Intermediate Accounting

Intermediate Accounting
Seventeenth Edition Kieso ● Weygandt ● Warfield Chapter 11 Depreciation, Impairments, and Depletion This slide deck contains animations. Please disable animations if they cause issues with your device.

Copyright ©2019 John Wiley & Sons, Inc.
Learning Objectives After studying this chapter, you should be able to: Understand depreciation concepts and methods of depreciation. Discuss special depreciation methods and other depreciation issues. Identify the accounting issues related to asset impairment. Explain the accounting procedures for depletion of natural resources. Demonstrate how to report and analyze property, plant, equipment, and natural resources. Copyright ©2019 John Wiley & Sons, Inc.

Preview of Chapter 11 Depreciation, Impairments, and Depletion Depreciation Factors involved Methods of depreciation Special Methods and Other Issues Special depreciation methods Other depreciation issues Copyright ©2019 John Wiley & Sons, Inc.

Preview of Chapter 11 Impairments
Recognizing impairments Measuring impairments Restoration of loss Assets to be disposed of Copyright ©2019 John Wiley & Sons, Inc.

Preview of Chapter 11 Depletion
Establishing a base Write-off of resource cost Estimating reserves Liquidating dividends Continuing controversy Copyright ©2019 John Wiley & Sons, Inc.

Preview of Chapter 11 Presentation and Analysis
Copyright ©2019 John Wiley & Sons, Inc.

Depreciation—A Method of Cost Allocation
Depreciation is the accounting process of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods expected to benefit from the use of the asset. Allocating costs of long-lived assets: Fixed assets = Depreciation expense Intangibles = Amortization expense Natural resources = Depletion expense Copyright ©2019 John Wiley & Sons, Inc. LO 1

Factors Involved in the Depreciation Process
Three basic questions: What depreciable base is to be used? What is the asset’s useful life? What method of cost apportionment is best for this asset? Copyright ©2019 John Wiley & Sons, Inc. LO 1

Factors Involved in Depreciation Depreciable Base for the Asset
Original cost $10,000 Less: Salvage value 1,000 Depreciation base $ 9,000 Copyright ©2019 John Wiley & Sons, Inc. LO 1

Factors Involved in Depreciation Estimation of Service Lives
Service life often differs from physical life Companies retire assets for two reasons: 1. Physical factors (casualty or expiration of physical life). 2. Economic factors (inadequacy, supersession, and obsolescence). Copyright ©2019 John Wiley & Sons, Inc. LO 1

Methods of Depreciation
The profession requires the method employed be “systematic and rational.” Methods used include: Activity method (units of use or production). Straight-line method. Decreasing-charge methods (accelerated) Sum-of-the-years’-digits. Declining-balance method. Special depreciation methods: Group and composite methods. Hybrid or combination methods. Copyright ©2019 John Wiley & Sons, Inc. LO 1

Activity Method Cost of crane $500,000 Estimated useful life 5 years Estimated salvage value $ 50,000 Productive life in hours 30,000 hours Stanley Coal Mines Facts Illustration: If Stanley uses the crane for 4,000 hours the first year, the depreciation charge is: Copyright ©2019 John Wiley & Sons, Inc. LO 1

Straight-Line Method Cost of crane $500,000 Estimated useful life 5 years Estimated salvage value $ 50,000 Productive life in hours 30,000 hours Stanley Coal Mines Facts Illustration: Stanley computes depreciation as follows: Copyright ©2019 John Wiley & Sons, Inc. LO 1

Decreasing-Charge Methods
Cost of crane $500,000 Estimated useful life 5 years Estimated salvage value $ 50,000 Productive life in hours 30,000 hours Stanley Coal Mines Facts Sum-of-the-Years’-Digits. Each fraction uses the sum of the years as a denominator ( = 15). The numerator is the number of years of estimated life remaining as of the beginning of the year. Alternate sum-of-the- years’ calculation Copyright ©2019 John Wiley & Sons, Inc. LO 1

