中级财务会计(双语)第五章

1、LOGOChapter 5 Property, Plant, and Equipment and Intangible ATypes of AssetsLong-lived assetsLand, buildings, equipment, cars, natural resourcesTangible assets 有形资产有形资产 Patents, copyrights, trademarks, and goodwillIntangible assets 无形资产无形资产 Types of AssetsvThe differences of two types of assets: Tan

2、gible assets: have physical substance (can be seen and touched) Intangible assets: have no physical substance Tangible assets: the extent and timing of their future benefits are certain. 未来经济未来经济利益流入的金额和时间具有确定性利益流入的金额和时间具有确定性 Intangible assets: the extent and timing of their future benefits are Type

3、s of AssetsvBalance sheet of 2009: (Wal-Mart)Cost of tangible assetsvFour parts will be discussed: Cost of equipment (P178) Cost of land (P178) Cost of building (P180) Cost of natural resources (P180)Cost of tangible assetsvCost of equipment includes: Purchase price (less any purchase discount) Sale

4、s tax or insurance Transportation cost 运输成本运输成本 Expenditures for installation, testing, or trial runs 安装成本、测试成本、试运行成本安装成本、测试成本、试运行成本 Legal fees to establish title 取得所有权证明的取得所有权证明的法律费法律费Cost of tangible assetsvIllustration 5-1 P179 Purchase price: $62,000 Transportation cost: $1,000 Shipping insuranc

5、e: $300 Installation cost: $1,200 Cost of trial runs: $600 Total cost of this equipment =62,000+1,000+300+1,200+600=65,Cost of tangible assetsv Exercise: Mad Hatter Enterprises purchased new equipment for $365,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows:

6、 v State sales tax 29,200v Freight costs 5,600v Insurance while in transit 800v Insurance after equipment placed in service 1,200v Installation costs 2,000v Insurance for the first year of operations 2,400v Testing 700v Required:Determine the capitalized cost of the equipment. Cost of tangible asset

7、svCost of land includes: Purchase price including tax and insurance Closing costs such as fees for the lawyer, agent commissions 交易手续费如律师费、代理交易手续费如律师费、代理商佣金等商佣金等 Expenditures of clearing, filling, draining 清清理费、平整费、排污费理费、平整费、排污费 Expenditures of removing old buildings 旧建旧建筑物拆除费筑物拆除费 Revenues from the

8、 sale of salvaged materials from old buildings reduce the cost of land. 旧建筑物残余废料的变卖收入应从土地的旧建筑物残余废料的变卖收入应从土地的成本中扣减出来成本中扣减出来Cost of tangible assetsvCost of buildings includes: Purchase price Realtor commissions and legal fees 房地产经房地产经纪人佣金和法律费纪人佣金和法律费 Construction costs 建筑成本建筑成本 Reconditioning cost 装修费

9、装修费Cost of tangible assetsv Exercise: On Mar. 1, 2011, Beldon Corporation purchased land for $60,000. An old building was removed, and construction began on a new building that was completed on Dec. 15, 2011.v Cost of removing the old building: $4,000v Contractors fees (for the new building): $12,00

10、0v Legal fees for title investigation of land: $2,000v Construction costs: 500,000v Interest on construction loan: 5,000v Salvaged materials of old building were sold for $2,000.v Determine the cost of land and the new Cost of tangible assetsvCost of natural resources includes: Acquisition costs Exp

11、loration costs Development costs Restoration Cost of tangible assetsvAcquisition costs 取得成本取得成本 The amount paid to acquire the rights to explore for undiscovered natural resources or to extract proven natural resources. 是指为获得那些尚未发现的自然资源的勘探权或者是指为获得那些尚未发现的自然资源的勘探权或者是已经被证实的自然资源的开采权所花费的支出额是已经被证实的自然资源的开采

12、权所花费的支出额 Often incurred before production Cost of tangible assetsvExploration costs 勘探成本勘探成本 Costs of searching for natural resources 搜寻自然资源所发生的支出搜寻自然资源所发生的支出 Often incurred before production Cost of tangible assetsvDevelopment costs 开发成本开发成本 Are incurred after the resources has been discovered but

