Financial Accounting and Accounting Standards

Financial Accounting and Accounting Standards

Chapter 10-1 CHAPTER 10 ACQUISITION AND DISPOSITION OF PROPERTY, PLANT, AND EQUIPMENT Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Chapter 10-2 Property, Property, Plant, Plant, and and Equipment Equipment Property, plant, and equipment includes land, buildings, and equipment (machinery, furniture,

tools). Major characteristics include: Used in operations and not for resale. Long-term in nature and usually depreciated. Possess physical substance. Chapter 10-3 LO 1 Describe property, plant, and equipment. Acquisition Acquisition of of PP&E PP&E Valued at Historical Cost, reasons include: Historical cost is reliable. Companies should not anticipate gains and losses but should recognize gains and losses only when the asset is sold. APB Opinion No. 6 states, property, plant, and equipment should not be written up to reflect appraisal,

market, or current values which are above cost. Chapter 10-4 LO 2 Identify the costs to include in initial valuation of property, plant, and Acquisition Acquisition of of PP&E PP&E Cost of Land Includes all costs to acquire land and ready it for use. Costs typically include: (1) the purchase price; (2) closing costs, such as title to the land, attorneys fees, and recording fees; (3) costs of grading, filling, draining, and clearing; (4) assumption of any liens, mortgages, or encumbrances on the property; and (5) Additional land improvements that have an indefinite life. Chapter

10-5 LO 2 Identify the costs to include in initial valuation of property, plant, and Acquisition Acquisition of of PP&E PP&E Cost of Buildings Includes all costs related directly to acquisition or construction. Costs typically include: (1) materials, labor, and overhead costs incurred during construction and (2) professional fees and building permits. Chapter 10-6 LO 2 Identify the costs to include in initial valuation of property, plant, and Acquisition

Acquisition of of PP&E PP&E Cost of Equipment Include all costs incurred in acquiring the equipment and preparing it for use. Costs typically include: (1) purchase price, (2) freight and handling charges (3) insurance on the equipment while in transit, (4) cost of special foundations if required, (5) assembling and installation costs, and (6) costs of conducting trial runs. Chapter 10-7 LO 2 Identify the costs to include in initial valuation of property, plant, and Acquisition Acquisition of of PP&E PP&E E10-1 (variation): The following expenditures and receipts

are related to land, land improvements, and buildings acquired for use in a business enterprise. Determine how the following should be classified: Classification (a) Money borrowed to pay building contractor (b) Payment for construction from note proceeds (c) Cost of land fill and clearing (d) Delinquent real estate taxes on property assumed (e) Premium on 6-month insurance policy during construction (f) Refund of 1-month insurance premium because construction completed early Chapter 10-8 Notes Payable Building Land Land Building

(Building) LO 2 Identify the costs to include in initial valuation of property, plant, and Acquisition Acquisition of of PP&E PP&E E10-1 (variation): The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. Determine how the following should be classified: Costs of: Building (g) Architects fee on building (h) Cost of real estate purchased as a plant site (land $200,000 and building $50,000) Land (i) Commission fee paid to real estate agency

Land (j) Installation of fences around property (k) Cost of razing and removing building (l) Proceeds from salvage of demolished building (m) Cost of parking lots and driveways Chapter 10-9 Land Improvements Land (Land) Land Improvements Land LO 2 Identify the costs to include in initial (n) Cost of trees and shrubbery (permanent) valuation of property, plant, and

Acquisition Acquisition of of PP&E PP&E Self-Constructed Assets Costs typically include: (1) Materials and direct labor (2) Overhead can be handled in two ways: 1. Assign no fixed overhead 2. Assign a portion of all overhead to the construction process. Companies use the second method extensively. Chapter 10-10 LO 3 Describe the accounting problems associated with self- Acquisition Acquisition of of PP&E PP&E Interest Costs During Construction Three approaches have been suggested to account for the interest incurred in financing the construction.