Sum-of-the-Years’-Digits Depreciation Schedule
Base Remaining Life in Years Depreciation Fraction Expense Book Value, End of Year 1 $450,000 5 5/15 $150,000 $350,000 2 450,000 4 4/15 120,000 230,000 3 3/15 90,000 140,000 2/15 60,000 80,000 1/15 30,000 50,000a 15 15/15 aSalvage value. Copyright ©2019 John Wiley & Sons, Inc. LO 1

Decreasing-Charge Methods Declining-Balance Method
Cost of crane $500,000 Estimated useful life 5 years Estimated salvage value $ 50,000 Productive life in hours 30,000 hours Stanley Coal Mines Facts Utilizes a depreciation rate (percentage) that is some multiple of the straight-line method. Does not deduct the salvage value in computing the depreciation base. Copyright ©2019 John Wiley & Sons, Inc. LO 1

Declining-Balance Method Depreciation Schedule
Year Book Value of Asset First of Year Rate on Declining Balancea Depreciation Expense Balance Accumulated Book Value, End of Year 1 $500,000 40% $200,000 $300,000 2 300,000 120,000 320,000 180,000 3 72,000 392,000 108,000 4 43,000 435,200 64,800 5 14,800b 450,000 50,000 a Based on twice the straight-line rate of 20% ($90,000/$450,000 = 20%; 20% × 2 = 40%). b Limited to $14,800 because book value should not be less than salvage value. Copyright ©2019 John Wiley & Sons, Inc. LO 1

Methods of Depreciation
Illustration—(Four Methods): Maserati Corporation purchased a new machine for its assembly process on August 1, The cost of this machine was $150,000. The company estimated that the machine would have a salvage value of $24,000 at the end of its service life. Its life is estimated at 5 years and its working hours are estimated at 21,000 hours. Year-end is December 31. Instructions: Compute the depreciation expense under the following methods. (a) Straight-line depreciation. (b) Activity method (c) Sum-of-the-years’-digits. (d) Double-declining balance. Copyright ©2019 John Wiley & Sons, Inc. LO 1

Straight-Line Method Depreciation Schedule
Year Depreciable Base Years Annual Expense Partial Current Accum. Deprec. 2017 $126,000 / 5 = $25,200 × 5/12 $ 10,500 2018 126,000 25,200 35,700 2019 60,900 2020 86,100 2021 111,300 2022 7/12 14,700 Journal entry: 2017 Depreciation Expense 10,500 Accumultated Depreciation 10,500 Copyright ©2019 John Wiley & Sons, Inc. LO 1

Activity Method Depreciation Schedule
(Assume 800 hours used in 2017) ($126,000/21,000 hours = $6 per hour) Year (Given) Hours Rate per Annual Expense Partial Current Accum. Deprec. 2017 800 × $6 = $4,800 2018 2019 2020 2021 Journal entry: 2017 Depreciation Expense 4,800 Accumultated Depreciation 4,800 Copyright ©2019 John Wiley & Sons, Inc. LO 1

Sum-of-the-Years’-Digits Method Depreciation Schedule (7/12 = .58333)
Depreciable Base Years Annual Expense Partial Current Accum. Deprec. 2017 $126,000 × 5/15 = $42,000 5/12 $ 17,500 2018 126,000 4.583/15 38,500 56,000 2019 3.583/15 30,100 86,100 2020 2.583/15 21,700 107,800 2021 1.583/15 13,300 121,100 2022 .583/15 4,900 Journal entry: 2017 Depreciation Expense 17,500 Accumultated Depreciation 17,500 Copyright ©2019 John Wiley & Sons, Inc. LO 1

Double-Declining Balance Method Depreciation Schedule
Year Depreciable Base Rate Per Annual Expense Partial Current Year Accum. Deprec. 2017 $150,000 × 40% = $60,000 5/15 $ 25,000 $ 17,500 2018 125,000 50,000 56,000 2019 75,000 30,000 86,100 2020 45,000 18,000 107,800 2021 27,000 10,800 Plug 3,000 121,100 $126,000 Journal entry: 2017 Depreciation Expense 25,000 Accumultated Depreciation 25,000 Copyright ©2019 John Wiley & Sons, Inc. LO 1

