K12EPPTCH10 - Chapter 10-1 Acquisition and Disposition of...

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Unformatted text preview: Chapter 10-1 Acquisition and Disposition of Acquisition and Disposition of Property, Plant, and Equipment Property, Plant, and Equipment Chapter Chapter 10 10 Chapter 10-2 1. 1. Describe property, plant, and equipment. Describe property, plant, and equipment. 2. 2. Identify the costs to include in initial valuation of property, plant, and equipment. Identify the costs to include in initial valuation of property, plant, and equipment. 3. 3. Describe the accounting problems associated with self-constructed assets. Describe the accounting problems associated with self-constructed assets. 4. 4. Describe the accounting problems associated with interest capitalization. Describe the accounting problems associated with interest capitalization. 5. 5. Understand accounting issues related to acquiring and valuing plant assets. Understand accounting issues related to acquiring and valuing plant assets. 6. 6. Describe the accounting treatment for costs subsequent to acquisition. Describe the accounting treatment for costs subsequent to acquisition. 7. 7. Describe the accounting treatment for the disposal of property, plant, and equipment. Describe the accounting treatment for the disposal of property, plant, and equipment. Learning Objectives Learning Objectives Chapter 10-3 Acquisition and Disposition of Property, Plant, and Acquisition and Disposition of Property, Plant, and Equipment Equipment Acquisition Acquisition Acquisition Acquisition costs: Land, costs: Land, buildings, buildings, equipment equipment Self-constructed Self-constructed assets assets Interest costs Interest costs Observations Observations Valuation Valuation Cost Subsequent Cost Subsequent to Acquisition to Acquisition Dispositions Dispositions Cash discounts Cash discounts Deferred Deferred contracts contracts Lump-sum Lump-sum purchases purchases Stock issuance Stock issuance Nonmonetary Nonmonetary exchanges exchanges Contributions Contributions Other valuation Other valuation methods methods Sale Sale Involuntary Involuntary conversion conversion Miscellaneous Miscellaneous problems problems Additions Additions Improvements Improvements and and replacements replacements Rearrangement Rearrangement and reinstallation and reinstallation Repairs Repairs Summary Summary Chapter 10-4 “Used in operations” and not for resale. Long-term in nature and usually depreciated. Possess physical substance. Property, plant, and equipment includes land, buildings, and equipment (machinery, furniture, tools). Major characteristics include: Property, Plant, and Equipment Property, Plant, and Equipment LO 1 Describe property, plant, and equipment. LO 1 Describe property, plant, and equipment. Chapter 10-5 At acquisition, cost reflects fair value....
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K12EPPTCH10 - Chapter 10-1 Acquisition and Disposition of...

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