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1、Chapter 7 Plant Assets orProperty, Plant and Equipment (PPE) (P188/310-210/332)中外比较会计ch最新Key wordslrevenue expenditure 收益性支出lcapital expenditure 资本性支出lBook value 账面价值lResidual (salvage) value 残值lImpairment 减值中外比较会计ch最新(Property, )Plant and Equipment国际会计准则国际会计准则IAS16经过修订由原来经过修订由原来的的“固定资产会计固定资产会计”更名为更
2、名为“不动产、不动产、厂房和设备厂房和设备(Property, plant, and equipment)”，是近年来国外会计界是近年来国外会计界在探讨取消固定效益（在探讨取消固定效益（Fixed assets）这一概念的一种反映。这一概念的一种反映。中外比较会计ch最新Example: Coco-cola annual report Page 31 GE financial statement Page 32中外比较会计ch最新Characteristics of plant assets1.plant assets are physical objects. (tangible)2.pla
3、nt assets are acquired to be used in operations. (not for sale) 3.plant assets provide benefits over several accounting periods. (long term)中外比较会计ch最新Cost of a plant assetlApplication of history cost principlelThe initial cost of a plant asset includes all expenditures necessary to get it in place a
4、nd ready for use, such as related tax, interest, freight charges, insurance etc. 中外比较会计ch最新l1. Land(P190/312):purchase price, brokerage commission, survey fees ,legal fees, property taxes, expenditures for grading and clearing the land and for demolishing and removing the unwanted buildings.购买价格、经纪人
5、佣金、测量费、法律费、财产税，平整和清理支出以及摧毁和移动所不需要的建筑物的支出。中外比较会计ch最新l2.Buildings P191-192/313-314l3.Machinery and Equipment (p192/314)l a. net purchase price 净购价 b. freight /transportation charges 运输费 c.insurance in transit 在途保险费 d.sales and other taxes 销售税及其他税 e.installation cost 安装成本 f. testing cost 试运行成本中外比较会计ch最
6、新4.Land and Leasehold Improvements (p192/314)土地及租赁物改良工程lImprovements to real estate such as driveways, fences, parking lots, sprinkler systems have a limited life and therefore are recorded in another account .(but sewer installation should be included in the land account)中外比较会计ch最新5.Construction in
7、 Progress (p192/314)在建工程在建工程l a plant asset that is being constructed中外比较会计ch最新Acquisition of Assetsl1.purchases Land 100,000 Cash (accounts payable) 100,000 中外比较会计ch最新l 2.acquiring a donated assets Building 200,000 Donated Capital 200,000 中外比较会计ch最新3.by issuing stock Dr. Land Cr. Common stock（普通股）
8、Contributed capital in excess of par （资本公积）中外比较会计ch最新l4.Lump-sum (basket) purchases (p193/315)一揽子购买 To allocate the acquisition cost among the assets on the basis of the relative fair market value（公允市价） of each.中外比较会计ch最新 Assume that a firm acquired land and a building in a lump-sum purchase for $90
9、,000 cash.The land has an estimate fair market value of $25,000 and the building $75,000. 中外比较会计ch最新 Land 22,500 (90,000*25,000/100,000) Building 67,500 Cash 90,000中外比较会计ch最新l5.purchases with installment payment（分期付款）（分期付款）lArthur purchased machinery from General Co. on installment plan. Arthur issu
10、ed a 10-year $1,000,000 note.the machinerys market value is $600,000.中外比较会计ch最新Dr. Machinery 600,000 Discount on installment payable 400,000 Cr. Installment payable 1,000,000中外比较会计ch最新 Dr. Interest expense Cr. Discount on installment payable中外比较会计ch最新EXPENDITUREIncreases operating efficiency or adds
11、 to capacity?Capital Expenditure (Debit plant asset account)YesYesCapital and Revenue ExpendituresIncreases useful life (extraordinary repairs)?NoNoCapital Expenditure (Debit accumulated depreciation account)YesYesRevenue Expenditure (Debit expense account for ordinary maintenance and repairs)NoNo中外
12、比较会计ch最新Depreciation（折旧）l1.straight-line method (SL)l(Cost Residual value)/Years of Useful Life中外比较会计ch最新l2. units-of production method (UOP)l(Cost Residual value)/Estimated Units of Production中外比较会计ch最新l3.declining-balance method (double-declining-balance, DDB 150% declining-balance) used in income