Special Depreciation Methods and Other Issues
Two methods of depreciating multiple-asset accounts exist: Group method used when the assets are similar in nature and have approximately the same useful lives. Composite method used when the assets are dissimilar and have different lives. Choice of method depends on the nature of the assets involved. The computation for group or composite methods is essentially the same: find an average and depreciate on that basis. Copyright ©2019 John Wiley & Sons, Inc. LO 2

Group and Composite Methods Depreciation Calculation
Illustration: Mooney Motors establishes the composite depreciation rate for its fleet of vehicles as shown below. Copyright ©2019 John Wiley & Sons, Inc. LO 2

Group and Composite Methods Journal Entry
If Mooney retires an asset before or after the average service life of the group is reached, it buries the resulting gain or loss in the Accumulated Depreciation account. Illustration: Suppose that Mooney Motors sold one of the campers with a cost of $5,000 for $2,600 at the end of the third year. The entry is: Accumulated Depreciation 2,400 Cash 2,600 Cars, Trucks, and Campers 5,000 Copyright ©2019 John Wiley & Sons, Inc. LO 2

Group and Composite Methods Disclosure
If Mooney purchases a new type of asset (mopeds, for example), it must compute a new depreciation rate and apply this rate in subsequent periods. Copyright ©2019 John Wiley & Sons, Inc. LO 2

Hybrid or Combination Methods
Companies are also free to develop tailor-made depreciation methods, provided the method results in the allocation of an asset’s cost over the asset’s life in a systematic and rational manner. Copyright ©2019 John Wiley & Sons, Inc. LO 2

Other Depreciation Issues
How should companies compute depreciation for partial periods? See slides for L O 1 Does depreciation provide for the replacement of assets? Funds for the replacement of assets come from revenues. How should companies handle revisions in depreciation rates? Copyright ©2019 John Wiley & Sons, Inc. LO 2

Other Depreciation Issues
Revision of Depreciation Rates Changes in estimates are a continual and inherent part of any estimation process. Accounted for in the current period and prospective periods. No change to previously reported results. Copyright ©2019 John Wiley & Sons, Inc. LO 2

Revision of Depreciation Rates
Arcadia HS, purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a residual value of $10,000 at the end of that time. Depreciation has been recorded for 7 years on a straight-line basis. In (year 8), it is determined that the total estimated life should be 15 years with a residual value of $5,000 at the end of that time. Questions: What is the journal entry to correct the prior years’ depreciation? Calculate depreciation expense for 2020. No Entry Required Copyright ©2019 John Wiley & Sons, Inc. LO 2

Revision of Depreciation Rates Calculation of Book Value After 7 Years
Equipment cost $510,000 Salvage value − 10,000 Depreciable base 500,000 Useful life (original) ÷ 10 years Annual depreciation $ 50,000 × 7 years = $350,000 First, establish net book value at date of change in estimate. Balance Sheet (Dec. 31, 2019) Equipment $510,000 Accumulated depreciation 350,000 Net book value (NBV) $160,000 Copyright ©2019 John Wiley & Sons, Inc. LO 2

Revision of Depreciation Rates Calculation of Depreciation Expense for 2020 Net book value $160,000 Salvage value (new) − 5,000 Depreciable base 155,000 Useful life (original) ÷ 8 years Annual depreciation $ 19,375 Journal entry for 2020 Depreciation Expense 19,375 Accumulated Depreciation 19,375 Copyright ©2019 John Wiley & Sons, Inc. LO 2

Impairments Recognizing Impairments
Write-off of long-lived assets. Events leading to an impairment: A significant decrease in the fair value of an asset. A significant change in the manner in which an asset is used. A significant adverse change in legal factors or in the business climate that affects the value of an asset. An accumulation of costs in excess of the amount originally expected to acquire or construct an asset. A projection or forecast that demonstrates continuing losses associated with an asset. Copyright ©2019 John Wiley & Sons, Inc. LO 3

Impairments Measuring Impairments
Review events for possible impairment. If the review indicates impairment, apply the recoverability test. If the sum of the expected future net cash flows from the long-lived asset is less than the carrying amount of the asset, an impairment has occurred. Assuming an impairment, the impairment loss is the amount by which the carrying amount of the asset exceeds the fair value of the asset. The fair value is the market value or the present value of expected future net cash flows. Copyright ©2019 John Wiley & Sons, Inc. LO 3

