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MOJAKOE UAS AKUNTANSI KEUANGAN 1 2011

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MOJAKOE UAS AKUNTANSI KEUANGAN 1 2011

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FINAL TERM EXAM


FINANCIAL ACCOUNTING 1
Team Teaching
Monday, January 2, 2012
09.00 12.00 (3 hours)
This exam is CLOSED BOOKS; usage of financial calculator is allowed
Always provide calculation on every step of your answer
Provide your answer in a clear and readable form
REMEMBER: Self trust is the first step to success

Problem 1: Capitalization of Interest, Revaluation and Impairment


A. Capitalization of interest (15%)
Early in 2010, Shy Corporation engaged Kone, Inc. to design and construct a complete modernization of
Shy's manufacturing facility. Construction was begun on June 1, 2010 and was completed on December
31, 2010. Shy made the following payments to Kone, Inc. during 2010:
Date
Payment
June 1, 2010

$3,600,000

August 31, 2010

5,400,000

December 31, 2010

4,500,000

In order to help finance the construction, Shy issued the following during 2010:
1. $3,000,000 of 10-year, 9% bonds payable, issued at par on May 31, 2010, with interest payable
annually on May 31.
2. 1,000,000 shares of no-par ordinary shares, issued at $10 per share on October 1, 2010.
In addition to the 9% bonds payable, the only debt outstanding during 2010 was a $750,000, 12% note
payable dated January 1, 2006 and due January 1, 2016, with interest payable annually on January 1.
Instructions
Compute the amounts of each of the following (show computations):
1. Weighted-average accumulated expenditures qualifying for capitalization of interest cost.
2. Avoidable interest incurred during 2010.
3. Total amount of interest cost to be capitalized during 2010.
B. Revaluation (15%)

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Shy Corporation uses revaluation accounting for the above manufacturing facility. The manufacturing
facility has a 20 years useful life with no residual value. The company has the following information
related to the manufacturing facility.
Date
January 1, 2011
December 31, 2011
December 31, 2012

Fair Value
$13,747,500
$13,490,000
$11,700,000

Instructions
(a)

Prepare the journal entries for 2011 related to the manufacturing facility!

(b) Prepare the journal entries for 2012 related to the manufacturing facility! Assume that there
is an indication the manufacturing facility is impaired.
(c)

Determine the amount of depreciation expense that Shy will record on the manufacturing
facility in 2013!

Problem 2: Intangible Assets (15%)


Bon Co. purchased a patent from Kiddy Co. for $360,000 on July 1, 2007. Expenditures of $140,000 for
successful litigation in defense of the patent were paid on July 1, 2010. Sisco estimates that the useful
life of the patent will be 20 years from the date of acquisition.
At the beginning of 2011, based on new market research, Bon Co. determines that the recoverable
amount of the patent is $297,000.
Instructions
(a) Prepare the journal entry to record the purchase of the patent and amortization expense for 2007.
(b) Prepare the journal entry to record the expenditure for successful litigation and amortization
expense for 2010.
(c) Prepare the journal entry to record the impairment of the patent (if any) and amortization expense
for 2011.

Problem 3: Investment Property and Non Current Assets Held for Sale
A. Investment Property (10%)
In 2010, Kenko Investment Property Group purchased a property in Singapore at a cost of $ 10 million. It
has not determined the usage of the property but considers that the value of the property will increase.
However, due to the the sub-prime loan crisis in the US and worldwide, the fair value of the property
decreases to $ 7.5 million on 31 March 2011. Kenko Yamashida, chairman of the group, proposes to use
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MOJAKOE UAS AKUNTANSI KEUANGAN 1 2011

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the cost model to avoid any fair value recognised in profit or loss. Evaluate and discuss the proposed
accounting treatment of Kenko.
B. Non Current Assets Held for Sale (15%)
On January 1, 2007, ATA Group acquired a motor vehicle with an estimated useful life of 10 years at $
800,000 (with no residual value and depreciated on a straight line basis). After the receipt of the vehicle
5 days later, ATA decided to sell it. The planned disposal fulfilled the criteria under PSAK 58 (Non Current
Assets Held for Sale), and the fair value less estimated costs to sell is also around $ 800,000. At year end
of 2007, ATA decided to withdraw the sale and use the vehicle for its own use. At that date, ATA
estimated that the recoverable amount may be (1) $ 750,000 or (2) $ 600,000. Calculate the different
financial implications from the two estimates of the recoverable amount.

Problem 4: Employee Benefits (20%)


The accountant of PT DEF has developed the following information for the company's defined-benefit
pension plan for 2011:
PV Defined Benefit Obligation - Jan 1 2011
1,000,000,000
FV Plan Asset - Jan 1 2011
1,000,000,000
Unrecognized Net Gain - Jan 1 2011
140,000,000
Currentyearsdata:
Service cost
130,000,000
Annual contribution to the plan
90,000,000
Expected Remaining Working Lives of Employee (years)
10
Benefits paid to retirees
150,000,000
Settlement rate
10%
Expected rate of return on plan assets
12%
PV Defined Benefit Obligation Dec 31 2011
1,141,000,000
FV Plan Asset Dec 31 2011
1,092,000,000
Additional information:
The company uses the corridor approach for amortizing the Unrecognized Net Gain or Loss
when it gets too large.
In 2011 the company amends the defined benefit plan which results to an increase in the
defined benefit obligation.
Instructions
(a) Using the above information for PT DEF, compute pension expense for 2011 and pension liability in
Balance Sheet Dec 31 2011! Use pension work sheet to support your calculations!
(b) Prepare the journal entries to reflect the accounting for the company's pension plan for the year
ending December 31, 2011!