Illustration 10-1 $0 Capitalize no interest during construction Increase to Cost of Asset Capitalize actual costs incurred during construction (with modification) $? Capitalize all costs of funds GAAP Chapter

10-11 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Interest Costs During Construction GAAP requires capitalizing actual interest (with modification). Consistent with historical cost all costs incurred to bring the asset to the condition for its intended use. Capitalization considers three items: 1. Qualifying assets. 2. Capitalization period. 3. Amount to capitalize. Chapter 10-12 LO 4 Describe the accounting problems associated with interest Acquisition

Acquisition of of PP&E PP&E Qualifying Assets Require a period of time to get them ready for their intended use. Two types of assets: Assets under construction for a companys own use. Assets intended for sale or lease that are constructed or produced as discrete projects. Chapter 10-13 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Capitalization Period Begins when: 1.

Expenditures for the asset have been made. 2. Activities for readying the asset are in progress . 3. Interest costs are being incurred. Ends when: The asset is substantially complete and ready for use. Chapter 10-14 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E

Amount to Capitalize Capitalize the lesser of: 1. Actual interest costs 2. Avoidable interest - the amount of interest that could have been avoided if expenditures for the asset had not been made. Chapter 10-15 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Interest Capitalization Illustration: KC Corporation borrowed $200,000 at 12% interest from State Bank on Jan. 1, 2011, for specific purposes of constructing special-purpose

equipment to be used in its operations. Construction on the equipment began on Jan. 1, 2011, and the following expenditures were made prior to the projects completion on Dec. 31, 2011: Other general debt Actual Expenditures: existing on Jan. 1, 2011: J anuary 1, 2011 $100,000 April 30, 2011 150,000 November 1, 2011 300,000 December 31, 2011 100,000 Total expenditures Chapter 10-16

$650,000 $500,000, 14%, 10year bonds payable $300,000, 10%, 5year note payable LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Step 1 - Determine which assets qualify for capitalization of interest. Special purpose equipment qualifies because it requires a period of time to get ready and it will be used in the companys operations. Step 2 - Determine the capitalization period. Chapter 10-17 The capitalization period is from Jan. 1, 2011

through Dec. 31, 2011, because expenditures are being made and interest costs are being incurred during this period while construction is taking place. LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Step 3 - Compute weighted-average accumulated expenditures. Date J an. 1 Apr. 30 Nov. 1 Dec. 31 Weighted Average Actual Capitalization Accumulated Expenditures Period

Expenditures $ 100,000 12/ 12 $ 100,000 150,000 8/ 12 100,000 300,000 2/ 12 50,000 100,000 0/ 12 $ 650,000 $ 250,000 A company weights the construction expenditures by the amount of time (fraction of a year or accounting period) that it can incur interest cost on the expenditure. Chapter 10-18 LO 4 Describe the accounting problems associated with interest Acquisition

Acquisition of of PP&E PP&E Step 4 - Compute the Actual and Avoidable Interest. Selecting Appropriate Interest Rate: Chapter 10-19 1. For the portion of weighted-average accumulated expenditures that is less than or equal to any amounts borrowed specifically to finance construction of the assets, use the interest rate incurred on the specific borrowings. 2. For the portion of weighted-average accumulated expenditures that is greater than any debt incurred specifically to finance construction of the assets, use a weighted average of interest rates incurred on

all other outstanding debt during the period. LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Step 4 - Compute the Actual and Avoidable Interest. Actual Interest Specific Debt General Debt $ I nterest Actual Debt Rate

I nterest 200,000 12% 500,000 14% 70,000 300,000 10% 30,000 $1,000,000 Avoidable Interest $

24,000 $ 124,000 Accumulated I nterest Avoidable Expenditures Rate I nterest $ 200,000 12% 50,000 $ 250,000 Chapter

10-20 Weightedaverage interest rate on general debt $100,000 = $800,000 12.5% $ 12.5% 24,000 6,250 $ 30,250 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E

