Akuntansi Keuangan Menengah 1: Kelompok 5 1. Maya Putri Wijaya (142200210) 2. Muhammad Alfarizi (142200278) Kelas EA-I
Akuntansi Keuangan Menengah 1: Kelompok 5 1. Maya Putri Wijaya (142200210) 2. Muhammad Alfarizi (142200278) Kelas EA-I
Kelompok 5
1. Maya Putri Wijaya (142200210)
2. Muhammad Alfarizi (142200278)
Kelas EA-I
P11.7 (LO 1, 2) (Depreciation for Partial Periods—SL, Act., SYD, and DDB) On January 1, 2020,
a machine was purchased for $90,000. The machine has an estimated residual value of $6,000
and an estimated useful life of 5 years. The machine can operate for 100,000 hours before it
needs to be replaced. The company closed its books on December 31 and operates the
machine as follows: 2020, 20,000 hours; 2021, 25,000 hours; 2022, 15,000 hours; 2023, 30,000
hours; and 2024, 10,000 hours.
Instructions
a. Compute the annual depreciation charges over the machine’s life assuming a December
31 year-end for each of the following depreciation methods.
1. Straight-line method.
2. Activity method.
3. Sum-of-the-years’-digits method.
4. Double-declining-balance method.
b. Assume a fiscal year-end of September 30. Compute the annual depreciation charges
over the asset’s life applying each of the following methods.
1. Straight-line method.
2. Sum-of-the-years’-digits method.
3. Double-declining-balance method.
a.
1. Straight-line Method: $90,000 – $6,000 / 5 years = $16,800 a year
2. Activity Method: 90,000 – $6,000 / 100,000 hours = $.84 per hour
Phelps Oil Wildcatters plc has leased property on which oil has been discovered. Wells on this property
produced 36,000 barrels of oil during the past year, which sold at an average sales price of £65 per barrel.
Total oil resources of this property are estimated to be 500,000 barrels. The lease provided for an outright
payment of £1,200,000 to the lessor (owner) before drilling could be commenced and an annual rental of
£62,000. A premium of 4% of the sales price of every barrel of oil removed is to be paid annually to the lessor.
In addition, Phelps (lessee) is to clean up all the waste and debris from drilling and to bear the costs of
reconditioning the land for farming when the wells are abandoned. At the time of the lease, the estimated fair
value of this clean-up and reconditioning is £50,000.
Instructions
a. From the provisions of the lease agreement, compute the cost per barrel for the past year, exclusive of
operating costs, to Phelps.
b. Compute the impact on Phelps’ current-year profit and loss of the operation of the leased property.
c. Phelps is considering putting in a bid to lease an adjacent tract of land for development, based on some
preliminary geological surveys and exploratory drilling. Advise Phelps on how to account for these
exploration and evaluation costs.
Answer:
500,000
Expenses:
c. Phelps memiliki pilihan tentang bagaimana memperhitungkan biaya eksplorasi dan evaluasinya. Hal itu bisa
dengan menghapus biaya-biaya tersebut (write off) saat terjadi atau mengkapitalisasinya sambil menunggu
evaluasi.
P11.13 (LO 5, 7) (Revaluations)
Wang Ltd. owns land (cost HK$200,000) for which it uses revaluation accounting. It has the following
information related to this asset, the only land asset that Wang owns.
Instructions
a. Prepare all entries related to the land for 2021.
b. Determine the amounts to be reported by Wang at December 31, 2022 and 2023, as Land, Other
Comprehensive Income, Impairment Loss, and Accumulated Other Comprehensive Income.
c. Prepare the entry for any revaluation adjustments at December 31, 2022 and 2023.
d. Prepare the entries for the sale of the property by Wang on January 15, 2024, for HK$220,000.
Answer:
a. December 31, 2021
Land ($215,000 – $200,000)....................................... 15,000
Unrealized Gain on Revaluation—Land......................... 15,000