PLANT AND INTANGIBLE ASSETS

PLANT AND INTANGIBLE ASSETS
Chapter 9 PLANT AND INTANGIBLE ASSETS Chapter 9: Plant and intangible assets. 2

Plant Assets Long-lived assets acquired for use in business operations. Similar to long-term prepaid expenses Plant assets are tangible assets that are used actively in the operations of an entity. It’s fully expected that these assets, sometimes referred to as property, plant, and equipment, will benefit future periods. When a plant asset is acquired, it is recorded at its historical cost. Once the asset is placed in service, a portion of the asset’s cost is allocated to depreciation expense as the asset becomes older. As years pass, and the services are used, the cost is transferred to depreciation expense. The cost of plant assets is the advance purchase of services.

Major Categories of Plant Assets
There are three major categories of plant assets: Tangible plant assets are long-term assets that have physical substance. Examples include land, buildings, equipment, furniture, and fixtures. Intangible assets are noncurrent assets with no physical substance. Examples include patents, copyrights, trademarks, franchises, and goodwill. Natural resources are acquired for extracting valuable resources to be used in the business. Examples include oil reserves, timber, and other minerals. This chapter will review the accounting issues related to these three categories.

Accountable Events Acquisition. Allocation of the acquisition cost to expense over the asset’s useful life (depreciation). Sale or disposal. There are three accountable events to discuss. When a plant asset is acquired, it is recorded at its historical cost. The next slide will show how this cost is determined. Once the asset is placed in service, a portion of the asset’s cost is allocated to depreciation expense as the asset becomes older. Finally, at the end of an asset’s useful life, it’s disposed of and removed from the books and records. The accounting for plant assets usually covers several accounting periods.

Acquisition of Plant Assets
Asset price . . . for getting the asset to the desired location. . . . for getting the asset ready for use. Reasonable and necessary costs . . . + Cost = The cost of a plant asset includes the purchase price as well as all costs necessary to get the asset in place and ready for its intended use. The purchase price, net of any cash discounts available, is recorded. Finance charges are not included in the cost of an asset. If a purchase is financed over a period of time, the interest cost is charged as an expense when incurred. Let’s see how to determine the cost of a plant asset on the next slide. Ex. Sales Tax, Delivery Costs and Installation Costs

Compute the cost of Heat Co.’s new machine.
Determining Cost On May 4, Heat Co., a stove maker, buys a new machine from Supply Co. The new machine has a price of $52,000. Sales tax is 8%. Heat Co. pays $500 shipping cost to get the machine to its plant. After the machine arrives, set-up costs of $1,300 are incurred, along with $4,000 in testing costs. Compute the cost of Heat Co.’s new machine. On May 4th, Heat Company buys a new machine for $52,000. Sales tax is 8%. Heat Company also pays $500 in shipping costs, $1,300 in set-up costs, and $4,000 in testing costs. What is the recorded cost of the equipment to Heat Company. . What is the cost of the machine?

Determining Cost Part I
Remember that the cost of an asset includes the purchase price plus any cost that is necessary to get the asset in place and ready for use. The cost of the new machine is $61,960. Part II The entry to record the purchase includes a debit to the asset account and a credit to Cash.

Special Considerations
Cost includes real estate commissions, escrow fees, legal fees, clearing and grading the property. Land When purchasing land, the cost includes the purchase price and other costs generally incurred in connection with land acquisitions. Many of these costs are related to obtaining legal title to the land. Also remember that land is not a depreciable plant asset. Land improvements include parking lots, driveways, fences, sidewalks, landscaping, and any outdoor lighting systems. Land improvements are depreciated over their useful life. Improvements to land such as driveways, fences, and landscaping are recorded separately. Land Improvements

Repairs made prior to the building being put in use are considered part of the building’s cost. Buildings Whether we purchase or construct a building, the cost should include the purchase price plus any attorney fees, title fees, and repairs made prior to using the building. If the building is built, the cost will include all the necessary construction costs as well as the costs just mentioned. Machinery and equipment are recorded at their purchase price less any available cash discount. If the company pays delivery charges on a truck, these costs are included in the cost of the truck. If any special parts need to be installed to make the machinery or equipment ready for its intended use, these costs will be included in the price of these assets. Insurance and property taxes are expenses in the current period; they are not part of the acquisition cost of an asset. Related interest, insurance, and property taxes are treated as EXPENSES of the current period. Equipment