Accounting for Impairments
Loss reported as part of income from continuing operations, in the “Other expenses and losses” section. Copyright ©2019 John Wiley & Sons, Inc. LO 3

Impairment—Example 1 M. Alou Inc. has equipment that it reviews for possible impairment. The equipment’s carrying amount is $600,000 ($800,000 cost less $200,000 accumulated depreciation). Alou determines the expected future net cash flows (undiscounted) from the use of the equipment and its eventual disposal to be $650,000. Determine whether an impairment has occurred. Expected future cash flows $650,000 Carrying value of asset: Cost $800,000 Accumulated depreciation − 200,000 600,000 $ 50,000 No Impairment Copyright ©2019 John Wiley & Sons, Inc. LO 3

Impairment—Example 2 M. Alou Inc. has equipment that, due to changes in its use, it reviews for possible impairment. The equipment’s carrying amount is $600,000 ($800,000 cost less $200,000 accumulated depreciation). Alou determines the expected future net cash flows (undiscounted) from the use of the equipment and its eventual disposal to be $580,000. Determine whether an impairment has occurred. Expected future cash flows $580,000 Carrying value of asset: Cost $800,000 Accumulated depreciation − 200,000 600,000 − $ 20,000 Impairment Copyright ©2019 John Wiley & Sons, Inc. LO 3

Impairment—Example 2 Measurement of Loss
The recoverability test indicates that the expected future net cash flows of $580,000 from the use of the asset are less than its carrying amount of $600,000. Therefore, an impairment has occurred. Assume this asset has a fair value of $525,000. Determine the impairment loss, if any. Fair value of equipment $525,000 Carrying value of asset: Cost $800,000 Accumulated depreciation − 200,000 600,000 − $ 75,000 Impairment Loss Copyright ©2019 John Wiley & Sons, Inc. LO 3

Impairment—Example 2 Loss Journal Entry
Fair value of equipment $525,000 Carrying value of asset: Cost $800,000 Accumulated depreciation − 200,000 600,000 − $ 75,000 M. Alou records the impairment loss as follows: Loss on Impairment 75,000 Accumulated Depreciation 75,000 Copyright ©2019 John Wiley & Sons, Inc. LO 3

Impairments Restoration of Impairment Loss
After recording an impairment loss: Reduced carrying amount becomes its new cost basis No change in new cost basis except for depreciation or amortization in future periods or for additional impairments No restoration of impairment loss for an asset held for use as new cost basis puts impaired asset on an equal basis with other assets that are unimpaired Copyright ©2019 John Wiley & Sons, Inc. LO 3

Impairments Impairment of Assets to Be Disposed Of
Assets held for disposal are like inventory; companies Should report at lower-of-cost-or-net realizable value Can write up or down an asset held for disposal in future periods, as long as carrying value after write- up never exceeds carrying amount of asset before impairment Should report losses or gains related to impaired assets as part of income from continuing operations Copyright ©2019 John Wiley & Sons, Inc. LO 3

Depletion Natural resources, often called wasting assets, include petroleum, minerals, and timber. They have two main features: complete removal (consumption) of the asset, and replacement of the asset only by an act of nature. Depletion is the process of allocating the cost of natural resources. Copyright ©2019 John Wiley & Sons, Inc. LO 4

Depletion Establishing a Depletion Base
Computation of the depletion base involves four factors: Acquisition cost. Exploration costs. Development costs. Restoration costs. Copyright ©2019 John Wiley & Sons, Inc. LO 4

Depletion Write-off of Resource Cost
Normally, companies compute depletion (cost depletion) on a units-of-production method (activity approach). Depletion is a function of the number of units extracted during the period. Calculation: Copyright ©2019 John Wiley & Sons, Inc. LO 4

Depletion Illustration
MaClede Co. acquired the right to use 1,000 acres of land in Alaska to mine for silver. The lease cost is $50,000, and the related exploration costs on the property are $100,000. Intangible development costs incurred in opening the mine are $850,000. MaClede estimates that the mine will provide approximately 100,000 ounces of silver. Copyright ©2019 John Wiley & Sons, Inc. LO 4

