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Asistensi Akuntansi Keuangan 1 #7 Feri

5, 2014 Priatna
PROBLEM 1
Early in 2010, Shy Corporation engaged Kone, Inc. to design and
construct a complete modernization of Shys manufacturing facility.
Construction was begun on June 1, 2010 and was completed on
December 31, 2010. Shy made the following payments to Kone, Inc.
during 2010:
Date
June 1, 2010

Payment
$
3,600,00
0
August
31, 5,400,00
2010
0
December 31, 4,500,00
2010
0
In order to help finance the construction, Shy issued the following during
2010:
1. $ 3,000,000 of 10-year, 9% bonds payable, issued at par on May 1,
2010, with interest payable annualy on May 1. Before Shy made
construction payment, this amount was invested with 0.5% return a
month.
2. $ 1,000,000 shares of $7 par, issued at $ 10 per share on October
1, 2010.
In addition, the debt outstanding during 2010 was $ 750,000, 12% note
payable dated January 1, 2006 and due January 1, 2016, with interest
payable annualy on January 1. There was also $ 250,000, 10% note
payable issues on October 1, 2010 and due on October 2012, with
interest payable semianually on October 1 and April 1.
Instructions
Compute the amounts of each of the following:
1. Weighted-average accumulated expenditures qualifying
capitalization of interest cost.
2. Avoidable interest incurred during 2010.
3. Total amount of interest cost to be capitalized during 2010.
4. Prepare all the journal entries.

for

PROBLEM 2
PT Jaya acquired equipment on June 30, 2009, for Rp 500 mio. PT Jaya
elects to value this class of equipment using revaluation accounting. This
equipment is being depreciated on a double-declining method over its 4-

Asistensi Akuntansi Keuangan 1 #7 Feri


5, 2014 Priatna
year useful life with estimated residual value of Rp 50 mio at the end of
the 4-year period. On December 31, 2010 and December 31, 2011, the
fair value of the equipment is determined to be Rp 180 mio and Rp 170
mio. Assume the estimated useful life and residual value does not change
during the 4-year period.
Instructions
1. Prepare the journal entries for 2009, 2010 and 2011 related to
equipment!
2. Determine the amounts to be reported by PT Jaya at December 31,
2010 and 2011 as Equipment, Other Comprehensive Income,
Depreciation Expense, Impairment Loss, and Accumulated Other
Comprehensive Income!
3. Prepare the entries for the sale of the equipment by PT Jaya on
June 30, 2012 for Rp 125 mio while fair value on the same date was
120 mio! (Assume that the depreciation method used is straight
line method as of January 1, 2012 onward)
PROBLEM 3: Impairment
Presented below is information related to machine owned by Puyol
Company at December 31, 2010.
Historical cost: $ 9,000,000
The machine was acquired at January 1, 2009 with 6-year useful life,
SLM, and expected residual value of $ 1,800,000 at the end of the year 6.
Fair value: $ 6,300,000
Cost to sell: $ 300,000
Expected cash inflow per year: $ 1,500,000
Estimated salvage value at December 31, 2014: $ 1,700,000
Interest rate applicable: 10%
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 depreciation expense for 2011.
(Assume no change in remaining useful life, depreciation method,
and residual value)

Asistensi Akuntansi Keuangan 1 #7 Feri


5, 2014 Priatna
c) The recovarable amount of the machine at December 31, 2011 is $
5,555,000. Prepare the journal entry (if any) necessary to record
this increase.
PROBLEM
Modified)

4:

Exchanges

of

Non-Monetary

Assets

(E10-18

Montgomery Company purchase an electric wax melter on April 30,


2011, by trading in its old gas model and paying the balance in cash. The
following data relate to the purchase.
List price of new melter

Trade-in allowance
Cost of old melter (5-year life, $700
residual value)
Accumulated depreciation old melter
(straight line)
Fair value of old melter

$
15,80
0
6,000
12,70
0
8,200
5,200

Instructions
Prepare the journal entry (ies) necessary to record this exchange,
assuming that the exchnage
(a) has a commercial substance
(b)lacks commercial substance
Montgomerys year ends on December 31, and depreciation has been
recorded through December 31, 2010.

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