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Fixed Assets and Intangible

Assets

Chapter 9
Student Version

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2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

Prepared by: C. Douglas


Cloud
Professor Emeritus of
Accounting
Pepperdine University

Learning Objective 1

Define, classify, and


account for the cost
of fixed assets.

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LO 1

Nature of Fixed Assets


Fixed assets are long-term or
relatively permanent assets, such as
equipment, machinery, buildings,
and land. Other descriptive titles for
fixed assets are plant assets or
property, plant, and equipment.

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LO 1

Nature of Fixed Assets


Fixed assets have the following
characteristics:
They exist physically and, thus, are
tangible assets.
They are owned and used by the company
in its normal operations.
They are not offered for sale as part of
normal operations.

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LO 1

Costs of Acquiring Fixed


Assets

Unnecessary costs that do not


increase the assets usefulness are
recorded as an expense.

Vandalism
Mistakes in installation
Uninsured theft
Damage during unpacking and installing
Fines for not obtaining proper permits
from government agencies

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LO 1

Capital and Revenue


Expenditures

Expenditures that benefit only the current


period are called revenue expenditures.

Expenditures that improve the asset


or extend its useful life are capital
expenditures.

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LO 1

Ordinary Maintenance and


Repairs

On April 9, the firm paid $300 for a tune-up of a


delivery truck.

revenue
expenditure

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LO 1

Asset Improvements
On May 4, a $5,500 hydraulic lift was installed on
the delivery truck to allow for easier and quicker
loading of heavy cargo.

capital expenditure

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LO 1

Extraordinary Repairs
The engine of a forklift that is near the end of its
useful life is overhauled at a cost of $4,500, which
extends its useful life by eight years. Work on the
forklift was completed on October 14.

capital
expenditure

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LO 1

Leasing Fixed Assets


The two parties to a lease contract
are:
The lessor is the party who owns the asset.
The lessee is the party to whom the rights
to use the asset are granted by the lessor.

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LO 1

Leasing Fixed Assets


A capital lease is accounted for as if
the lessee has, in fact, purchased the
asset. The asset is then amortized
(written off as an expense) over the
life of the capital lease.
A lease that is not classified as a
capital lease for accounting purposes
is classified as an operating lease. An
operating lease is treated as an
expense because the lessee is
renting the asset for the lease term.
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Learning Objective 2
Compute depreciation, using
the following methods:
straight-line method, units-ofproduction method, and
double-declining-balance
method.

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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

LO 2

Depreciation
Over time, most fixed assets
(equipment, buildings, and land
improvements) lose their ability to
provide services. The periodic
recording of the cost of fixed assets
as an expense is called depreciation.

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LO 2

Accounting for Depreciation


Depreciation can be caused by
physical or functional factors.
Physical depreciation factors include
wear and tear during use or from
exposure to the weather.
Functional depreciation factors include
obsolescence and changes in customer
needs that cause the asset to no longer
provide services for which it was intended.
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LO 2

Factors in Computing
Depreciation

Three factors determine the


depreciation expense for a fixed
asset. These three factors are:
1. The assets initial cost
2. The assets expected useful life
3. The assets estimated residual value

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LO 2

Factors in Computing
Depreciation

The expected useful life of a fixed


asset is estimated at the time the
asset is placed into service. The
residual value of a fixed asset at the
end of its useful life is also estimated
at the time the asset is placed into
service.

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LO 2

Straight-Line Method
The straight-line method provides for
the same amount of depreciation
expense for each year of the assets
useful life.
Cost Residual Value
Annual
=
Depreciation
Useful Life

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LO 2

Straight-Line Method
Initial cost
Expected useful life
Estimated residual value

$24,000
5 years
$2,000

The annual straight-line depreciation of $4,400


is computed below:
Cost Residual Value
Annual Depreciation =
Useful Life
=

$24,000 - $2,000
5 years

= $4,400
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LO 2

Straight-Line Method
If the preceding equipment was purchased and
placed into service on October 1, the depreciation
for the first year of use would be $1,100, computed
as follows:
$4,400 x 3/12 = $1,100

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LO 2

Units-of-Production Method
The units-of-production method
provides the same amount of
depreciation expense for each unit
produced or each unit of capacity
used by the asset.
Step 1. Determine Cost
the depreciation
Residual Valueper unit
Depreciation per Unit
as:
Total Units of Production
=

Depreciation
Expense
Depreciation
per Unitas:
x Total
Step
2. Compute
the=depreciation
expense
Units of

Production Used

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LO 2

Units-of-Production Method
A depreciable asset costs $24,000. Its estimated residual
value is $2,000, and it is expected to have a useful life of
10,000 operating hours. During the year, the asset was
operated 2,100 hours.

