課程名稱︰中級會計學
課程性質︰必修
課程教師︰劉心才 (助教名:謝昇峰)
開課學院：管理學院
開課系所︰財務金融學系
考試日期（年月日）︰101.12.19
考試時限（分鐘）：110
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Chapter 10~12
A. Multiple Choice (30 points)
1. The account Deferred Grant Revenue is classified as
A. a separate component of shareholders' equity.
B. a non-current liability.
C. Other income and expense.
D. Revenue.
2. Jamison Company purchased the assets of Booker Company at an auction for
$1,400,000. An independent appraisal of the fair value of the assets is
listed below:
Land $475,000
Buildin 700,000
Equipment 525,000
Trucks 850,000
Assuming that specific identification costs are impracticable and that
Jamison allocates the purchase price on the basis of the relative fair values,
what amount would be allocate to the Trucks?
A. $466,667 B. $700,000
C. $840,000 D. $850,000
3. The sale of a depreciable asset resulting in a loss indicates that the
proceeds from the sale were
A. less than current fair value.
B. greater than cost
C. greater than book value.
D. less than book value.
4. A graph is set up with "yearly depreciation expense" on the vertical axis
and "time" on the horizontal axis. Assuming linear relationships, how would
the graphs for straight-line and sum-of-the-years'-digits depreciation,
respectively, be drawn?
A. Vertically and sloping down to the right.
B. Vertically and sloping up to the right.
C. Horizontally and sloping down to the right.
D. Horizontally and sloping up to the right.
5.
Myers Company acquired machinery on January 1, 2005 which it depreciated under
the straight-line method with an estimated life of 15 years and no residual
value. On January 1, 20010, Mayes estimated that the remaining life of this
machinery was 6 years with no residual value. How should this change be
accounted for by Myers?
A. As a prior period adjustment
B. As the cumulative effect of a change in accounting principle in 2010
C. By setting future annual depreciation equal to one-sixth of the book value on January 1, 2010
D. By continuing to depreciate the machinery over the original fifteen year life
6.All of the following are true with regard to impairment testing of long-lived
assets except:
A. If impairment indicators are present, the company must conduct an impairment
test.
B. The impairment test compares the asset's carrying value with the lower of
its fair value less cost to sell and its value-in-use.,
C. If the recoverable amount is lower than the carrying value, an impairment
loss will be reported on the period's income statement.
D. If either the fair value less cost to sell or the value-in-use is higher
than the carrying amount, no impairment loss will be recorded.
7. Costs incurred internally ti create intangibles are
A. capitalized.
B. capitalized if they have an indefinite life,
C. expensed as incurred.
D. expensed only if they have a limited life.
8.
On June 2, 2011, Olsen Inc. purchased a trademark with a cost $4,720,000. The
trademark is classified as an indefinite-life intangible asset. At December 31,
2011 and December 31, 2012, the o owing is available for impairment testing:
12/31/2011 12/31/2012
Fair value less costs to sell $4,560,000 $4,530,000
Value-in-use $4,680,000 $4,780,000
The 2012 income statement will report
A. no Impairment Loss or Recovery of Impairment.
B. Impairment Loss of $40,000.
C. Recovery of Impairment of $40,000.
D. Recovery of Impairment of $100,000.
9. Which of the following costs should be capitalized in the year incurred?
A. Research and development costs.
B. Costs to internally generate goodwill.
C. Organizational costs.
D. Costs to successfully defend patent.
10.
Start-up costs include organizational costs, such as legal and state fees
incurred to organize a new business entity. These costs should be
A. capitalized and never amortized.
B. capitalized and amortized over 40 years.
C. capitalized and amortized over 5 years,
D. expensed as incurred.
※ 選擇題答案: BADCC / ACCDD
B. Problems (70 points)
I. (6 points, 4 points)
E10-8 (Capitalization of Interest)
On December 31, 2009, Hurston Inc. borrowed $3,000,000 at 12% payable annually
to finance the construction of a new building. In 2010, the company made the
following expenditures related to this building: March 1, $360,000; June 1,
$600,000; July $1,500,000; December 1, $1,200,000. Additional information is
provided as follows.
1. Other debt outstanding
10-year, 11% bond, December 31, 2003, interest payable annually $4,000,000
6-year, 10% note, dated December 31, 2007, interest annually $1,600,000
2. March 1, 2010, expenditure included land costs of $150,000
3. Interest revenue earned in 2010 on funds related to specific borrowing
$49,000
Instructions
(a) Determine the amount of interest to be capitalized in 2010 relation to the
construction of the building.
(b) Prepare the journal entry to record the capitalization of interest and the
recognition of interest expense, if any, at December 31, 2010.
