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Depletion expense = CHF736,000 / 800,000 = 0.92CHF/unit Depletion expense 2015 = 124,000 * 0.92 = CHF114, Account entries Debit Credit Depletion Expense CHF114, Accumulated depletion CHF114, a) Assume that the 124,000 tons of ore were mined, but only 90,000 units were sold. How are the costs applicable to the 34,000 unsold units reported? 34,000 * CHF0.92 = CHF31, E9- Particulars Amounts Amounts Jay’s truck (new) 4,000€ Loss on disposal of Plant Assets 2,000€ Accumulated Depreciation 16,000€ Jay’s truck (old) 22,000€ Cost of old truck 22,000€ Less: Accumulated depreciation 16,000€ Book value 6,000€ Fair value of old truck 4,000€ Loss on disposal 2,000€ a) Journalize the exchange for Astro’s Express Delivery. Particulars Amounts Amounts Astro’s truck (new) 4,000€ Accumulated depreciation – equipment (old) 7,000€ Astro’s truck (old) 10,000€ Gain on disposal of Plant Assets 1,000€ Cost of old truck 10,000€
Less: Accumulated depreciation 7,000€ Book value 3,000€ Fair value of old truck 4,000€ Gain on disposal 1,000€ P9-6A Yount Co. has equipment that cost €50,000 and that has been depreciated €22,000. a) It was scrapped as having no value. Accumulated depreciation – equipment 22,000€ Loss on Disposal of Plant Assets 28,000€ Equipment 50,000€ b) It was sold for €25,000. Cash 25,000€ Accumulated depreciation – equipment 22,000€ Loss on Disposal of Plant Assets 3,000€ Equipment 50,000€ c) It was sold for €31,000. Cash 31,000€ Accumulated depreciation – equipment 22,000€ Gain on Disposal of Plant Assets 3,000€ Equipment 50,000€
a) Patent = (£60,000 * 1/10) + (£45,000 * 1/9) = £11, Franchise = (£48,000 * 1/10) + (£100,000 * 1/40 * 3/12) = £5, Account entries Debit Credit Amortization expense – Patent £11, Patent £11, Amortization expense – Franchise £5, Franchise £5, b) Patents Cost = £60,000 + £45,000 = £105, Amortization = £6,000 + £11,000 = £17, Patents = Cost – Amortization = £105,000 - £17,000 = £88, Franchises Cost = £48,000 + £100,000 = £148, Amortization = £19,200 + £5,425 = £24, Franchises = Cost – Amortization = £148,000 - £24,625 = £123, Intangible Assets Patents £88, Franchises £123, Total intangible assets £211,