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LO 2

Units-of-Production Method

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LO 2

Double-Declining-Balance
Method

The double-declining-balance method


is applied in three steps:
Step 1.
Determine the straight-line
percentage using the expected
useful life.
Step 2.
Determine the doubledeclining- balance rate by multiplying the
straight-line rate from Step 1 by 2.
(continued)
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LO 2

Double-Declining-Balance
Method
Step 3.

Compute the depreciation


expense by multiplying the doubledeclining-balance rate from Step 2 times
the book value of the asset.

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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

LO 2

Double-Declining-Balance
Method

For the first year, the book value of the equipment


is its initial cost of $24,000.

After the first year, the book value (cost minus


accumulated depreciation) declines and, thus, the
depreciation also declines.

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LO 2

Double-Declining-Balance
Method

The double-declining-balance depreciation for the


full five-year life of the equipment is shown below.

DEPRECIATION STOPS
WHEN BOOK VALUE
EQUALS RESIDUAL VALUE!

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STOP

LO 2

Double-Declining-Balance
Method

If the preceding equipment was purchased and


placed into service on October 1, depreciation for
the year ending December 31 would be $2,400,
computed as follows:
First year partial
= $9,600 x 3/12 = $2,400
depreciation

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LO 2

Double-Declining-Balance
Method

The depreciation for the second year would then be


$8,640, computed as follows:
Second year
depreciation = [40% x ($24,000 $2,400)]
Second year
depreciation = $8,640

2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

LO 2

Double-Declining-Balance
Method

The double-declining-balance method


provides a higher depreciation in the
first year of the assets use, followed
by declining depreciation amounts.
Thus, it is called an accelerated
depreciation method.

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LO 2

Depreciation for Federal Income


Tax
MACRS (used for tax purposes)
specifies eight classes of useful life
and depreciation rates for each of
the eight classes.
The two most common classes are
the five-year class (includes
automobiles and light-duty trucks)
and the seven-year class (includes
most machinery and equipment).
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LO 2

Depreciation for Federal Income


Tax
For the five-year-class assets,
depreciation is spread over six years,
as shown below.

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LO 2

Revising Depreciation
Estimates

A machine is purchased on January 1, 2011, for


$140,000.

(continued)

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LO 2

Revising Depreciation
Estimates

At the end of 2012, the assets book value is


$88,000, as shown below.

(continued)

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LO 2

Revising Depreciation
Estimates

During 2013, the company estimates that the machines


remaining useful life is eight years (instead of three) and
that its residual value is $8,000 (instead of $10,000).
Depreciation expense for each of the remaining eight
years is determined as follows:

(concluded)
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Learning Objective 3

Journalize entries
for the disposal of
fixed assets.

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LO 3

Discarding Fixed Assets


Equipment acquired at a cost of $25,000 is fully
depreciation at December 31, 2011. On February
14, 2012, the equipment is discarded.

Note: The entry to record the disposal of a


fixed asset removes the cost of the asset
and its accumulated depreciation from the
accounts.
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LO 3

Discarding Fixed Assets


Equipment costing $6,000, with no residual value,
is depreciated at an annual straight-line rate of
10%. After the December 31, 2011, adjusting entry,
Accumulated DepreciationEquipment has a
$4,750 balance. On March 24, 2012, the asset is
removed from service and discarded.

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LO 3

Discarding Fixed Assets

$600 3/12

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LO 3

Discarding Fixed Assets


The discarding of the equipment is then recorded
as shown below. (Note that this is the second of
two entries on March 24.)

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LO 3

Selling Fixed Assets


Equipment was purchased at a cost of $10,000. It
had no estimated residual value and was
depreciated at a straight-line rate of 10%. The
equipment is sold for cash on October 12 of the
eighth year of its use. The balance of the
accumulated depreciation account as of the
preceding December 31 is $7,000.