II (One entry 2 points)
E10-24 (Analysis of Subsequent Expenditures)
The following transactions occurred during 2011. Assume that depreciation of
10% per year is charged on all machinery and 5% per year on buildings, on a
straight-line basis, with no estimated residual value. Depreciation is charged
for a fill year on all fixed assets acquired during the year, and no
depreciation is charged on fixed assets disposed of during the year.
Jan. 30
A building that cost $112,000 in 1994 is torn down to make room for a new
building. The wrecking contractor was paid $5,100 and was permitted to keep all
materials salvaged.
Mar. 10
Machinery that was purchased in 2004 for $16,000 is sold for $2,900 cash,f.o.b.
purchaser's plant. Freight of $300 is paid on the sale of this machinery.
Mar. 20
A gear breaks on a machine that cost $9,000 in 2006. The gear is replaced at a
cost of $3,000. The replacement does not extend the useful life of the machine.
May 18
A special base installed for a machine in 2006 when the machine was purchased
has to be replaced at a cost of $5,500 because of defective workmanship on the
original base. The cost of the machinery was $14,200 in 2005. The cost of the
base was $4,000, and this amount was charged to the Machinery account in 2005.
June 23
One of the buildings is repainted at a cost of $6,900. It had not been painted
since it was constructed in 2007.
Instructions
Prepare general journal entries for the transactions.
(Round to the nearest dollar.)
III. (One entry 4 points)
E11-18 (Impairment)
Presented below is information related to equipment owned by Pujols Company
at December 31, 2010.
Cost €9,000,000
Accumulated depreciation to date 1,000,000
Value-in-use 7,000,000
Fair value less cost of disposal 4,400,000
Assume that Pujols will continue to use this asset in the future. As of
December 31., 2010, the equipment has a remaining useful life of 4 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 depreciation expense for 2011.
(c) The recoverable amount of the equipment at December 31, 2011,is€7,050,000.
Prepare the journal entry (if any) necessary to record this increase.
IV. (16 points)
E11-29 (Revaluation Accounting)
Sterling Company acquired an excavator on January 1, 2008, for $10,000. This
excavator represents the company's only piece of equipment,and Sterling chooses
revaluation accounting. This excavator is being depreciated on a straight-line
basis over its 10-year useful life. There is no residual value at the end of
the 10-year period. The appraised value of the excavator approximates the
carrying value at December 31, 2008 and 2010. On December 31, 2009, the fair
value is determined to be $8,800; on December 31, 2011, the fair value is
determined to be $5,000.
Instructions
Show all journal entries for each year from 2008 through 2011,
V. (One answer 2 points)
E12-4 (Intangible Amortization)
Presented below and on the next page is selected information for Palmier Company.
1.
Palmier purchased a patent from Vania Co. for $1,500,000 on January 1,2008.The
patent is being amortized over its remaining legal life of 10 years, expiring
on January 1, 2018. During 2010, Palmier determined that the economic benefits
of the patent would not last longer than 6 years from the date of acquisition.
What amount should be reported in the statement of financial position for the
patent, net of accumulated amortization, at December 31, 2010?
2,
Palmier bought a franchise from Dougherty Co. on January 1, 2009, for $350,000.
The carrying amount of the franchise on Dougherty's books on January 1, 2009,
was $500,000. The franchise agreement had an estimated useful life of 30 years.
Because Palmier must enter a competitive bidding at the end of 2018, it is
unlikely that the franchise will be retained beyond 2018, What amount should be
amortized for the year ended December 31, 2010?
3.
On January 1, 2008, Palmier incurred organization costs of $275,000, What
amount of organization expense should be reported in 2010?
4.
Palmier purchased the license for distribution of a popular consumer product on
January 1, 2010, for $150,000. It is expected that this product will generate
cash flows for an indefinite period of time. The license has an initial term of
5 years but by paying a nominal fee, Palrnier can renew the license
indefinitely for successive 5-year terms. What amount should be amortized for
the year ended December 31, 2010?
Instructions
Answer the questions asked about each of the factual situations.
VI. (12 points)
E12-10 (Accounting for Patents)
During 2007, Thompson Corporation spent $170,000 in research costs.As a result,
a new product called the New Age Piano was patented. The patent was obtained on
October 1,2007, and had a legal life of 20 years and a useful life of 10 years.
Legal costs of $24000 related to the patent were incurred as of October 1,2007.
Instructions
(a) Prepare all journal entries required in 2007 and 2008 as a result of the
transactions above.
(b) On June 1, 2009, Thompson spent $12,400 to successfully prosecute a patent
infringement suit. As a result, the estimate of useful life was extended to
12 years from June 1, 2009. Prepare all journal entries required in 2009
and 2010.
(c) In 2011, Thompson determined that a competitor's product would make the New
Age Piano obsolete and the patent worthless by December 31, 2012. Prepare
all journal entries required in 2011 and 2012.
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