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1、Chapter7PlantAssets,NaturalResources,andIntangiblesCheckPoints(5min.)CP7-11.Property,PlantandEquipmentMillions2.Property,plantandequipment,atcost………………$26,915Less:Accumulateddepreciation………………………(13,007)Property,Plantandequipment,bookvalue…………$13,908Bookvalueislessthancostbe
2、causeaccumulateddepreciationissubtractedfromcosttocomputebookvalue.(5min)CP7-2Therelatedcosts(realestatecommission,backpropertytax,removalofabuilding,andsurveyfee)areincludedaspartofthecostofthelandbecausethebuyerofthelandmustincurthesecoststogetthelandreadyforitsintendeduse
3、.Afterthelandisreadyforuse,therelatedcosts(listedabove)wouldbeexpensed.(10min.)CP7-3Land($150,000´.50)……………………….75,000Building($150,000´.375)………………….56,250Equipment($150,000´.125)………………18,750NotePayable………………………………150,000EstimatedMarketValuePercentofTotalLand………………….$80,000$
4、80,000/$160,000=50.0%Building……………..60,000$60,000/$160,000=37.5Equipment…………..20,000$20,000/$160,000=12.5Total……………….…$160,000100.0%(10-15min.)CP7-4IncomeStatementRevenuesCORRECTExpensesUNDERSTATEDNetincomeOVERSTATEDBalanceSheetCurrentassetsCORRECTTotalliabilitiesCORRECTPlan
5、tassetsOVERSTATEDOwners’equityOVERSTATED Totalliabilities TotalassetsOVERSTATEDandowners’equityOVERSTATED(10min.)CP7-51.First-yeardepreciation:Straight-line($20,000,000–$6,000,000)/5years...$2,800,000Units-of-production[($20,000,000–$6,000,000)/5,000,000miles]´750,000m
6、iles………………….$2,100,000Double-declining-balance($20,000,000/5years´2).$8,000,0002.Bookvalue:Straight-LineUnits-of-ProductionDouble-Declining-BalanceCost…………………….$20,000,000$20,000,000$20,000,000LessAccumulatedDepreciation………..(2,800,000)(2,100,000)(8,000,000)Bookvalue…………….$1
7、7,200,000$17,900,000$12,000,000(10min.)CP7-6Third-yeardepreciation:a.Straight-line($20,000,000–$6,000,000)/5years…..$2,800,000b.Units-of-production[($20,000,000–$6,000,000)/5,000,000miles]´1,250,000miles…………………$3,500,000c.Double-declining-balance:Year1($20,000,000´2/5)=$8,00
8、0,000Year2($20,000,000–$8,000,000)´2/5=$4,800,000Year3($20,000,000–$8,000,0