Depletion Illustration Journal Entries
If MaClede extracts 25,000 ounces in the first year, then the depletion for the year is $250,000 (25,000 ounces x $10). Inventory (silver) 250,000 Silver Mine 250,000 Some companies use an Accumulated Depletion account. In that case, MaClede’s balance sheet would presented as follows: Silver mine (at cost) $1,000,000 Less: Accumulated depletion 250,000 $750,000 MaClede debits Cost of Goods Sold when the silver is sold. Copyright ©2019 John Wiley & Sons, Inc. LO 4

Depletion Estimating Recoverable Reserves
Same as accounting for changes in estimates. Revise the depletion rate on a prospective basis. Divide the remaining cost by the new estimate of the recoverable reserves. Copyright ©2019 John Wiley & Sons, Inc. LO 4

Depletion Liquidating Dividends
Dividends greater than the amount of accumulated net income. Illustration: Callahan Mining had a retained earnings balance of $1,650,000, accumulated depletion on mineral properties of $2,100,000, and paid-in capital in excess of par of $5,435,493. Callahan’s board declared a dividend of $3 a share on the 1,000,000 shares outstanding. It records the $3,000,000 cash dividend as follows. Retained Earnings 1,650,000 Paid-in Capital in Excess of Par 1,350,000 Cash 3,000,000 Copyright ©2019 John Wiley & Sons, Inc. LO 4

Depletion Continuing Controversy
Oil and Gas Industry: Full Cost Concept Cost of drilling a dry hole is a cost needed to find the commercially profitable wells Successful efforts concept Companies should capitalize only the costs of successful projects Copyright ©2019 John Wiley & Sons, Inc. LO 4

Presentation and Analysis Presentation of Property, Plant, Equipment, and Natural Resources Companies should disclose the following. Depreciation expense for the period. Balances of major classes of depreciable assets, by nature and function. Accumulated depreciation. A general description of the method or methods used in computing depreciation with respect to major classes of depreciable assets. Copyright ©2019 John Wiley & Sons, Inc. LO 5

Presentation and Analysis Analysis of Property, Plant, and Equipment
Asset Turnover Ratio Kellogg (in millions) Net sales $ 12,923 Total assets, 12/28/17 16,350 Total assets, 12/24/16 15,111 Net income 1,269 Measure of a firm’s ability to generate sales from a particular investment in assets. Copyright ©2019 John Wiley & Sons, Inc. LO 5

Analysis of PP&E Profit Margin on Sales
Kellogg (in millions) Net sales $ 12,923 Total assets, 12/28/17 16,350 Total assets, 12/24/16 15,111 Net income 1,269 Measure of the ability to generate operating income from a particular level of sales. Copyright ©2019 John Wiley & Sons, Inc. LO 5

Analysis of PP&E Return on Assets
Kellogg (in millions) Net sales $ 12,923 Total assets, 12/28/17 16,350 Total assets, 12/24/16 15,111 Net income 1,269 Measures a firm’s success in using assets to generate earnings. Copyright ©2019 John Wiley & Sons, Inc. LO 5

Return on Assets Return on assets (ROA) is computed directly by dividing net income by average total assets. Using the Kellogg data, we compute the ratio as shown Copyright ©2019 John Wiley & Sons, Inc. LO 5

Appendix 11A: Income Tax Depreciation
Modified Accelerated Cost Recovery System M A C R S differs from G A A P in three respects: a mandated tax life, which is generally shorter than the economic life; cost recovery on an accelerated basis; and an assigned salvage value of zero. Copyright ©2019 John Wiley & Sons, Inc. LO 6

Modified Accelerated Cost Recovery System Tax Lives (Recovery Periods)
3-year property Includes small tools, horses, and assets used in research and development activities 5-year property Includes automobiles, trucks, computers and peripheral equipment, and office machines 7-year property Includes office furniture and fixtures, agriculture equipment, oil exploration and development equipment, railroad track, manufacturing equipment, and any property not designated by law as being in any other class Copyright ©2019 John Wiley & Sons, Inc. LO 6