13、before production begins. 是指自然资源已经被发现而尚未开始开采之前发生是指自然资源已经被发现而尚未开始开采之前发生的支出。的支出。Cost of tangible assetsvRestoration costs 复原成本复原成本 These are costs to restore land or other property to its original condition after extraction of the natural resource ends. 是指自然资源开采结束后，使土地或其他不动产恢是指自然资源开采结束后，使土地或其他不动产恢复到其原

14、始状态所发生的支出。复到其原始状态所发生的支出。 It happens during or at the end of production. Cost of tangible assetsvCost of natural resources= Acquisition cost + exploration cost + development cost + restoration costvThe costs of equipment and other assets a company uses to explore natural resources are not included in

15、 the cost of natural resources. 用来开发自然资源的设备的成本不被用来开发自然资源的设备的成本不被包含在自然资源的成本中。包含在自然资源的成本中。Cost of tangible assetsvAcquisition cost, exploration cost and development cost are all incurred before production begins. They are measured at their historical cost. Usually, they are paid in cash immediately.vR

16、estoration cost will be incurred during or at the end of production. It is measured at its fair value. It should be paid in the future. Asset retirement liability 资产退役负债资产退役负债Cost of tangible assetsvAsset retirement liability Arise from “asset retirement obligation” Restore the property to its origi

17、nal condition (恢恢复资产到其原始状态复资产到其原始状态) It should be measured at fair value.Fair value of “asset retirement liability”=the present value of estimated future cash outflows“资产退役负债资产退役负债”的公允价值的公允价值=估计的未来现金流出的现值估计的未来现金流出的现值Cost of tangible assetsv Dr. Natural resource v Cr. Cash v Asset retirement liabilit

18、yAcquisition costExploration costDevelopment costRestoration costAcquisition costExploration costDevelopment costRestoration Cost of tangible assetsvWhen there is an equipment used for developing the natural resources, vDr. Equipmentv Cr. CCost of tangible assetsvIllustration 5-3 P182 Acquisition co

19、st: $1,000,000 Exploration cost: $800,000 Development cost: $500,000 Cost of equipment: $600,000 (can not be included in the cost of natural resources)Cost of tangible assetsvIllustration 5-3 P182 How to calculate restoration cost (asset retirement liability)? Estimated future cash outflows =500,000

20、30%+600,00050%+700,00020%=$590,000 Fair value of “asset retirement liability”=the PV of estimated future cash outflows=590,0000.79383=$468,Cost of tangible assetsvIllustration 5-3 P182 Total cost of natural resource =1,000,000+800,000+500,000+468,360 =$2,768,360 Dr: Coal mine (natural resource) 2,76

21、8,360 Cr: Cash 2,300,000 Asset retirement liability 468,360 Dr: Equipment 600,000 Cr: Cash 600,000 Suppose the above two entries are made on Jan. 1, Cost of tangible assetsvIllustration 5-3 P182 On Dec. 31, 2011: Dr: Interest expense 37,468.8 Cr: Asset retirement liability 37,468.8 On Dec. 31, 2012:

22、 Dr: Interest expense 40,466.3 Cr: Asset retirement liability 40,466.3 On Dec. 31, 2013: Dr: Interest expense 43,704.9 Cr: Asset retirement liability 43,Cost of tangible assetsvIllustration 5-3 P182 Assume that actual restoration costs incurred in 2013 totaled $590,000. Dr: Asset retirement liabilit

23、y 590,000 Cr: Cash 590,000 Assume that actual restoration costs incurred in 2013 totaled $600,000. Dr: Asset retirement liability 590,000 Loss 10,000 Cr: Cash 600,Cost of tangible assetsvExercise: P212 E5-Cost of tangible assetsv Schefter Mining operates a copper mine in Wyoming. Acquisition, explor

24、ation, and development costs totaled $8.2 million. Extraction activities began on July 1, 2011. After the copper is extracted in approximately six years, Schefter is obligated to restore the land to its original condition, including constructing a park. The companys controller has provided the follo

25、wing three cash flow possibilities for the restoration costs:Cash Flow Probability 1700,00030%2800,00025%3900,00045%Cost of tangible assetsv The companys credit-adjusted, risk-free rate of interest is 5%, and its fiscal year ends on December 31. v Required:v 1. What is the initial cost of the copper

