# Week 2 a

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XACC/291 – Week 2 Assignment

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Complete Exercises E9-1, E9-7, & E9-12 and P9-7B
E9-1

(A).

The cost principle states that assets must be recorded at the cost at which they were acquired. Although plant assets can fluctuate in fair market value, their book value will remain consistent. Companies must compute the total deprecation of the asset and allocate it over the useful life of the asset.

(B).

1)\$5000-Land
2) \$200- Equipment
3) \$850-Equipment
4) \$17,500-Land Improvements
5) \$250-Equipment
6) \$8000-Equipment
7) \$900-Equipment
8) \$75-Equipment

E9-7

(A)
1.
Cost - | Salvage Value = | Depreciation Cost | \$30,000.00 | \$2,000.00 | \$28,000.00 | Depreciation Cost / | Useful Life= | Annual depreciation expense | \$28,000.00 | 8 | \$3,500.00 | 2011= \$26,500 2012= \$23,000
2.
Depreciation cost | Total Units of activity | Depreciation cost per unit | \$28,000.00 | 100000 | \$0.28 | Depreciable cost per unit | Units of activity during the year | Annual depreciation expense | \$0.28 | 15000 | \$4,200.00 |
2011= 25,800 2012= 21,600
3.
Book Value at Beginning of Year | Declining Balance rate | Annual Depreciation Expense | \$30,000.00 | 25.00% | \$7,500.00 |
2011=22,500 2012= 16,875

(B)

1.
Book Value 1/1/2011 \$30,000
Less: Salvage Value \$2,000
Depreciable Cost \$28,000
Remaining Useful Life 8 years
Revised Annual Depreciation \$3,500

Dec. 31 Depreciation Expense \$3500 Accumulated Depreciation \$3500 (To Record annual depreciation on truck)

1. The truck would be reported on the balance sheet as 26,500 in assets on the balance sheet.

Brainiac Company
December 31, 2011
Balance Sheet

Property, plant, and equipment
Equipment \$30,000...

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