毕晓方改编+《财务会计》的课后习题答案第14章习或题答案.docVIP

Ex. 14–1 Apr. 15 Income Tax Expense 70,000 Cash 70,000 June 15 Income Tax Expense 70,000 Cash 70,000 Sept. 15 Income Tax Expense 70,000 Cash 70,000 Dec. 31 Income Tax Expense 150,000* Income Tax Payable 40,000 Deferred Income Tax Payable 110,000** *[($900,000 × 40%) – (3 × $70,000)] = $150,000 **[($800,000 × 40%) – (3 × $70,000)] = $110,000 Jan. 15 Income Tax Payable 110,000 Cash 110,000 Ex. 14–2 2005 Dec. 31 Income Tax Expense 920,000 Deferred Income Tax Payable 120,000* Income Tax Payable 800,000** *$300,000 × 40% = $120,000 **$2,000,000 × 40% = $800,000 2006 Dec. 31 Income Tax Expense 880,000 Deferred Income Tax Payable 120,000 Income Tax Payable 1,000,000** **$2,500,000 × 40% = $1,000,000 Ex. 14–3 a. Depreciation expense per year: = $8,000,000 per year December 31, 2006 net book value (carrying value) prior to impairment adjustment: Fiber optic network cost $100,000,000 Less accumulated depreciation 16,000,000 Fiber optic net book value $ 84,000,000 b. 2006 Dec. 31 Loss from Fixed Asset Impairment 39,000,000* Fixed Assets—Fiber Optic Network 39,000,000 *$84,000,000 – $45,000,000 c. Balance sheet: Fixed assets—Fiber optic network $ 61,000,000* Less accumulated depreciation 16,000,000 Fixed assets—Fiber optic network net book value $ 45,000,000 *$100,000,000 – $39,000,000 Ex. 14–4 a. 2006 Dec. 31 Loss from Fixed Asset Impairment 99,000,000 Fixed Assets—Buildings and Improvements 80,000,000 Fixed Assets—Land 8,000,000 Fixed Assets—Equipment 11,000,000 b. On December 31, 2006, management determined that one of the resort properties was permanently impaired due to the discovery of an adjacent toxic chemical waste site. Bookings to this property have dropped significantly, and it was determined that the property had to abandoned. As a result, a $99 million asset impairment loss was recognized in 2006, reflecting the fair value of assets associated with thi