Allocation of a Lump-Sum Purchase The allocation is based on the relative Fair Market Value of each asset purchased. The total cost must be allocated to separate accounts for each asset. I think I’ll buy the whole thing; building, land, and contents. It is not uncommon to have a lump-sum purchase of assets. The most common example may be when purchasing a building and land. Remember, the land is not depreciable but a building is. A portion of the purchase price must be assigned separately to the building and to the land. When faced with this type of problem, accountants normally divide the cost between the assets on the basis of relative fair market values.

Capital Expenditures and Revenue Expenditures
Any material expenditure that will benefit several accounting periods. Expenditure for ordinary repairs and maintenance. After a plant asset is purchased, the company may incur additional expenditures on that asset. These expenditures may be for repairs and maintenance, overhauls, upgrading the asset, and similar expenditures. One way to handle these types of expenditures is to treat them as Capital Expenditures and charge the amounts to an asset account on the balance sheet. In some cases, the expenditures may be treated as Revenue Expenditures and charged to current period income as expenses. For each expenditure subsequent to acquisition of a plant asset, decide if the expenditure is to be treated as a Capital or Revenue expenditure. Generally, subsequent expenditures for ordinary repairs are treated as revenue expenditures and charged to current period income as expenses. Subsequent expenditures that are for betterments are classified as extraordinary repairs. These should be treated as capital expenditures and charged to the asset account. To capitalize an expenditure means to charge it to an asset account. To expense an expenditure means to charge it to an expense account.

as the services are received
Depreciation The allocation of the cost of a plant asset to expense in the periods in which services are received from the asset. Balance Sheet Cost of plant assets Assets: Plant and equipment Depreciation is a process of cost allocation. The cost of an asset is allocated to expense over its useful life in some rational and systematic manner. Do not confuse asset valuation, an economic concept, with allocation. The unused portion of the asset’s cost appears on the balance sheet. A portion of the cost is allocated to expense on the income statement each accounting period. as the services are received Income Statement Revenues: Expenses: Depreciation

Depreciation Cost – Accumulated Depreciation Contra-asset
Book Value Cost – Accumulated Depreciation Depreciation Contra-asset Represents the portion of an asset’s cost that has already been allocated to expense. Causes of Depreciation Physical deterioration Obsolescence When dealing with depreciation, there are several terms and concepts to understand. Book value is calculated as the historical cost of the asset minus the accumulated depreciation. Book value is the undepreciated cost of the asset. Accumulated depreciation represents the depreciation taken on the asset since its purchase. Accumulated depreciation is a contra-asset account and is subtracted from the asset account to determine book value. Assets are depreciated as we use them to help earn revenue. As assets are used, they incur physical deterioration and obsolescence. Now, let’s look at some common methods of calculating depreciation expense.

Straight-Line Depreciation
Cost - Residual Value Years of Useful Life Depreciation Expense per Year = Regardless of the method used to calculate depreciation expense, three variables must be known: (1) the asset’s cost; (2) the estimated residual value expected to be received at the end of its useful life, and (3) the estimated useful life of the asset. When using the straight-line method, depreciation expense is calculated by taking cost minus residual value and dividing by the years of useful life. Let’s see how this works.

On January 1, 2007, Bass Co. buys new equipment. Bass pays a total of $24,000 for the equipment. The equipment has an estimated residual value of $3,000 and an estimated useful life of 5 years. Compute depreciation for 2007 using the straight-line method. Part I On January 1st, 2007, Bass Company purchased a boat for $24,000. The estimated useful life is 5 years and the estimated residual value is $3,000. Can you calculate the amount of annual depreciation? Part II This calculation was relatively easy. Did you get the annual depreciation of $4,200? Now let’s look at a schedule of the annual depreciation over the life of the asset.

