ACCOUNTING-Avery Transportation purchased three used buses

Problem
10-2A
In recent years, Avery Transportation purchased three used
buses. Because of frequent turnover in the accounting department, a
different accountant selected the depreciation method for each bus, and
various methods were selected. Information concerning the buses is
summarized as follows.

Bus

Acquired

Cost

Salvage
Value

Useful
Life
in Years

Depreciation

Method

1

1/1/12

$ 97,700

$ 7,300

5

Straight-line

2

1/1/12

122,000

11,900

4

Declining-balance

3

1/1/13

89,560

8,500

5

Units-of-activity

For the declining-balance method, the company uses the double-declining
rate. For the units-of-activity method, total miles are expected to
be 115,800. Actual miles of use in the first 3 years were:
2013, 24,400; 2014, 34,300; and 2015, 32,400.
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For Bus #3, calculate depreciation expense per mile under
units-of-activity method.(Round answer to 2
decimal places, e.g. $0.50.)

Depreciation
expense per mile

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per mile

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Compute the amount of accumulated depreciation on each bus
at December 31, 2014.(Round answers to 0
decimal places, e.g. $2,125.)

2014

BUS 1

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BUS 2

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BUS 3

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If bus 2 was purchased on April 1 instead of January 1, what
is the depreciation expense for this bus in 2012 and 2013?(Round answers to 0 decimal places, e.g. $2,125.)

2012

2013

Depreciation
expense

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Problem
10-5A
At December 31, 2014, Grand Company reported the following
as plant assets.

Land

$ 3,729,000

Buildings

$27,823,000

Less: Accumulated
depreciation-buildings

12,486,000

15,337,000

Equipment

48,938,000

Less: Accumulated
depreciation-equipment

4,929,000

44,009,000

Total
plant assets

$63,075,000

During 2015, the following selected cash transactions occurred.

April
1

Purchased land for
$2,162,000.

May
1

Sold equipment that
cost $1,185,000 when purchased on January 1, 2011. The equipment
was sold for $711,000.

June
1

Sold land purchased
on June 1, 2005 for $1,562,000. The land cost $408,000.

July
1

Purchased equipment
for $2,415,000.

Dec.
31

Retired equipment
that cost $492,000 when purchased on December 31, 2005. No salvage
value was received.

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Journalize the above transactions. The company uses
straight-line depreciation for buildings and equipment. The buildings are
estimated to have a 50-year life and no salvage value. The equipment is
estimated to have a 10-year useful life and no salvage value. Update
depreciation on assets disposed of at the time of sale or retirement.(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Apr.
1

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May
1

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(To record depreciation)

May
1

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(To record sale of equipment)

June
1

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July
1

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Dec.
31

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(To record depreciation)

Dec.
31

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(To record retirement of equipment)

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Record adjusting entries for depreciation for 2015.(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec.
31

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(To record building depreciation)

Dec.
31

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(To record equipment deprecition)

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Problem 10-6A
Ceda Co.
has equipment that cost $83,020 and that has been depreciated $49,670.
Record the disposal under the following assumptions.

(a)

It was scrapped as having no value.

(b)

It was sold for $26,820.

(c)

It was sold for $36,530.

(Credit account titles are automatically indented when amount is
entered. Do not indent manually.)

Account Titles and
Explanation

Debit

Credit

(a)

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(b)

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(c)

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Problem
10-7A
The intangible assets section of Sappelt Company at December
31, 2014, is presented below.

Patents
($74,200 cost less $7,420 amortization)

$66,780

Franchises
($38,700 cost less $15,480 amortization)

23,220

Total

$90,000

The patent was acquired in January 2014 and has a useful life
of 10 years. The franchise was acquired in January 2011 and
also has a useful life of 10 years. The following cash
transactions may have affected intangible assets during 2015.

Jan.
2

Paid
$20,880 legal costs to successfully defend the patent against
infringement by another company.

Jan.–June

Developed a new
product, incurring $141,890 in research and development costs. A
patent was granted for the product on July 1. Its useful life is equal
to its legal life.

Sept.
1

Paid
$52,360 to an extremely large defensive lineman to appear in
commercials advertising the company’s products. The commercials will
air in September and October.

Oct.
1

Acquired a
franchise for $146,000. The franchise has a useful life
of 50 years.

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Prepare journal entries to record the transactions above.(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan.
2

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Jan.–June

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Sept.
1

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Oct.
1

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Prepare journal entries to record the 2015 amortization
expense.(Credit account titles are
automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec.
31

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(To record patents amortisation.)

Dec.
31

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(To record franchise amortisation.)

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Prepare the intangible assets section of the balance sheet
at December 31, 2015.

Sappelt
Company
Balance Sheet
(Partial)
December 31,
2015

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