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Tugas Pertemuan 7

20 Menit
SOAL 1
Presented below is information related to copyrights owned by Wamser Corporation at
December 31, 2010.
Cost
$2,700,000
Carrying amount
2,350,000
Recoverable amount
1,400,000
Assume Wamser will continue to use this asset in the future. As of December 31, 2010, the
copyrights have a remaining useful life of 5 years.
Instructions
(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31,
2010.
(b) Prepare the journal entry to record amortization expense for 2011.
(c) The recoverable amount of the copyright at December 31, 2012 is $1,500,000. Prepare the
journal entry (if any) necessary to record this increase in fair value.
SOAL 2
Eubank Company, as lessee, enters into a lease agreement on July 1, 2011, for equipment. The
following data are relevant to the lease agreement:
1. The term of the noncancelable lease is 4 years, with no renewal option. Payments of
$422,689 are due on June 30 of each year.
2. The fair value of the equipment on July 1, 2011 is $1,400,000. The equipment has an
economic life of 6 years with no salvage value.
3. Eubank depreciates similar machinery it owns on the straight line basis.
4. The lessee pays all executory costs.
5. Eubank's incremental borrowing rate is 10% per year. The lessee is aware that the lessor
used an implicit rate of 8% in computing the lease payments (present value factor for 4
periods at 8%, 3.31213; at 10%, 3.16986.
Instructions
(a) Indicate the type of lease Eubank Company has entered into and what accounting
treatment is applicable.
(b) Prepare the journal entries on Eubank's books that relate to the lease agreement for the
following dates: (Round all amounts to the nearest dollar. Include a partial amortization
schedule.)
1. July 1, 2011.
2. December 31, 2011.
3. June 30, 2012.

.....000 56.....689 × PV of an ordinary annuity for 4 periods at 8% $422............400.......... New carrying amount Useful life Amortization 950..............................000 $2........31213 = $1............. 660..........000 (c) Copyrights .... $1.....689 × 3..............500........000 – $280................ (b) 1...Solusi 1 (a) December 31...400. it is a finance lease and must be accounted for under the finance lease method.000 Because the present value of the lease payments ($1...................000 Recovery of Impairment Loss ..400........350................000 – ($1................................. 1.... Copyrights .........000 ÷ 5 years $ 280....400.400.... Copyrights .000 Lease Liability .............000 $1......... 2011 Leased Equipment Under Finance Leases .................................... Accumulated Depreciation—Finance Leases [($1........ of the leased property.......... Interest Expense ($112.... Interest Payable ...................................000) equals the fair value...........................000 56..............000 × 6/12) ..........400............. 2011 Depreciation Expense... December 31..000 280.........000)] Solution 2 (a) Capitalized amount: $422................................400.........400.................................. July 1..000 175........000..400....000 [$1...000 ...000 December 31.............000 280.... 2010 Loss on Impairment ........ 660.000 $ 950.....000 175.. Carrying amount Recoverable amount Loss on impairment (b) 950................000 1.............. 2........................000 – $280.... 2011 Amortization Expense ..............................000 / 4) × 6/12] ........................................................... 1....................

......000 310..............311 753.......... Lease Liability ................................Solution 21-133 (cont...) Lease Amortization Schedule Date 7/1/11 6/30/12 6/30/13 3...400..................... (Interest payable entry assumed to have been reversed 1/1/11) Balance of Lease Liability $1............ 2012 Interest Expense .......089............145 Reduction of Lease Liability $310........ Cash ........000 1...........689 ..........689 422...............689 Interest on Unpaid Liability $112...........000 87.......767 112................. Annual Lease Payment $422...........544 June 30.....689 422.......689 335.......