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Problem 5: Current Liabilities (10%)


Listed below are selected transactions of Schultz Department Store for the current year ending
December 31.
a. On December 5, the store received $ 500 from the Jackson Players as a deposit to be returned
after certain furniture to be used in stage production was returned on January 15.
b. During December, cash sales totaled $ 798,000, which includes the 5% sales tax that must be
remitted to the state by the fifteenth day of the following month.
c. On December 10, the store purchased for cash three delivery trucks for $ 120,000. The trucks
were purchased in a state that applies a 5% sales tax.
d. The store determined it will cost $ 100,000 to restore the area surrounding one of its store
parking lots, when the store is closed in 2 years. Schultz estimates the fair value of the obligation
at December 31 is $ 84,000.
Instructions
Prepare all the journal entries necessary to record the transactions noted above as they occurred and
any adjusting journal entries relative to the transactions that would be required to present fair financial
statements at December 31. Date each entry. For simplicity, assume that adjusting entries are recorded
only once a year on December 31.

JAWABAN

Date

Payment

Capt. Period

WAAE

June 1, 2010

3.600.000

7/12

2.100.000

Aug 31, 2010

5.400.000

4/12

1.800.000

Dec 31, 2010

4.500.000

13.500.000

3.900.000

Avoidable Interest
Specific Debt = 3.000.000 x 7/12 x 0,09 = 157.500
Other Debt = 750.000 x 0,12 = 90.000
Total Avoidable interest = 247.500
Actual Interest
Specific Debt = 3.000.000 x 7/12 x 0,09 = 157.500
Other Debt = 750.000 x 0,12 = 90.000
Total Actual interest = 247.500
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Interest cost to be capitalized = 247.500


Nilai manufacturing Facility = 13.500.000 + 247.500 = 13.747.500
1/6/10 Manufacturing Facility
Cash
31/8/10 Manufacturing Facility
Cash
31/12/10 Manufacturing Facility
Cash
Manufacturing Facility
Cash

3.600.000
3.600.000
5.400.000
5.400.000
4.500.000
4.500.000
247.500
247.500

REVALUATION
31/12/11 Depreciation Expense
Accumulated Depreciation
Accumulated Depreciation
Unrealized Gain on Reval.
Manufacturing Facility

687.375
687.375
687.375
429.875
257.500

31/12/12 Depreciation Expense


710.000
Accumulated Depreciation
710.000
AOCI
22.625
Retained Earning
22.625
Accumulated Depreciatin
710.000
AOCI
407.250
Loss on Impairment
672.750
Manufacturing Facility
1.790.000
31/12/13 Depreciation Expense
650.000
Accumulated Depreciation
650.000
Retained Earning
37.375
AOCI
37.375
Nomor 2
a. 1/7/07 Patent
360.000
Cash
360.000
31/12/07 Patent Amor. Exp. 9000
Patent
9000
b. 1/7/10 Patent
140.000
Cash
140.000
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31/12/10 Patent amor. Exp. 22.117


Cash
22.117
c. BV of patent 1/1/11 = 432.883
Recoverable Amount = 297.000
Impairment = 135.883
Loss on Impairment
135.883
Patent
135.883
d. Patent Amortization expense 18.000
Patent
18.000
3.
a. Investment property : perusahaan membeli suatu aset untuk mengharapkan kenaikan nilai
Yaitu berupa capital gain ataupun pendapatan sewa
Cost Model : tidak akan mengadjust naik atau turunnya fair value.
Fair Value : mengakui naik turunnya asset
b. NCAHFS = Tidak mengakui adanya depresiasi
NCA = Asset didepresiasikan
Depreciation expense = 80.000
BV = 720.000
1/1/07 NCAHFS
Cash
31/12/07 Motor Vehicle
Loss due to reclassification
NCAHFS
Motor Vehicle
Loss due to reclassification
NCAHFS

800
800
720
80
800
600
200
800

4. Lihat Lampiran

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MOJAKOE UAS AKUNTANSI KEUANGAN 1 2011

5.
a. Cash

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500
Customer Deposit

b. Cash
Sales
Sales Tax Payable
c. Trucks
Sales Tax (Receivable)
Cash
d. Store Parking lots
Restoration Liability

500
798.000
758.100
39.900
114.000
6000
120.000
84.000
84.000

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GENERAL JOURNAL ENTRIES

ITEM

Pension Exp

Cash

Beg Bal

MEMO RECORD
Pension Asset/ Liablility
140.000.000 Cr

DBO
1.000.000.000 Cr

Service Cost

130.000.000 Dr

130.000.000 Cr

Int

100.000.000 Dr

100.000.000 Cr

Actual Return
Expect.Ret. (0.12*DBO) =
120,000,000

152.000.000 Cr

Gain/Loss

Unrecog PSC

1.000.000.000 Dr

90.000.000 Dr

Benefit
Corridor Test : 0.1*PA =
100,000,000

150.000.000 Dr

150.000.000 Cr

4.000.000 Cr

4.000.000 Dr

Liability Increase

61.000.000 Cr
90.000.000 Cr

16.000.000
156.000.000 Cr

Dr

JOURNAL
Pension Exp

140.000.000 Cr

32.000.000 Cr
90.000.000 Cr

106.000.000 Dr

Unreg gain/loss

152.000.000 Dr

32.000.000 Dr

Cont

Amor of UGL

Plan Asset

Cr

106.000.000
Cash

90.000.000

Pension Liability

16.000.000

1.141.000.000 Cr

1.092.000.000 Dr

61.000.000 Dr
107.000.000 Cr
156.000.000 Cr