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LO 3

Selling Fixed Assets


The entry to update the depreciation for the nine
months of the current year is as follows:

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LO 3

Selling Fixed Assets


After the current depreciation is recorded, the book
value of the asset is $2,250 ($10,000 $7,750).
Sold below book value for $1,000. Loss of
$1,250.

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LO 3

Selling Fixed Assets


After the current depreciation is recorded, the book
value of the asset is $2,250 ($10,000 $7,750).
Sold above book value for $2,800. Gain
of $550.

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Learning Objective 4

Compute depletion
and journalize the
entry for depletion.

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LO 4

Natural Resources
The process of transferring the cost
of natural resources to an expense
account is called depletion.

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LO 4

Natural Resources
Step 1:

Determine the depletion

rate as:

Step 2:
rate by the

Multiply the depletion


quantity extracted

during the period.

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LO 4

Natural Resources
A company paid $400,000 for the mining rights to a
mineral deposit estimated at 1,000,000 tons of ore.
During the year, the company mined 90,000 tons of
the mineral deposit.

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LO 4

Natural Resources
The depletion expense for the year is computed as
shown below.
Step 1.

Step 2.

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LO 4

Natural Resources
The adjusting entry to record the depletion is
shown below.

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Learning Objective 5

Describe the
accounting for
intangible assets,
such as patents,
copyrights, and
goodwill.

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LO 5

Intangible Assets
Patents, copyrights, trademarks, and
goodwill are long-lived assets that
are used in the operations of a
business and not held for sale. These
assets are called intangible assets
because they do not exist physically.
The accounting for intangible assets
is similar to that for fixed assets.

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LO 5

Patents
The exclusive right granted by the
federal government to produce and
sell goods with one or more unique
features is called a patent. These
rights continue in effect for 20 years.

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LO 5

Patents
At the beginning of its fiscal year, a business
acquires patent rights for $100,000. The patents
remaining useful life is estimated at 5 years. The
entry to amortize the patent at the end of the year
is as follows:

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LO 5

Patents
Because a patent (as well as other
intangible assets) does not exist
physically, it is acceptable to credit
the asset. This approach is different
from physical fixed assets, which
require the use of a contra asset
account.

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LO 5

Copyrights and Trademarks


The exclusive right granted by the
federal government to publish and
sell a literary, artistic, or musical
composition is called a copyright. A
copyright extends for 70 years
beyond the authors death.

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LO 5

Copyrights and Trademarks


A trademark is a unique name, term,
or symbol used to identify a business
and its products. Most businesses
identify their trademarks with in
their advertisements and on their
products. Trademarks can be
registered for 10 years and renewed
for 10-year periods thereafter.

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LO 5

Goodwill
In business, goodwill refers to an
intangible asset of a business that is
created from such favorable factors
as location, product quality,
reputation,
and managerial
skill.
Generally
accepted
accounting
principles (GAAP) permit goodwill to
be recorded in the accounts only if it
is objectively determined by a
transaction.
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LO 5

Goodwill
A loss should be recorded if the business prospects
of an acquired firm (and the acquired goodwill)
become significantly impaired. Assume that on
December 31, FaceCard Company has determined
that $250,000 of the goodwill created from the
purchase of Electronic Systems is impaired.

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Learning Objective 6
Describe how
depreciation expense is
reported in an income
statement and prepare a
balance sheet that
includes fixed assets
and intangible assets.
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LO 6

Fixed and Intangible Assets


Intangible assets are usually
reported in the balance sheet in a
separate section following fixed
assets.
The balance of each class of
intangible assets should be disclosed
net of any amortization.
The cost and related accumulated
depletion of mineral rights are
normally shown as part of the Fixed
Assets section of the balance sheet.
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Learning Objective 7
Describe and
illustrate the fixed
asset turnover ratio
to assess the
efficiency of a
companys use of its
fixed assets.
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LO 7

Fixed Asset Turnover Ratio


One measure of the revenuegenerating efficiency of fixed assets
is the fixed asset turnover ratio. It
measures the number of dollars of
revenue earned per dollar of fixed
assets
and is computed as follows:
Fixed Asset
Turnover =
Ratio

Net Sales
Average Book Value of Fixed
Assets

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Fixed Assets and Intangible


Assets

The End
Prepared by: C. Douglas
Cloud
Professor Emeritus of
Accounting
Pepperdine University
2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.