26、 mine? (Round computations to nearest whole dollar.)v 2. How much accretion expense will Schefter report in its 2011 income statement?v 3. What is the carrying value (book value) of the asset retirement obligation that Schefter will report in its 2011 balance sheet?v 4. Assume that actual restoratio

27、n costs incurred in 2017 totaled $860,000. What amount of gain or loss will Schefter recognize on retirement of the liability? Intangible assetsvIntangible assets often include: patents, copyrights, trademarks and goodwill.vIntangible assets refer to the ownership of exclusive rights (排他性的所有权排他性的所有权

28、) that provide benefits to the owner in the production of goods and services.Only the owner of intangible assets has the right to use them.Intangible assets provide future benefits to the Intangible assetsv Intangible assets have two types: With finite useful lives are amortized (具有具有有限使用寿命有限使用寿命的无形

29、资产需要进行摊销的无形资产需要进行摊销)Such as patents, copyrights. With infinite useful lives are not amortized (具有具有无限使用寿命无限使用寿命的无形资产不需要进行摊销的无形资产不需要进行摊销)Such as trademarks, goodwill.v Companies can:Either purchase (外购外购) intangible assetsOr develop (自创自创) intangible assets Cost of intangible assetsvPatent 专利权专利权An e

30、xclusive right to manufacture a product or to use a process. 制造一种产品和使用一种生制造一种产品和使用一种生产程序的排他性的权利。产程序的排他性的权利。The holder of a patent has a monopoly on the use, manufacture, or sale of the product or process. 专利权的所有者对其使用、生产及出专利权的所有者对其使用、生产及出售具有售具有垄断权垄断权。The cost of “purchased” patent= purchase price + l

31、egal fees + filing fees (申请费申请费)Cost of intangible assetsvCopyrights 版权版权An exclusive right of protection given to a creator of a published work, such as a song, film or book. The cost of “purchased” copyrights= purchase price + legal fees + filing fees (申请申请费费)Cost of intangible assetsvTrademarks 商

32、标商标An exclusive right to display a word, a slogan, a symbol, or an emblem that distinctively identifies a company, a product, or a service. 指使用某个词、标语、记号、符号指使用某个词、标语、记号、符号等来明显区分一家公司、一种产品或者一种服务的等来明显区分一家公司、一种产品或者一种服务的排他性权利。排他性权利。Trademarks often have infinite useful lives.Trademarks can not be amortize

33、d. Cost of intangible assetsvGoodwill 商誉商誉Goodwill is not a specifically identifiable (特特定的、可辨别的定的、可辨别的) intangible asset.It can not be separated from the company itself.Goodwill can only be purchased through the acquisition of anther company. 商誉只能从对商誉只能从对另一个公司的收购中取得。另一个公司的收购中取得。Only the “purchased”

34、 goodwill can be recognized. 只有外购商誉才能确认入账。只有外购商誉才能确认入账。But the “developed” goodwill can not be recognized. 自创商誉不能确认入账。自创商誉不能确认入账。Cost of intangible assetsvHow to measure the goodwill?Cost of goodwill= purchase price for the company fair value of the net assets acquired商誉的价值商誉的价值=收购公司支付的买价收购公司支付的买价 获

35、得的净资产获得的净资产的公允价值的公允价值Fair value of the net assets= fair value of all identifiable tangible and intangible assets fair value of any liabilities of the selling company净资产公允价值净资产公允价值=所有可辨认的有形和无形资产的所有可辨认的有形和无形资产的公允价值公允价值 被收购公司的负债的公允价值被收购公司的负债的公允价值Cost of intangible assetsvIllustration 5-4 P185Buyer: the

36、 Smithson CorporationSelling company (被收购公司被收购公司): the Rider CorporationPurchase price for the company=$18 millionFair value of all the liabilities=$12 millionFair value of all identifiable assets=$25 million Fair value of net assets=25-12=$13 million Cost of goodwill=18-13=$5 Cost of intangible ass

37、etsvIllustration 5-4 P185Make journal entries:Dr: receivables 5 inventory 7 property, plant, and equipment 9 Patent 4 Goodwill 5 Cr: Liabilities 12 Cash Cost of intangible assetsvExercise: P213 E5-6vExercise: P213 E5-Lump-Sum PurchasesvLump-sum purchases: a group of assets to be acquired for a singl

