Tugas Pertemuan 7

20 Menit
SOAL 1
Presented below is information related to copyrights owned by Wamser Corporation at
December 31, 2010.
Cost
$2,700,000
Carrying amount
2,350,000
Recoverable amount
1,400,000
Assume Wamser will continue to use this asset in the future. As of December 31, 2010, the
copyrights have a remaining useful life of 5 years.
Instructions
(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31,
2010.
(b) Prepare the journal entry to record amortization expense for 2011.
(c) The recoverable amount of the copyright at December 31, 2012 is $1,500,000. Prepare the
journal entry (if any) necessary to record this increase in fair value.
SOAL 2
Eubank Company, as lessee, enters into a lease agreement on July 1, 2011, for equipment. The
following data are relevant to the lease agreement:
1. The term of the noncancelable lease is 4 years, with no renewal option. Payments of
$422,689 are due on June 30 of each year.
2. The fair value of the equipment on July 1, 2011 is $1,400,000. The equipment has an
economic life of 6 years with no salvage value.
3. Eubank depreciates similar machinery it owns on the straight line basis.
4. The lessee pays all executory costs.
5. Eubank's incremental borrowing rate is 10% per year. The lessee is aware that the lessor
used an implicit rate of 8% in computing the lease payments (present value factor for 4
periods at 8%, 3.31213; at 10%, 3.16986.
Instructions
(a) Indicate the type of lease Eubank Company has entered into and what accounting
treatment is applicable.
(b) Prepare the journal entries on Eubank's books that relate to the lease agreement for the
following dates: (Round all amounts to the nearest dollar. Include a partial amortization
schedule.)
1. July 1, 2011.
2. December 31, 2011.
3. June 30, 2012.

Solusi 1
(a)

December 31, 2010

Loss on Impairment ...................................................................
Copyrights .......................................................................
Carrying amount
Recoverable amount
Loss on impairment

(b)

950,000

$2,350,000
1,400,000
$ 950,000

December 31, 2011

Amortization Expense ................................................................
Copyrights .......................................................................
New carrying amount
Useful life
Amortization

950,000

280,000
280,000

$1,400,000
5 years
$ 280,000

(c)
Copyrights .................................................................................
660,000
Recovery of Impairment Loss
..................................................
660,000
[$1,500,000 ($1,400,000 $280,000 $280,000)]
Solution 2
(a)

Capitalized amount:
$422,689 PV of an ordinary annuity for 4 periods at 8%
$422,689 3.31213 = $1,400,000
Because the present value of the lease payments ($1,400,000) equals the fair value,
$1,400,000, of the leased property, it is a finance lease and must be accounted for under
the finance lease method.

(b)

1.

2.

July 1, 2011
Leased Equipment Under Finance Leases ............................ 1,400,000
Lease Liability ............................................................
December 31, 2011
Depreciation Expense............................................................
Accumulated DepreciationFinance Leases
[($1,400,000 / 4) 6/12] ........................................
Interest Expense ($112,000 6/12) .......................................
Interest Payable .........................................................

1,400,000

175,000
175,000
56,000
56,000

Solution 21-133 (cont.)

Lease Amortization Schedule
Date
7/1/11
6/30/12
6/30/13
3.

Annual
Lease Payment
$422,689
422,689

Interest on
Unpaid Liability
$112,000
87,145

Reduction of
Lease Liability
$310,689
335,544

June 30, 2012

Interest Expense .....................................................................
Lease Liability .........................................................................
Cash .............................................................................
(Interest payable entry assumed to have been
reversed 1/1/11)

Balance of
Lease Liability
$1,400,000
1,089,311
753,767

112,000
310,689
422,689