PP&E Step 5 Capitalize the lesser of Avoidable interest or Actual interest. Avoidable interest Actual interest $ 30,250 124,000 Journal entry to Capitalize Interest: Equipment 30,250 Interest expense Chapter 10-21 30,250 LO 4 Describe the accounting problems associated with interest

Acquisition Acquisition of of PP&E PP&E Comprehensive Illustration: On November 1, 2009, Shalla Company contracted Pfeifer Construction Co. to construct a building for $1,400,000 on land costing $100,000 (purchased from the contractor and included in the first payment). Shalla made the following payments to the construction company during 2010. Chapter 10-22 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Pfeifer Construction completed the building, ready for occupancy, on December 31, 2010. Shalla had the following debt outstanding at December 31, 2010.

Compute the weighted-average accumulated expenditures during 2010. Chapter 10-23 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Compute the weighted-average accumulated expenditures during 2010. Illustration 10-4 Solution on notes page Chapter 10-24 LO 4 Describe the accounting problems associated with interest Acquisition

Acquisition of of PP&E PP&E Compute the avoidable interest. Illustration 10-5 Chapter 10-25 Solution on notes page LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Compute the actual interest cost, which represents the maximum amount of interest that it may capitalize during 2010, Illustration 10-6

The interest cost that Shalla capitalizes is the lesser of $120,228 (avoidable interest) and $239,500 (actual interest), or $120,228. Chapter 10-26 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E Shalla records the following journal entries during 2010: January 1 March 1 May 1 Land Building (or CIP) Cash 100,000

110,000 Building Cash 300,000 Building Cash 540,000 December 31Building Cash Building (Capitalized Interest) Interest Expense Cash Chapter 10-27 210,000 300,000 540,000 450,000

450,000 120,228 119,272 239,500 LO 4 Describe the accounting problems associated with interest Acquisition Acquisition of of PP&E PP&E At December 31, 2010, Shalla discloses the amount of interest capitalized either as part of the nonoperating section of the income statement or in the notes accompanying the financial statements. Illustration 10-7 Illustration 10-8 Chapter 10-28 LO 4 Describe the accounting problems associated with interest

Valuation Valuation of of PP&E PP&E Companies should record property, plant, and equipment: at the fair value of what they give up or at the fair value of the asset received, whichever is more clearly evident. Chapter 10-29 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Cash Discounts whether taken or not generally considered a reduction in the cost of the asset. Deferred-Payment Contracts Assets, purchased through long term credit, are recorded at the

present value of the consideration exchanged. Lump-Sum Purchases Allocate the total cost among the various assets on the basis of their fair market values. Issuance of Stock The market value of the stock issued is a fair indication of the cost of the property acquired. Chapter 10-30 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Exchanges of Nonmonetary Assets Ordinarily accounted for on the basis of: the fair value of the asset given up or the fair value of the asset

received, Companiesisshould immediately any gains or whichever clearlyrecognize more evident. losses on the exchange when the transaction has commercial substance. Chapter 10-31 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Accounting for Exchanges Illustration 1010 * If cash is 25% or more of the fair value of the exchange, recognize entire gain because earnings process is complete. Chapter 10-32

LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Exchanges - Loss Situation Companies recognize a loss immediately whether the exchange has commercial substance or not. Rationale: Companies should not value assets at more than their cash equivalent price; if the loss were deferred, assets would be overstated. Chapter 10-33 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E

Illustration: Information Processing, Inc. trades its used machine for a new model at Jerrod Business Solutions Inc. The exchange has commercial substance. The used machine has a book value of $8,000 (original cost $12,000 less $4,000 accumulated depreciation) and a fair value of $6,000. The new model lists for $16,000. Jerrod gives Information Processing a trade-in allowance of $9,000 for the used machine. Information Illustration 10Processing computes the cost of the new asset as follows.11 Chapter 10-34 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Illustration: Information Processing records this transaction as follows: Equipment 13,000

