurredtobringtheassettoitsintendeduse.LandThecostoflandincludesitspurchaseprice,broker
3、agecommission,surveyfees,legalfees,andanybackpropertytaxesthatthepurchaserpays,andalsoincludesexpendituresforgradingandclearingthelandandforremovingunwantedbuildings.Thecostoflanddoesnotincludethecostoffencing,paving,securitysystems,andlighting.Building,machinery,andequipmentThecostofcon
4、structingabuildingincludesarchitecturalfees,buildingpermits,contractors’charges,andpaymentsformaterial,labor,andoverhand.Thecostofpurchasingaexistingbuildingincludesthepurchaseprice,brokeragecommission,salesandothertaxespaidandallexpenditurestorepairandrenovatethebuildingforitsintendedpu
5、rpose.LandimprovementsandleaseholdimprovementsLandimprovementsaccountsincludescostsforsuchotheritemsasdriveways,signs,fences,andsprinklersystems.Leaseholdimprovements.Thelandimprovementsandleaseholdimprovementsshouldbedepreciated(amortization).Lump-sumPurchasesTotalcostdividedamongassets
6、basedontheirrelativesalesvalue.Land280,000PurchasedlandandbuildingCash2,800,000Building2,520,000CapitalExpendituresRecordanAssetforCapitalExpendituresExtraordinaryrepairs:majorengineoverhaulmodificationofbodyfornewuseoftruckadditiontostoragecapacityoftruckRecordRepairandMaintenanceExpens
7、eforanexpense:RepairoftransmissionorothermechanismOilchange,lubrication,etc.ReplacementoftiresandwindshieldorapaintjobCapitalExpendituresGeneralrule:Capitalizethecostifitincreasesanasset’scapacityorefficiencyorextendsitsusefullifeExpensethecostifthecostmerelyrepairstheass