Bass Co. will record $4,200 depreciation each year for five years. Total depreciation over the estimated useful life of the equipment is: Notice that depreciation expense is the same amount in each of the 5 years. If this amount was plotted on a graph, it would be a straight-line. That is how the name for this method was determined. Accumulated depreciation increases by four thousand two hundred dollars each year. The cost of the asset less accumulated depreciation at the end of any year is called book value. Book value decreases by four thousand two hundred dollars each year. At the end of the asset’s useful life, the book value is equal to the estimated residual value. This should be true regardless of the method used. Salvage Value

Depreciation for Fractional Periods
When an asset is acquired during the year, depreciation in the year of acquisition must be prorated. Fractional Periods Depreciation is rounded to the nearest month. Thus far, this chapter has covered the depreciation of an asset purchased on January 1st. However, relatively few assets will actually be purchased on January 1st. One way to determine depreciation for assets purchased throughout the year is to use the half-year convention. Using this convention, in the year of acquisition, a company would record half a year, or six months, of depreciation. Let’s see how how this works.

Depreciation for Fractional Periods
Example: Assume the truck in our first example had been acquired on October1. The truck would have been used for only 3 months. To determine depreciation expense for the truck, you would multiply the yearly depreciation by 3/12. Depreciation expense in the first year: $3,000 x 3/12 = $750 Monthly depreciation: $750 x 1/3 = $250 Thus far, this chapter has covered the depreciation of an asset purchased on January 1st. However, relatively few assets will actually be purchased on January 1st. One way to determine depreciation for assets purchased throughout the year is to use the half-year convention. Using this convention, in the year of acquisition, a company would record half a year, or six months, of depreciation. Let’s see how how this works.

In the year of acquisition, record six months of depreciation.
Half-Year Convention Half-Year Convention In the year of acquisition, record six months of depreciation. Part I In this example, a company purchased equipment for $75,000 on some date in The equipment has a useful life of 10 years and an estimated residual value of $5,000. This company uses straight-line depreciation for all of its plant assets. Let’s calculate depreciation expense for 2007 using the half-year convention. Part II Using straight-line depreciation, the depreciation expense for an entire year would be $7,000. This amount is determined by taking cost less residual value and dividing it by the useful life. Since the company uses the half-year convention, divide the annual depreciation in half for the first year. The depreciation expense for 2007 would be $3,500.

Half-Year Convention Using the half-year convention, calculate the straight-line depreciation on December 31, 2007, for equipment purchased in The equipment cost $75,000, has a useful life of 10 years and an estimated residual value of $5,000. Depreciation = ($75,000 - $5,000) ÷ 10 = $7,000 for a full year Depreciation = $7,000 × 1/2 = $3,500 Part I In this example, a company purchased equipment for $75,000 on some date in The equipment has a useful life of 10 years and an estimated residual value of $5,000. This company uses straight-line depreciation for all of its plant assets. Let’s calculate depreciation expense for 2007 using the half-year convention. Part II Using straight-line depreciation, the depreciation expense for an entire year would be $7,000. This amount is determined by taking cost less residual value and dividing it by the useful life. Since the company uses the half-year convention, divide the annual depreciation in half for the first year. The depreciation expense for 2007 would be $3,500.

Declining-Balance Method
Depreciation in the early years of an asset’s estimated useful life is higher than in later years. There are several appealing reasons to use a declining-balance method for depreciation. One reason to consider the declining-balance method is to better match depreciation expense with revenue generated. The idea is that a newer asset will generate more revenue in early years rather than later years, so depreciation expense should be higher in the early years of ownership and less in later years. Another reason that the declining-balance method is appealing to use for financial statement reporting is that it is similar to the depreciation method used for tax purposes. Calculating depreciation expense under the double-declining-balance method is a three step process. The first step is to calculate the straight-line depreciation rate. Do this by dividing one hundred percent by the asset’s useful life. The second step is to calculate the double-declining-balance rate, which is done by multiplying the straight-line rate times two. The third and final step is to determine depreciation expense. Multiply the double-declining rate times the book value of the asset at the beginning of the period. Under the double-declining-balance method estimated residual value is ignored. Let’s look at an example. The double-declining balance depreciation rate is 200% of the straight-line depreciation rate of (1÷Useful Life).