38、e sum. 一揽子购置：购一揽子购置：购买方采用买方采用一揽子金额一揽子金额同时购置同时购置一组资产一组资产。A lump-sum price (一揽子金额一揽子金额): $100,000buyA group of assets (A, B, C)Cost of Asset A?Cost of Asset B?Cost of Asset C?Lump-Sum PurchasesvThe allocation is made in proportion to the individual assets relative fair values. （对一（对一揽子金额的）分配根据的是单个资产的市

39、场价格揽子金额的）分配根据的是单个资产的市场价格占总资产的市场价格的比例。占总资产的市场价格的比例。fair value of each assetcost of each asset=lump-sum purchase pricefair value of all assets=单个资产公允价值单个资产的成本 一揽子购买金额所有资产公允价值之和Lump-Sum PurchasesvIllustration 5-5 P187The lump-sum purchase price=$2,000,000The group of asset includes:landa factory buildi

40、nga manufacturing equipmenta Lump-Sum PurchasesvIllustration 5-5 P187Fair valuesPercentage Cost Land 330,00015%300,000Building 550,00025%500,000Equipment 660,00030%600,000Patent 440,00020%400,000Inventories 220,00010%200,000Total 2,200,000100%2,000,000The lump-sum purchase Lump-Sum PurchasesvIllustr

41、ation 5-5 P187Make journal entries:Dr: land 300,000 building 500,000 equipment 600,000 patent 400,000 inventories 200,000 Cr: cash 2,000,Lump-Sum PurchasesvExercise: P213 E5-Noncash AcquisitionsvNoncash acquisitions (非现金购买非现金购买): companies acquire assets without paying cash. vCompanies acquire those

42、 assets by: Taking a liability 承担一项负债承担一项负债 (exp. Deferred payments P187) Issuing equity securities 发行一种权益证券发行一种权益证券 (exp. Issuance of equity securities P189) Receiving donated assets 接受捐赠接受捐赠 (exp. Donated assets P189)Deferred PaymentsvDeferred payment (延期付款延期付款): a company can acquire an asset by

43、giving the seller a promise to pay cash in the future. Asset is acquired by taking a liability, usually a note payable. Asset is measured by its fair value.Fair value of the asset= present value of future cash Deferred PaymentsvIllustration 5-6 P188Purchased an equipment on Jan. 2, 2011.Signed a not

44、e: $50,000 to be paid on Dec. 31, 2012.Interest rate=10%pPresent value of future cash payment= $50,0000.82645=$41,323pValue of the equipment=$41,323pDr: Equipment 41,323 p Discount on note payable 8,677p Cr. Note payable 50,Deferred PaymentsvIllustration 5-6 P188Total amount $50,000 = $41,323 + $8,6

45、77$8,677 should be recognized as interest expense over the life of the note. ($8,677应应该在整个延期付款期间内逐年被确认为该在整个延期付款期间内逐年被确认为“利息费利息费用用”)PrincipalIDeferred PaymentsvIllustration 5-6 P188pOn Dec. 31, 2011:pDr: Interest expense 4,132 p Cr: Discount on note payable 4,132pOn Dec. 31, 2012:pDr: Interest expens

46、e 4,545 p Cr: Discount on note payable 4,545pDr: Note payable 50,000p Cr: Cash 50,Deferred PaymentsvSometimes, the fair value of an asset acquired is unknown.vThen, we use the current market value (or current purchase price) (当前市价或当前买价当前市价或当前买价) to be the value of the asset. Value of the asset=curre

47、nt market value (if the fair value of the asset is unknown)Deferred PaymentsvIllustration 5-7 P189 Purchased a machine on Jan. 2, 2011 $100,000 to be paid on Dec. 31, 2013 Interest rate is unknown. (so the fair value of the asset is unknown.) Current purchase price=$79,383 Value of the machine=$79,3

48、83 Dr: Machine 79,383 Discount on note payable 20,617 Cr: Note payable 100,Deferred PaymentsvIllustration 5-7 P189$20,617 should be recognized as interest expense over the life of the note. At first, we should calculate the interest rate.PV=79,383, FV=100,000, n=3i=8%Deferred PaymentsvIllustration 5

