Determine cost of plant acquisitions.
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E9-1The following expenditures relating to plant assets were made by Spaulding Company
1. Paid $5,000 of accrued taxes at time plant site was acquired.
(a) Explain the application of the cost principle in determining the acquisition cost of
E9-7Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011.The truck
(a) Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the
Prepare necessary adjusting entries at December 31 to record amortization required by the
P9-7BThe intangible assets section of Time Company at December 31, 2011, is presented below.
Patent ($100,000 cost less $10,000 amortization) $ 90,000
The patent was acquired in January 2011 and has a useful life of 10 years.The copyright was acquired
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