E10-3 (The transfer of assets)
Bar company which is in financial difficulty and in the process of a voluntary reorganization, has agreed to transfer to a creditor a copyright it owns in full settlement of a $ 150.000 note payable and $ 15.000 in accrued interest. The copyright, which originally cost $ 100.000, has an accumulated amortization balance of $ 55.000 and a current fair value of $ 95.000.
Required:
- Prepare the journal entries on Bar Company’s books to record the transfer of the copyright
- Explain the proper treatment of any gain or loss recognized in (A)
- Assuming the fair value of the copyright was $ 30.000, repeat the requirement in (A)
Terjemahan:
Exercise 10-3 (Pengalihan Aset)
Perusahaan Bar sedang dalam keadaan kesulitan keuangan dan dalam proses reorganisasi sukarela, dan telah setuju untuk mentransfer kepada kreditur hak cipta yang dimilikinya secara penuh dari $ 150,000 note payable dan accrued interest $ 15,000. Hak cipta, yang biaya awalnya $ 100.000, memiliki nilai akumulasi amortisasi sebesar $ 55,000 dan nilai wajar saat ini $ 95,000.
Diminta :
- Siapkan jurnal pada buku Perusahaan Bar untuk pencatatan transfer pada hak cipta.
- Jelaskan perawatan yang tepat dari setiap keuntungan atau kerugian yang diakui pada poin (A)
- Mengasumsikan nilai wajar hak cipta adalah $ 30.000, ulangi pencatatan seperti poin (A)
Jawab:
Copyright 50,000
Gain on Transfer of Assets 50,000
To revalue the copyright to its current fair value. [$95,000 – ($100,000 - $55,000)]
Notes Payable 150,000
Accrued Interest Payable 15,000
Accumulated Amortization – Copyright 55,000
Copyright ($100,000 + $50,000) 150,000
Gain on Debt Restructuring 70,000
The gain on transfer of assets ($50,000) should be reported as a separate component (assuming material in amount) of operating income; the gain on restructuring ($70,000) should also be reported as a separate component of operating income.
Loss on Transfer of Assets 15,000
Copyright 15,000
To revalue the copyright to its current fair value. [$30,000 – ($100,000 - $55,000)]
Notes Payable 150,000
Accrued Interest Payable 15,000
Accumulated Amortization – Copyright 55,000
Copyright ($100,000 - $15,000) 85,000
Gain on Debt Restructuring ($165,000 - $30,000) 135,000
E10-4 (Provisions Modifications)
Lake Company, a major creditors of financially troubled Spain Company, has agreed to modify the terms of a debt owed to Lake Company. The debt consists of a $ 900.000 , 12 % note that is due currently along with accrued interest of $ 95.000. Lake Company agreed to extend the due date of the note and accrued interest for three years and to reduce the interest rate to 5 % per annum (on both maturity value and accrued interest), with interest to be paid annually.
Required :
- Should a gain on restructuring be recognized by Spain Company’s Explain.
- Prepare the entry that should be made on Spain Company’s bools on the date of restructure.
Terjemah:
Exercise 10-4 Ketentuan Modifikasi
Perusahaan Lake, sebuah kreditor utama perusahaan Spanyol yang mengalami kesulitan keuangan, telah di setuju untuk mengubah persyaratan utangnya ke Perusahaan Lake. Utang terdiri dari $ 900.000, 12 % note itu disebabkan saat bersama dengan bunga masih harus dibayar dari $ 95,000. Perusahaan Lake setuju untuk memperpanjang tanggal jatuh tempo dari catatan dan bunga selama tiga tahun dan untuk mengurangi tingkat suku bunga 5% per tahun (pada nilai jatuh tempo kedua dan bunga yang masih harus dibayar), dengan bunga yang harus dibayar setiap tahun.
Diminta:
- Haruskah keuntungan restrukturisasi diakui oleh Perusahaan Spanyol? Jelaskan
- Siapkan jurnal pada buku Perusahaan Spanyol pada tanggal restrukturisasi
Jawab:
No gain should be recognized because the total future cash payments specified by the new terms of $1,144,250 ($995,000 carrying value plus 3 years’ interest at $49,750 per year) exceed the current carrying value of the debt, $995,000.
Note Payable 900,000
Accrued Interest Payable 95,000
Restructured Debt 995,000
Problem 10-7(Statement of affairs and Deficiency Account)
Miner company is being forced into bankruptcy. The company’s creditors and stockholders have requested an estimate of the results of a liquidation of the company. Miner’s trial balance follows:
Miner Company Trial Balance
May 31, 2012
Debet Credit
Cash $ 6.000
Accounts Receivable 63.000
Allowance for Bad Debts $ 2.000
Notes Receivable 50.000
Accrued Interest on Notes Receivable 1.200
Inventory 60.000
Buildings 182.000
Accumulated Depreciation – Buildings 63.000
Equipment 14.600
Accumulated Depreciation – Equipment 1.400
Prepaid Insurance 1.100
Goodwill 8.500
Accrued Wages – with Priority 6.000
Taxes Payable – with Priority 2.400
Accounts Payable 170.000
Notes Payable 80.000
Accrued Interest Payable 1.600
Common Stock 110.000
Retained Earnings ( deficit ) 50.000
$ 436.400 $ 436.400
The assets are expected to bring cash on conversion in teh following amounts :
Accounts Receivable $ 50.000
Notes Receivable including $1.000 accrued interest 40.800
Inventory 30.000
Building 75.000
Equipment 4.200
Prepaid Insurance 400
The notes receivable are pledged as security on a note payable of $ 40.000. A note payable of $20.000 is secured by a lien on the building, and the equipment is pledged as security on a note payable of $10.000. One – half of the interest payable relates to the $40.000 note payable ; the other half of the interest payable relates to the $20.000 note payable. There is no accrued interest on the other notes payable.