49、-7 P189pOn Dec. 31, 2011:p$79,3838%=$6,351pDr: Interest expense 6351 p Cr: Discount on note payable 6351pOn Dec. 31, 2012:p($79,383+$6,351)8%=$6,859pDr: Interest expense 6,859 p Cr: Discount on note payable 6,Deferred PaymentsvIllustration 5-7 P189pOn Dec. 31, 2013:p$20,617-$6,351-$6,859=$7,407pDr:

50、Interest expense 7,407 p Cr: Discount on note payable 7,407pDr: Note payable 100,000p Cr: Cash 100,Deferred PaymentsvExercise: P213 E5-Issuance of Equity SecuritiesvIssuance of equity securities (发行权益证券发行权益证券): a company acquires an asset by issuing equity securities (exp. issuing stocks). vAssets a

51、cquired by issuing common stock are valued at the fair value of the securities or the fair value of the assets received, whichever is more clearly evident.v发行普通股取得的资产，可以按发行普通股取得的资产，可以按股票的公允价值股票的公允价值计价，也可以按计价，也可以按换入资产的公允价值换入资产的公允价值计价，取决计价，取决于哪一个公允价值更准确。于哪一个公允价值更准确。 Issuance of Equity SecuritiesvIllus

52、tration 5-8 P189 Acquired a land by issuing 10,000 shares of common stock Market price=$20/share Fair value of common stock =$2010,000=$200,000 Value of the land=$200,000 Dr: Land 200,000 Cr: Common stock 200,Issuance of Equity SecuritiesvIllustration 5-8 P189 If the fair value of the common stock i

53、s unknown, then we use the fair value of the asset to be the cost of the asset.vExp. The Elcorn Company issued 10,000 shares of common stock in exchange for land. The fair value of the common stock can not be reliably determined, but the appraisal value of the land was $150,000. Dr: Land 150,000 Cr:

54、 Common stock 150,Donated AssetsvDonated assets (捐赠资产捐赠资产): sometimes, a company acquires assets through donation. vDonated assets are recorded at their fair value.vThe fair value of the asset can be: Market price of the asset Or an appraisal value (评估价值评估价值) of the assetvDonated assets are usually

55、recognized as “gain”Donated AssetsvIllustration 5-9 P190 Dr: building 20,000,000 Cr: gain-donated asset 4,000,000 cash 16,000,000Building: $20 million20%: donation from the city (gain)80%: paid by the company (cash)Donated AssetsvExercise: P214 E5-DispositionsvDispositions (资产处置资产处置): a company sell

56、s tangible or intangible assets for cash or receivable after using those assets. vIn dispositions, the seller recognizes a gain or loss for the difference between the cash (or receivable) received and the book value of the asset sold.v在资产处置交易中，卖方须将收到的现金（或应收款）在资产处置交易中，卖方须将收到的现金（或应收款）和资产账面价值之间的差额确认为和资

57、产账面价值之间的差额确认为利得或者损失利得或者损失。 Gain/loss=cash (or receivable) received book value of the asset sold Book value=original cost accumulated DispositionsvIllustration 5-10 P191 Received cash: $6,000 Original cost: $20,000 Accumulated depreciation: $12,000 Book value=$20,000 $12,000=$8,000 $6,000book value o

58、f the asset given, a gain is recognized. 换出资产公允价值换出资产公允价值换出资产账面价值，确认换出资产账面价值，确认利得利得 Fair value of asset givenbook value of the asset given, a loss is recognized. 换出资产公允价值换出资产公允价值$100,000, gain=$50,000 Dr: Laser equipment-new 580,000 Accumulated depreciation 400,000 Cr: Laser equipment-old 500,000 Ca

59、sh 430,000 Gain 50,Fair Value DeterminablevIllustration 5-11B P193 Old equipment (asset given 换出资产换出资产): Book value=$500,000-$400,000=$100,000 Fair value=$75,000 Cost of asset acquired =75,000+430,000=$505,000 $75,000$100,000, loss=$25,000 Dr: Laser equipment-new 505,000 Accumulated depreciation 400

60、,000 Loss 25,000 Cr: Laser equipment-old 500,000 Cash 430,Fair Value DeterminablevExercise: P214 E5-16, E5-Fair Value Not Determinable vFair value not determinable vCost of the asset acquired = the book value of the assets given + cash given (or cash received)v取得的资产成本取得的资产成本 =换出资产的换出资产的账面价值账面价值+支付的现