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Submitted by KnowledgeCats on Mon, 2013-09-16 09:30
due on Fri, 2013-09-20 09:29
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CHAPTER 7 - LONG-LIVED NONMONETARY ASSETS AND THEIR AMORTIZATION

CHAPTER 7 - LONG-LIVED NONMONETARY ASSETS AND THEIR AMORTIZATION Problem 7.1-7.5

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Submitted by KnowledgeCats on Mon, 2013-09-16 09:35
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Solutions to CH7 - LONG-LIVED NONMONETARY ASSETS & THEIR AMORTIZATION Problems

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xxxxxxx 7

LONG-LIVED NONMONETARY ASSETS AND xxxxx xxxxxxxxxxxx

xxxxxxxx

Problem xxx

With units-of-production depreciation, one xxxxx the cost xx xxx production unit, xxx then xxxxxxxxxx this by the units used in a year xx xxxxxxxxx the year’x xxxxxxxxxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

xxxxx

Units

x

$.08

x

xxxxx of Production Depreciation

SYD Charge

x

930,000

x

xxxx

=

$ xxxxxx

xxxxxxx

(6/21 x xxxxxxxxx

2

xxxxxxx

x

xxx

=

xxxxxx

xxxxxx

xxxxx x xxxxxxxx

3

xxxxxxx

x

.08

x

46,400

53,714

xxxxx x xxxxxxxx

4

500,000

x

.08

=

xxxxxx

40,286

(3/21 x 282,000)

x

415,000

x

.08

=

33,200

26,857

xxxxx x xxxxxxxx

x

300,000

x

.08

=

xxxxxx

13,429

xxxxx x 282,000)

3,525,000

xxxxxxxx

282,000

xxxxxxx 7-2

Equipment ID xxxx

xxxxxxxxxxxx

Dr. xxxxx

xxxxxx

Accumulated Depreciation

xxxxxxx

xxx xxxxxxxxxx

70,300

Gain xx xxxx of Equipment

xxxxx

*(70,300 / xxx x x ½ years x $59,755

xxxxxxxxx xx #415

xxxxxxxx

xxx xxxxx

63,000

Accumulated Deprecation

26,640*

xxxx on xxxx of Equipment

xxxxx

Cr. Equipment

96,000

xxxxx 1, ($96,000 x 30%)( ½ year) = $14,400; xxxx xx ($81,600 x 30%)( ½ year) x 12,240.

Equipment ID #573

xxxxxxxxxxx

Dr. Cash

38,000

xxxxxxxxxxx Depreciation

xxxxxxx

xxxx on xxxx of Equipment

7,000

xxx xxxxxxxxxx

xxxxxx

*$94,500 x 11/21 = $49,500

xxxxxxx 7-3

xxxxxxxx

Automobile (new)

9,900

xxxxxxxxxxx xxxxxxxxxxxx xxxxxx

xxxxxx

Automobile (old)

16,000

xxxxx

xxxxx

xxx xxxx xx xxxx xxx involved, because the xxx assets xxxx of xxxx xxxxxx

xxxxxxxxx

Furniture

xxxxx

Accumulated Depreciation

13,610

xxxx xx Disposal of Truck

xxx

xxxxxxx

xxxxxx

Cash

xxxxx

Problem xxx

xxxxxxxxxxxxxxxxxxxxxxx

xxx

Land

xxxxxx

Cash

80,600

(2)

xxxxxxxxx

138,000

Common Stock

xxxxxx

xxxxx Payable

16,000

xxxxx

32,000

(3)

Desks xxx Chairs (80% x xxxxxxxx

xxxxx

Bookcases (80%

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