On January 1, 2007, Bass Co. buys a new delivery truck. Bass Co. pays $24,000 for the truck. The truck has an estimated residual value of $3,000 and an estimated useful life of 5 years. Compute depreciation for 2007 using the double-declining balance method. Part I On January 1st, 2007, Bass Company purchased a truck for $24,000. The estimated useful life is 5 years and the estimated residual value is $3,000. Can you calculate the amount of annual depreciation using the double-declining-balance method? Part II The first step is to calculate the straight-line depreciation rate. Recall that this is done by dividing 100% by the asset’s useful life. In this case divide 100% by the 5-year useful life to get a straight-line rate of 20%. The second step is to calculate the double-declining-balance rate. Do this by multiplying the straight-line rate times 2. In this case that would be 20% times two, or 40%. The third and final step is to determine depreciation expense. Multiply the double-declining rate times the book value of the asset at the beginning of the period. In this case, multiply the beginning book value (cost less accumulated depreciation) of $24,000 by 40%. Depreciation expense for 2007 is $9,600. Remember, under the double-declining-balance method ignore estimated salvage value.

Total depreciation over the estimated useful life of an asset is the same using either the straight-line method or the declining-balance method. Compute depreciation for the rest of the truck’s estimated useful life. Part I While book value should always be equal to the estimated salvage value at the end of an asset’s useful life, it just will not work properly using the double-declining-balance method. In this case, the book value at the end of 2011 needs to be equal to $3,000, the estimated residual value. The only way that can work is to force depreciation expense in the last year to be the amount needed to bring book value down to residual value. In 2011, depreciation expense will be recorded at $110. This amount is determined by subtracting the salvage value of $3,000 from the book value at the end of 2010, $3,110. Part II Notice that no matter which depreciation method is used, the total depreciation taken at the end of an asset’s life will be the same. In this case, for both the straight-line method and the double-declining-balance method, total depreciation taken is $21,000.

Other Depreciation Methods
MACRS Modified Accelerated Cost Recovery System The depreciation system used on federal income tax returns. It is an accelerated method. (See the chart at the end of the notes) The units of output method is useful if the asset being used has a well recognized unit of output. For example, an automobile’s unit of output is the mile. We can calculate a depreciation cost per mile driven. The more miles driven, the higher the depreciation expense recognized. Modified accelerated cost recovery system is the depreciation method used when preparing a federal income tax return. The system is based on our declining balance method.

Units-of-Output Method Under this method, depreciation is based on some measure of output other than time. Cost – Residual Value Estimated Units of Output Depreciation cost per unit of output = The units of output method is useful if the asset being used has a well recognized unit of output. For example, an automobile’s unit of output is the mile. We can calculate a depreciation cost per mile driven. The more miles driven, the higher the depreciation expense recognized. Modified accelerated cost recovery system is the depreciation method used when preparing a federal income tax return. The system is based on our declining balance method.

Units-of-Output Method Ex. Consider the delivery tuck, which cost $17,000 and has an estimated salvage value of $2,000. Assume the truck will be sold or traded in after 100,000 miles. To depreciate this asset, you would determine the depreciation rate per mile and then calculate based upon mileage. Cost – Residual Value Estimated Units of Output Depreciation cost per unit of output = The units of output method is useful if the asset being used has a well recognized unit of output. For example, an automobile’s unit of output is the mile. We can calculate a depreciation cost per mile driven. The more miles driven, the higher the depreciation expense recognized. Modified accelerated cost recovery system is the depreciation method used when preparing a federal income tax return. The system is based on our declining balance method. $17,000-$2,000 100,000 miles .15 per mile =

Sum-of-the-Years’ Digits Method In general, depreciation calculated under this accelerated method falls between the double-declining amount and 150-percent-declining method. It is not used by many companies because the computations are complex. The sum-of-the-years’-digits method is an accelerated method that produces results that fall between double-declining balance and 150-percent of straight-line method. Because it is relatively difficult to compute, it is not used by many companies.

Depreciation Methods in Use: A Survey
As this slide indicates, the straight-line method is used by the majority of companies. This is because of the simplicity of the calculation and ease of use.

Financial Statement Disclosures
Estimates of Useful Life and Residual Value May differ from company to company. The reasonableness of management’s estimates is evaluated by external auditors. Principle of Consistency Companies should avoid switching depreciation methods from period to period. Auditors review management’s estimates for useful lives and residual values for reasonableness. The principle of consistency ensures that companies avoid switching depreciation methods from period to period, unless there is a compelling reason for the change.

