课程名称︰中级会计学乙 课程性质︰中会 课程教师︰蔡彦卿 开课学院：管理学院 开课系所︰财金系 考试日期（年月日）︰97/4/29 考试时限（分钟）：3 hrs 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 1、On January 1, 2005, Armani Inddustries leased equipment on an eight-year term at $15000 annual rental payment,paid in advance. There is a bargain purchase option on December 31, 2012(end of lease), of $24000. The economic life of the equipment is estimated to be 15 years. The interest rate is 12 percent Instructions (1) give the necessary entries for 2005 assuming all payments after the initial payment are made on December 31. (2) Give the entry at December 31, 2012, assuming the option is permitted to lapse and that there is no residual value because of obsolescence. Asumme 2012 amortization entries have been made. 2、Tod's Retail Store is negotiation three leases for store locations. Tod's incremental borrowing rate is 12 percent. Each store will have an economic useful life of 30 years. Lease payments will be made at the end of each year. Based on the data below, properly classify each of the leases as an operating lease or a capital lease. The purchase price for each property is listed as an alternative to leasing. location lease term lease payment purchase price location a 26 years $1500000 $12000000 location b 20 years 1300000 10000000 location c 20 years 1400000 15000000 Instuctions: Determine whether each of the leases should be classified by Tod's as an operating lease or a capital lease. Show computations and reasons to support your answers. 3、 Prada Inc. uses lease as a method of selling its product. In early 2008, it completed construction of a passenger ferry. On March 1, 2008, the ferry was leased to New York Ferry line on a contract specifying that the ownership of the ferry well transfer to the lessee at the end of the aggreement as follows: original cost of the ferry------------------------------$1500000 fair market value of the ferry at the lease date-------- 2189022 lease payment(paid in advance)-------------------------- 220000 estimated residual value-------------------------------- 78000 incremental borrowing rate------------------------------ 10% date of first lease payment ---------------------------- March 1, 2008 lease period ------------------------------------------ 20 years Instructioin (1) compute the amount of financial revenue that will be earned over the lease term and the manufacturer's profit that will be earned immediately by Prada Inc. (2) Determine the amount of interest revenue for 2008 2009 and 2010. 4、 On January 1, 2008, Garddner Associateds purchased 30 percent of the outstanding shares of stock of Louis Vuitton Corp. for $150000 cash. The investment will be accounted for by the equity method. On that date, Louis Vuitton's net assets(book and fair value) were $300000. Gardner has determined that the excess of the cost of its investment in Gillen over its share of Gillen's net assets is attributable to equipment whose market value exceeds its carrying value by $100,000 and to an operating license whose market value exceeds its carrying value by $100000. The remaining useful life of the equipment is ten years and the remaining useful life of the operating license is 20 years. Louis Vuitton's net income for the year ended December 31, 2008, was $60000. During 2008, Gardner received $5000 cash dividends from LV. There were no other transactions between the two companies. Instructions: Compute the amount that would be reported on Gardner Associates' books for the investment in Louis Vuitton Corp. at December 31 2008. 5、 During 2008, Gucci company purchased 4000 shares of L company common stock for $12 per share and 2500 shares of O company common stock for $27 per share. These investments are intended to be held as ready sources of cash and are classified as trading securities. Also in 2008, Gucci Company purchase 4500 shares of common stock of V company common stock for $25 per share and $50000 of treasury notes at 102. These securities are classified as available for sale. During 2008, Gucci received the following interest and dividend payments on its investimens: L company $2 per share dividend O comapny $1 per share dividend V company $3 per share dividend E compnay 5% annual interest earned for 6 months market value of the securities at December 31,2008 are as follows: L company $16 per share O company $18 per share V company $23 per share E company 103 On March 23,2009, the 2500 shares of O common stock were sold for $18 per share. On June 30, 2009, the treasury note were sold at 101 plus accrued interest. Market values of remaining securities at December 31, 2009 were as follows: L company $15 per share V company $29 per share Instruction: Prepare all journal entries in 2009 related to these securities. 6、On January 1, 2008, the records of the Coach Corporation showed these balances: Common stock-authorized 78000 shares at $100 par; issued 30800 shares---- ---------------------------------------------------------------$3080000 Paid-in capital in excess of par------------------------------ 264800 Retained earnings--------------------------------------------- 2960000 During 2008 and 2009, these transactions occurred: (1) July 1, 2008 declared stock dividend(from unissued stock) of 1 share for each 2 shares outstanding, issued September 1.(Prior to the declation, the market value of the unissued stock was $115 per share) (2) June 1,2009 declared stock dividend (from unissed stock) of 1 share for each 10 shares outstanding, issued August 1. (Prior to the declation,the market value of the unissued stock was #120 per share) Instruction: provide the entries to record the declaration and payment of the stock dividends during 2008 and 2009 7、 Dior Corp. adopted a fixed stock option plan to supplement the salaries of certain executives of the company. Options to buy common stock($10 par value) were granted as follows: date employee #of exercise market price at option value at share price date of granted date of granted 1/1 2005 a 30000 $30 $32 $9 1/1 2006 b 9000 38 41 10 1/1 2007 c 6000 43 47 11 1/1 2008 d 72000 50 60 13 options are nontransferable and can be exercised beginning four years after date of grant, proveided the executive is still employed by the company. Stock options were exercised as follows: date employee #of Exercise market price at share price date of grant 12/31/2009 a 30000 $30 $48 12/31/2009 d 72000 50 60 instruction: provide all entries that would be made on the books of Dior Corp. relative to the stock option plan for the period 2009. 8、Garrison Designs, Inc. a corporation organized on January 1999, reported the following incomes(loss) for the ten-year period 1999-2008: year income(loss) income tax rate income tax paid 1999 $16000 50% $8000 2000 (40000) 50% 0 2001 16000 48% 7680 2002 24000 48% 11520 2003 (32000) 45% 0 2004 16000 42% 6720 2005 32000 42% 13440 2006 64000 34% 21760 2007 80000 34% 27200 2008 (16000) 30% 0 Instruction: compute the amount of income tax refund for each year as a result of NOL carryback and the amount of carryforward(if any). 9、Dunhill Inc. computed a pretax financial income of $40000 for the first year of its operations ended December 31,2008. Included in financial income was $25000 of nondeductible expenses, $22000 gross profit on installment sales that was deferred for tax purpose until the installments were collected, and $18000 in bad debt expense that had been accrued on the books in 2008. The temporary differences are expected to reverse in the following patterns: year gross profit on collections bad debt write-offs 2009 5000 $6000 2010 7000 12000 2011 4000 2012 6000 total $22000 $18000 the enacted tax rate for this year and the next four years are as follows: 2008:40% 2009:35% 2010:32% 2011:30% 2012:32% instruction: prepare the journal entries necessary to record income tax for 2008. Assume that there will be sufficient income each future year to realize any deductible amounts. For classification purpose, the bad debt write-off are considered to be associated with current asset and the receivable for installment sales is classified as both current and noncurrent depending on the expected timing of the receipt. --

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