Tax Lives (Recovery Periods) MACRS Property Classes
10-year property Includes railroad tank cars, mobile homes, boilers, and certain public utility property 15-year property Includes roads, shrubbery, and certain low-income housing 20-year property 27.5-year property Includes residential rental property 39-year property includes nonresidential real property Copyright ©2019 John Wiley & Sons, Inc. LO 6

Modified Accelerated Cost Recovery System Tax Depreciation Methods
M A C R S Property Class Depreciation Method 3-, 5-, 7-, and 10-year property 15- and 20-year property 27.5- and 39-year property Double-declining-balance 150% declining-balance Straight-line Copyright ©2019 John Wiley & Sons, Inc. LO 6

Example of MACRS Illustration: Computer and peripheral equipment purchased by Denise Rode Company on January 1, 2019. Acquisition Date January 1, 2019 Cost $100,000 Estimated useful life 7 years Estimated salvage value $16,000 MACRS class life 5 years MACRS method 200% declining-balance GAAP method Straight-line Disposal proceeds-January 2, 2026 $11,000 Copyright ©2019 John Wiley & Sons, Inc. LO 6

MACRS Illustration Using the rates from the MACRS depreciation rate schedule for a 5-year class of property, Rode computes depreciation as follows. For GAAP, Rode used straight-line, with $16,000 salvage value and a useful life of 7 years. Copyright ©2019 John Wiley & Sons, Inc. LO 6

Optional Straight-line Method
Applies to six classes of property previously described Applies the straight-line method to the M A C R S recovery periods Ignores salvage value Copyright ©2019 John Wiley & Sons, Inc. LO 6

Tax Versus Book Depreciation
Tax laws and financial reporting have different objectives. The purpose of: Taxation is to raise revenue from constituents in an equitable manner Financial reporting is to reflect the economic substance of a transaction as closely as possible and to help predict amounts, timing, and uncertainty of future cash flows The adoption of one method for both tax and book purposes in all cases is not in accordance with G A A P. Copyright ©2019 John Wiley & Sons, Inc. LO 6

I F R S Insights Relevant Facts – Similarities
The definition of property, plant, and equipment is essentially the same under GA AP and IFRS. Under both GA AP and IFRS, changes in depreciation method and changes in useful life are treated in the current and future periods. Prior periods are not affected. The accounting for plant asset disposals is the same under GA AP and IFRS. The accounting for the initial costs to acquire natural resources is similar under GA AP and IFRS. Under both GA AP and IFRS, interest costs incurred during construction must be capitalized. Recently, IFRS converged to GA AP. Copyright ©2019 John Wiley & Sons, Inc. LO 7

I F R S Insights Relevant Facts – Similarities
The accounting for exchanges of nonmonetary assets has recently converged between IFRS and GAAP. GAAP now requires that gains on exchanges of nonmonetary assets be recognized if the exchange has commercial substance. This is the same framework used in IFRS. GAAP also views depreciation as allocation of cost over an asset’s life. GAAP permits the same depreciation methods (straight-line, diminishing-balance, units-of-production) as IFRS. Copyright ©2019 John Wiley & Sons, Inc. LO 7

I F R S Insights Relevant Facts – Differences
I F R S requires component depreciation. Under G A A P, component depreciation is permitted but is rarely used. Under I F R S, companies can use either the historical cost model or the revaluation model. G A A P does not permit revaluations of property, plant, and equipment or mineral resources. In testing for impairments of long-lived assets, G A A P uses a two-step model to test for impairments. As long as future undiscounted cash flows exceed the carrying amount of the asset, no impairment is recorded. The I F R S impairment test is stricter. However, unlike G A A P, reversals of impairment losses are permitted. Copyright ©2019 John Wiley & Sons, Inc. LO 7

IFRS Insights On The Horizon
With respect to revaluations, as part of the conceptual framework project, the Boards will examine the measurement bases used in accounting. It is too early to say whether a converged conceptual framework will recommend fair value measurement (and revaluation accounting) for property, plant, and equipment. However, this is likely to be one of the more contentious issues, given the long-standing use of historical cost as a measurement basis in GAAP. Copyright ©2019 John Wiley & Sons, Inc. LO 7

All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein. Copyright ©2019 John Wiley & Sons, Inc.

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