Revising Depreciation Rates
Predicted salvage value Predicted useful life So depreciation is an estimate. You know that salvage value and useful life of a plant asset are both estimates. Like all estimates, new information may come to light that will warrant a revision of a previous estimate. Let’s see how accountants handle the revision of previous estimates. Over the life of an asset, new information may come to light that indicates the original estimates need to be revised.

On January 1, 2004, equipment was purchased that cost $30,000, has a useful life of 10 years and no salvage value. During 2007, the useful life was revised to 8 years total (5 years remaining). Calculate depreciation expense for the year ended December 31, 2007, using the straight-line method. In this example, a company purchased equipment on January 1st, 2004, for $30,000. The equipment is estimated to have a 10-year useful life and no salvage value at the end of its useful life. The company uses the straight-line method for all plant assets and begins recording depreciation on this equipment in 2004. The original computations for 2004 through 2006 are continued. During 2007, new information is learned about the equipment that causes a revision of the estimate of the equipment’s useful life. The equipment is now believed to have a total useful life of eight years. Depreciation expense for three years has already been recorded (2004, 2005, and 2006), so there are five years remaining in the equipment’s useful life. In this case, accountants take the book value at the date of revision of the estimate, that is, 2007, and subtract any estimated salvage value at the time of revision. This total is to be divided by the remaining useful life of the asset at the date of revision. Let’s calculate the proper depreciation expense for 2007.

When our estimates change, depreciation is: Book value at date of change Salvage value at date of change Remaining useful life at date of change – Part I The asset had a cost of $30,000 and a ten-year useful life with no salvage value. Under straight-line depreciation, $3,000 of expense is recorded in each of the years 2004, 2005, and Let’s calculate the depreciation expense at December 31st, 2007. Part II The original cost of the asset was $30,000. Accumulated depreciation has a balance of $9,000 at the beginning of The remaining book value is $21,000 and the remaining useful life of the asset is five years, so depreciation for each of those five years will be $4,200.

Impairment of Plant Assets
If the cost of an asset cannot be recovered through future use or sale, the asset should be written down to its net realizable value. If an asset’s value decreases and cannot be recovered through future use or sale, the asset is considered to be impaired and should be written down to its net realizable value.

Disposal of Plant and Equipment
Update depreciation to the date of disposal. Journalize disposal by: Recording cash received (debit). Removing accumulated depreciation (debit). Removing the asset cost (credit). Recording a gain (credit) or loss (debit). When a plant asset is disposed of, the first thing to do is update depreciation to the date of disposal. After completing the update, the journal entry can be created. The journal entry begins by the recording of a debit to the cash account, if cash was received, or credit to the cash account, if cash was paid by the company. In addition, it must be determined whether a gain or loss is associated with the disposal. A gain is recorded with a credit, just like revenue, and a loss is recorded with a debit, just like an expense account. The entry is completed by removing the plant asset’s cost from the books with a credit, and removing the related accumulated depreciation with a debit. Let’s see how to calculate the gain or loss associated with the disposal.

If Cash > BV, record a gain (credit). If Cash < BV, record a loss (debit). If Cash = BV, no gain or loss. Recording cash received (debit). Recording a gain (credit) or loss (debit). If the amount of cash received is greater than the book value of the asset (cost less accumulated depreciation), a gain is associated with the disposal. If the cash received is less than the book value of the asset, a loss will be recorded. When the amount of cash is exactly equal to the book value of the asset, there will be no gain or loss in connection with the disposal. Now let’s look at a specific example of disposal of a plant asset. Removing accumulated depreciation (debit). Removing the asset cost (credit).

On September 30, 2007, Evans Company sells a machine that originally cost $100,000 for $60,000 cash. The machine was placed in service on January 1, It has been depreciated using the straight-line method with an estimated salvage value of $20,000 and an estimated useful life of 10 years. Let’s answer the following questions. On September 30th, 2007, Evans Company sells a machine for $60,000. The machine was purchased on January 1st, 2002, for $100,000, had an estimated salvage value of $20,000, and a useful life of ten years. Evans uses straight-line deprecation. Let’s answer the following questions.