13、 tax returns, rather than financial statementlAnnual depreciation expense =Remaining book value DB ratelNotice that the residual value of a plant asset does not enter into the computation of depreciation expense by the declining-balance method.中外比较会计ch最新l4.Sum-of the-years-digits methodDepreciation
14、Expense Accumulated depreciation中外比较会计ch最新Depreciation and income taxesP325/203 TranslationMost companies use the straight-line depreciation method for reporting to their stockholders and creditors on their financial statements. They also keep a separate set of depreciation records for computing the
15、ir income taxes. For income tax purposes, most companies use an accelerated depreciation method .中外比较会计ch最新Suppose you are a business manager. The IRS allows an accelerated depreciation method , which most managers prefer to straight-line depreciation. Why? Because it provides the most depreciation
16、expense as quickly as possible, thus decreasing your immediate tax payments. You can then apply the cash you save to fit your business needs.中外比较会计ch最新MACRS depreciation for tax purposes (P326/204)MACRS: Modified Accelerated Cost Recovery System 修订的加速成本回收制The Tax Reform Act of 1986中外比较会计ch最新Deprecia
17、tion for partial yearsP327/205lPurchased on or before the 15th of a month, record a full months depreciationlPurchased after the 15th of a month, record no depreciationlHalf-year convention 半年期惯例中外比较会计ch最新Changing the useful life of a depreciable asst P327/205中外比较会计ch最新lThis correction affects only
18、the amount of depreciation expense that will be recorded in the current and future periods. The financial statements of past periods are not revised to reflect changes in the estimated useful lives of depreciable assets. 未来适用法不用追溯调整未来适用法不用追溯调整中外比较会计ch最新lThe change and its effect should be reported i
19、n notes to the financial statement. Example P328/206中外比较会计ch最新Accounting for Plant Asset DisposalsWhen Plant assets lose their usefulness they may be disposed of in one of the following ways:1. discarded,2. sold, or3. traded (exchanged) for similar assets.中外比较会计ch最新Gain or loss will be reported in t
20、he income statement as Other Income or Other Loss.When plant assets are sold, the owner may break even, sustain a loss, or realize a gain.Sale of plant assets中外比较会计ch最新Dr. Cash Accumulated Depr.Equipment Loss on Disposal of plant assets Cr. Equipment Gain on Disposal of plant assets中外比较会计ch最新Exercis
21、e: company sold a building with a historical cost of $200,000 and accumulated depreciation of $140,000 at the date of disposal for $80,000 cash.中外比较会计ch最新l Cash 80,000 Accu. Depn. 140,000 Buildings 200,000 Gain on sale of building 20,000中外比较会计ch最新Exchanging for similar assetsP331/209lTransfer the bo
22、ok value of the old asset plus any cash payment into the new asset account中外比较会计ch最新The impairment（减值）（减值） of plant assetsl lIf the cost of an asset cannot be recovered through future use or sale, the asset should be written down（减记） to its net realizable value. The offsetting debit is to a loss acc
23、ount. These write-offs （转销数）generally do not enter into the determination of taxable income.中外比较会计ch最新Dr. Non-operating expense Cr. provision for impairment on PPE中外比较会计ch最新Natural Resources and Depletion自然资源和折耗自然资源和折耗中外比较会计ch最新Natural Resources and DepletionA business paid $400,000 for the mining r
24、ights to a mineral deposit estimated at 1,000,000 tons of ore. The depletion rate is $0.40 per ton ($400,000 1,000,000 tons).中外比较会计ch最新Natural Resources and Depletion Adjusting Entry Accumulated Depletion36 000 00During the current year, 90,000 tons are mined. The periodic depletion is $36,000 (90,000 tons x $0.40).Dec. 31 Depletion Expense36 000 00中外比较会计ch最新 depreciation of plant and equipment（折旧）（折旧） depletion of natural resources（折耗）（折耗） amortization of intangible assets(摊销）摊销）中外比较会计ch最新