Accumulated DepreciationEquipment 4,000 Loss on Disposal of Equipment Equipment Cash Loss on Disposa l Chapter 10-35 2,000 12,000 7,000 Illustration 1012 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Exchanges - Gain Situation Has Commercial Substance. Company usually

records the cost of a nonmonetary asset acquired in exchange for another nonmonetary asset at the fair value of the asset given up, and immediately recognizes a gain. Chapter 10-36 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Illustration: Interstate Transportation Company exchanged a number of used trucks plus cash for a semi-truck. The used trucks have a combined book value of $42,000 (cost $64,000 less $22,000 accumulated depreciation). Interstates purchasing agent, experienced in the second-hand market, indicates that the used trucks have a fair market value of $49,000. In addition to the trucks, Interstate must pay $11,000 cash for the semi-truck. Interstate computes the cost of the semiIllustration 10truck as follows. 13

Chapter 10-37 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Illustration: Interstate records the exchange transaction as follows: Semi-truck 60,000 Accumulated DepreciationTrucks 22,000 Trucks Gain on disposal Cash

Gain on Disposa l Chapter 10-38 64,000 7,000 11,000 Illustration 1014 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Exchanges - Gain Situation Lacks Commercial SubstanceNo Cash Received. Now assume that Interstate Transportation Company exchange lacks commercial substance. That is, the economic position of Interstate did not change significantly as a result of this exchange. In this case,

Interstate defers the gain of $7,000 and reduces the basis of the semi-truck. Chapter 10-39 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Illustration: Interstate records the exchange transaction as follows: Semi-truck 53,000 Accumulated DepreciationTrucks 22,000 Trucks 64,000 Cash

11,000 Illustration 1015 Chapter 10-40 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Exchanges - Gain Situation Lacks Commercial SubstanceSome Cash Received. When a company receives cash (sometimes referred to as boot) in an exchange that lacks commercial substance, it may immediately recognize a portion of the gain. The general formula for gain recognition when an exchange includes some cash is as follows: Illustration 10- 16

Chapter 10-41 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Illustration: Queenan Corporation traded in used machinery with a book value of $60,000 (cost $110,000 less accumulated depreciation $50,000) and a fair value of $100,000. It receives in exchange a machine with a fair value of $90,000 plus cash of $10,000. Illustration 1017 Chapter 10-42 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E

PP&E The portion of the gain a company recognizes is the ratio of monetary assets (cash in this case) to the total consideration received. Illustration 1018 Solution on notes page Chapter 10-43 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Queenan would record the following entry. Illustration 1019 Cash 10,000

Machine 54,000 Accumulated DepreciationMachine 50,000 Machine Gain on disposal of machine Chapter 10-44 110,000 4,000 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E E10-19 variation: Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $3,000 in cash for similar equipment used in the operations of Tony LoBianco Company. The following information pertains to the exchange.

Arruza LoBianco Equipment (cost) $28,000 $28,000 Accumulated Depreciation 19,000 10,000 Fair value of equipment 15,500 12,500 Cash given up 3,000 Instructions: Prepare the journal entries to record the exchange on the books of both companies. Chapter 10-45 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E

Calculation of Gain or Loss Fair value of equipment received Cash received / paid Less: Bookvalue of equipment ($28,000-19,000) ($28,000-10,000) Gain or (Loss) on Exchange Arruza $12,500 3,000 LoBianco $15,500 (3,000) (9,000) $6,500 (18,000) ($5,500) When a company receives cash (sometimes referred to as boot) in an exchange that lacks commercial substance, it

may immediately recognize a portion of the gain. Chapter 10-46 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Has Commercial Substance Arruza: Equipment Cash Accumulated depreciation Equipment Gain on exchange 12,500 3,000 19,000 28,000 6,500

LoBianco: Equipment Accumulated depreciation Equipment Cash Loss on exchange Chapter 10-47 15,500 10,000 28,000 3,000 5,500 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Lacks Commercial Substance Arruza: Equipment (12,500 5,242)