The amount of depreciation recorded on September 30, 2007, to bring depreciation up to date is: a. $8,000. b. $6,000. c. $4,000. d. $2,000. Annual Depreciation: ($100,000 - $20,000) ÷ 10 Yrs. = $8,000 Depreciation to Sept. 30: 9/12 × $8,000 = $6,000 Part I What is the amount of depreciation to be recorded on September 30th, 2007, to bring the depreciation up to date? Part II Annual depreciation is eight thousand dollars. For the nine months ending September 30th, 2006, Evans will record six thousand dollars in depreciation.

After updating the depreciation, the machine’s book value on September 30, 2007, is: a. $54,000. b. $46,000. c. $40,000. d. $60,000. Part I After updating the depreciation, what is the machine’s book value? Part II Book value is calculated as cost of $100,000 minus the accumulated depreciation of $46,000. So, for Evans’ machine, the book value is $54,000.

The machine’s sale resulted in: a. a gain of $6,000. b. a gain of $4,000. c. a loss of $6,000. d. a loss of $4,000. Part I Did the sale of the machine result in a gain or a loss? Part II To determine a gain or loss, compare the cash received of $60,000 with the book value of $54,000. Since Evans received more cash than the book value, Evans has a gain of $6,000.

Prepare the journal entry to record the sale. Part I Now, you have all the pieces of information necessary to record the sale. Part II Record the disposal with a debit to Cash for $60,000, a debit to Accumulated Depreciation for $46,000, a credit to Gain on Sale for $6,0000, and a credit to Machinery for $100,000.

Trading in Used Assets for New Ones
On May 30, 2007, Essex Company exchanges a used airplane and $35,000 cash for a new airplane. The old airplane originally cost $40,000, had up-to-date accumulated depreciation of $30,000, and a fair value of $4,000. On May 30th, 2006, Essex Company exchanges a used airplane and $35,000 cash for a new airplane. The old airplane given up has a historical cost of $40,000 dollars, accumulated deprecation to the date of exchange of $30,000, and a fair value of $4,000. The first thing we need to determine is whether a gain or loss will result. Remember that our accounting depends upon whether a gain or a loss is indicated on the transaction.

The exchange resulted in a: a. gain of $6,000. b. loss of $6,000. c. loss of $4,000. d. gain of $4,000. Part I Does this exchange of airplanes result in a gain or a loss? Part II The book value of the airplane given up is $10,000 and the fair value of the airplane given up is $4,000. By comparing the $10,000 dollar book value with the $4,000 fair value, Essex has a $6,000 loss on the exchange. The general rule is that when we exchange productive assets and a loss is indicated, the loss is recognized in full. Prepare a journal entry to record the exchange.

Prepare the journal entry to record the trade. Part I Let’s prepare the journal entry to record the exchange. Part II Begin by recording the parts of the journal entry that are known. The old airplane is being given up, so we debit Accumulated Depreciation and credit the old Airplane account for their respective amounts. Cash is also being given up in the amount of $35,000 and there’s a loss on the transaction of $6,000. Now, just debit the new Airplane account for $39,000. This amount represents the fair value of the assets given up in the exchange: Cash of $35,000 and the old Airplane of $4,000.

Scrapping an Asset (a) Gomez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is $39,000 on this delivery equipment. No salvage value is received. On May 30th, 2006, Essex Company exchanges a used airplane and $35,000 cash for a new airplane. The old airplane given up has a historical cost of $40,000 dollars, accumulated deprecation to the date of exchange of $30,000, and a fair value of $4,000. The first thing we need to determine is whether a gain or loss will result. Remember that our accounting depends upon whether a gain or a loss is indicated on the transaction.

Prepare the journal entry to record the scrapping. Accumulated Depreciation 39,000 Equipment 41,000 Loss on Disposal 2,000 Part I Let’s prepare the journal entry to record the exchange. Part II Begin by recording the parts of the journal entry that are known. The old airplane is being given up, so we debit Accumulated Depreciation and credit the old Airplane account for their respective amounts. Cash is also being given up in the amount of $35,000 and there’s a loss on the transaction of $6,000. Now, just debit the new Airplane account for $39,000. This amount represents the fair value of the assets given up in the exchange: Cash of $35,000 and the old Airplane of $4,000.

PLANT AND INTANGIBLE ASSETS

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