Required :
Prepare a statement of affairs as of May 31, 2012.Include a deficiency account, and determine the estimated dividend rate to the general unsecured creditors.
Terjemah :
Problem 10-7 Statement of affairs and Deficiency Account
Perusahaan Miner sedang dalam keadaan bangkrut. Kreditur perusahaan dan pemegang saham meminta perkiraan hasil likuidasi perusahaan. Neraca saldo Miner sebagai berikut:
Neraca Saldo Perusahaan Miner
31 May, 2012
Debit Credit
Kas $ 6.000
Piutang usaha 63.000
Penyisihan Piutang tak tertagih $ 2.000
Wesel Tagih 50.000
Bunga wesel tagih yang masih harus dibayar 1.200
Persediaan 60.000
Bangunan 182.000
Akumulasi penyusutan – Bangunan 63.000
Peralatan 14.600
Akumulasi penyusutan – Peralatan 1.400
Asuransi dibayar dimuka 1.100
Goodwill 8.500
Gaji yang masih harus dibayar– dengan prioritas 6.000
Utang Pajak – dengan Prioritas 2.400
Utang usaha 170.000
Catatan hutang 80.000
Utang bunga yang masih harus dibayar 1.600
Saham biasa 110.000
Saldo Laba ( defisit ) 50.000
$ 436.400 $ 436.400
Aset diharapkan dapat menghasilkan konversi kas dalam jumlah sebagai berikut:
Piutang usaha $ 50.000
Wesel Tagih termasuk $ 1,000 bunga yang masih harus dibayar 40.800
Persediaan 30.000
Bangunan 75.000
Peralatan 4.200
Asuransi dibayar dimuka 400
Notes receivable digunakan sebagai jaminan pada note payable sebesar $ 40,000. Note payable sebesar $ 20,000 dijaminkan dengan hak gadai pada bangunan dan peralatan yang digunakan sebagai jaminan pada note payable sebesar $ 10,000. Setengah (¹/2) dari interest payable berkaitan dengan note payable$ 40,000, setengah lainnya dari interest payable berkaitan dengan note payable $ 20,000. Tidak ada bunga akrual atas note payable.
Dimintak :
Siapkan sebuah statement of affairs as of May 31, 2012. Berikut akun yang dibutuhkan, dan tentukan tingkat dividen yang diperkirakan oleh kreditor umum tanpa jaminan.
Jawab :
Miner Company
Statement of affairs
May 31, 2012
Book Realizable
Value Assets value
Asset pledged with fully secured creditors:
$ 50.000 Notes receivable $ 39.800
1.200 Accrued Interest Rec. 1.000 40.800
Notes payable 40.000
Accrued Interest Pay. 800 40.800
119.000 Building 75.000
Note Payable 20.000
Accrued Interest Pay. 800 20.800 $ 54.200
Asset Pledged with Partially Secured Creditors:
13.200 Equipment 4.200
Note payable 10.000
Free assets
6.000 Cash 6.000
61.000 Account receivable 50.000
60.000 Inventory 30.000
1.100 Prepaid Insurance 400
8.500 Goodwill - 0 -
Total Net Realizable value 140.600
Liabilities having Priority-Wages 6.000
Taxes 2.400 8.400
Net Free Assets 132.200
_ Estimated Deficiency to Unsecured Creditors 53.600
$ 320.000 $185.800
Book
value Equities Unsecured
Liabilities Having Priority:
$ 6.000 Accrued Wages $6.000
2.400 Taxes payable 2.400 8.400
Fully Secured Creditors:
60.000 Notes Payable 60.000
1.600 Accrued Interest Payable 1.600 61.600
Partially Secured Creditors:
10.000 Note payable 10.000
Equipment 4.200 $5.800
Unsecured Creditors:
170.000 Account payable 170.000
10.000 Notes payable 10.000
Stokeholder’s equity
110.000 Common stock
( 50.000 ) Retained earnings (Deficit)
$ 320.000 $185.800
$ 320.000 $185.800
Deficiency Account
May 31, 2012
Estimated Losses: Estimated Gain:
Account receivable $ 11.000 Common stock $110.000
Notes receivable 10.400 Retained earnings (50.000)
Inventory 30.000 Estimated deficiency to
Buildings 44.000 Unsecured Creditors 53.600
Equipment 9.000
Prepaid Insurance 700
Goodwill _ 8.500 __________
$113.600 _ $ 113.600
Estimated Final devidend rate to unsecured creditors is: $132.200/ $185.000 = 71,15%
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