Cash Accumulated depreciation Equipment Gain on exchange 7,258 3,000 19,000 28,000 1,258 Cash Received Cash Received + FMV of Assets Received $3,000 $3,000 + $12,500 Chapter 10-48 x Total Gain

= Recognized Gain x $6,500 = $1,258 Deferred gain = $6,500 1,258 = $5,242 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Lacks Commercial Substance LoBianco (no change): Equipment Accumulated depreciation Equipment Cash Loss on exchange

15,500 10,000 28,000 3,000 5,500 Companies recognize a loss immediately whether the exchange has commercial substance or not. Chapter 10-49 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Summary of Gain and Loss Recognition on Exchanges of Nonmonetary Assets Lacks Illustration 10Commercial Substance 20 Chapter

10-50 LO 5 Understand accounting issues related to acquiring and valuing Valuation Valuation of of PP&E PP&E Accounting for Contributions Companies should use: the fair value of the asset to establish its value on the books and should recognize contributions received as revenues in the period received. Chapter 10-51 LO 5 Understand accounting issues related to acquiring and valuing Costs Costs Subsequent Subsequent to to Acquisition

Acquisition In general, costs incurred to achieve greater future benefits should be capitalized, whereas expenditures that simply maintain a given level of services should be expensed. To capitalize costs, one of three conditions must be present: Useful life of the asset must be increased. Quantity of units produced from asset must be increased. Quality of units produced must be enhanced. Chapter 10-52 LO 6 Describe the accounting treatment for costs subsequent to Costs Costs Subsequent Subsequent to to Acquisition Acquisition Major Types of Expenditures Additions Improvements and Replacements

Rearrangement and Reinstallation Repairs Chapter 10-53 LO 6 Describe the accounting treatment for costs subsequent to Costs Costs Subsequent Subsequent to to Acquisition Acquisition Summary Chapter 10-54 Illustration 1021 LO 6 Describe the accounting treatment for costs subsequent to Disposition Disposition of

of PP&E PP&E A company may retire plant assets voluntarily or dispose of them by sale, exchange, involuntary conversion, or abandonment. Depreciation must be taken up to the date of disposition. Chapter 10-55 LO 7 Describe the accounting treatment for the disposal of property, plant, and equipment. Disposition Disposition of of PP&E PP&E Sale of Plant Assets BE10-14: Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2007.

Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of $8,400 at December 31, 2010. The machinery is sold on September 1, 2011, for $10,500. Prepare journal entries to a) update depreciation for 2011 and b) record the sale. Chapter 10-56 LO 7 Describe the accounting treatment for the disposal of property, plant, and equipment. Disposition Disposition of of Plant Plant Assets Assets a) Depreciation for 2011 Depreciation expense ($2,400 x 8/12) 1,600 Accumulated depreciation 1,600

b) Record the sale Cash 10,500 Accumulated depreciation 10,000 * Machinery Gain on sale Chapter 10-57 * $8,400 + $1,600 = $10,000 20,000 500 LO 7 Describe the accounting treatment for the disposal of property, plant, and equipment. Disposition Disposition of

of Plant Plant Assets Assets Involuntary Conversion Sometimes an assets service is terminated through some type of involuntary conversion such as fire, flood, theft, or condemnation. Companies report the difference between the amount recovered (e.g., from a condemnation award or insurance recovery), if any, and the assets book value as a gain or loss. They treat these gains or losses like any other type of disposition. Chapter 10-58 LO 7 Describe the accounting treatment for the disposal of property, plant, and equipment. Disposition Disposition of of Plant Plant Assets Assets

Miscellaneous Problems If a company scraps or abandons an asset without any cash recovery, it recognizes a loss equal to the assets book value. If scrap value exists, the gain or loss that occurs is the difference between the assets scrap value and its book value. If an asset still can be used even though it is fully depreciated, it may be kept on the books at historical cost less depreciation. Chapter 10-59 LO 7 Describe the accounting treatment for the disposal of property, plant, and equipment. Copyright Copyright Copyright 2009 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions

Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein. Chapter 10-60

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