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ACCT19062 Intermediate Financial Accounting
Questions:
1 On 1 July 2017, Celeste Ltd paid $200,000 cash to acquire a machine. On this date it was estimated that the machine had a useful life of ten years and a residual value of $25,000. In accordance with AASB 116 Property, Plant and Equipment, Celeste Ltd uses the revaluation model as its accounting policy to measure items of property, plant and equipment and the straight-line method of depreciation. Celeste Ltd has a 30 June reporting date.
An independent valuer provided the following fair values for the machine:
On 31 December 2020, the machine was sold for $140,000 cash.
Required
Prepare the journal entries to account for the events and transactions in relation to the machine between 1 July 2017 and 31 December 2020.
2 Wilson Engineering Ltd is a metal engineering and steel fabrication company that operates a factory in Sydney. In January 2020, local residents complained that hazardous material had leaked from the company’s premises and contaminated a local park that was adjacent to Wilson Engineering Ltd’s factory. In May 2020, environmental officers from the City of Sydney Council conducted an investigation. They confirmed that the local park was heavily contaminated with methylene chloride and chromium VI (hexavalent chromium) and that Wilson Engineering Ltd was responsible for the contamination. Wilson Engineering Ltd responded immediately by implementing new procedures for the storage and disposal of hazardous waste material to prevent any further contamination from occurring and then made a series of public announcements that it would undertake to restore the contaminated park in two years’ time. As at 30 June 2020, Wilson Engineering Ltd estimates the cost of restoring the contaminated park as follows:
On 30 June 2020, the risk-free discount rate, based on two-year government bonds, is 5%. However, Wilson Engineering Ltd believes that a discount rate of 3% is appropriate to adjust for the risks specific to this liability.
Required
Determine the amount that, in your judgement, Wilson Engineering Ltd should recognise as a provision as at 30 June 2020. Justify the approach that you used to calculate the amount. You should note that the marks for this question are for the approach that you take and the justification rather than the calculation.
3 Branford Diary Ltd is an Australian company that manufactures and sells diary milk and milk-related products. During 2020, Branford Diary Ltd developed a new flavoured milk drink. On 1 July 2021, Branford Diary Ltd purchased a trademark from a competitor who was going out of business. The trademark includes the word ‘Prima’ in a distinctive font that is coloured blue along with a symbol. Branford Diary Ltd intends to use this trademark to market their new flavoured milk drink.
In July 2021, Branford Diary Ltd registered the trademark with IP Australia which is the administering body for trademarks in Australia. Under Australian law, an entity that has an unregistered trademark can take legal action against another party for using the trademark. However, when the trademark is registered, the entity has additional rights under the law, and it is easier to stop another party from infringing the trademark.
Trademark registration is renewable every ten years at little cost. Branford Diary Ltd intends to renew the trademark continuously and evidence supports its ability to do so. An analysis of product life cycle studies provides evidence that the flavoured milk drink will generate net cash inflows for Branford Diary Ltd for an indefinite period. However, (1) market, competitive and environmental trends, and (2) brand extension opportunities do not provide evidence that the flavoured milk drink will generate net cash inflows for Branford Diary Ltd for an indefinite period.
Required
(a) Explain whether the trademark (1) satisfies the definition of an intangible asset, and (2) should be recognised as an intangible asset in accordance with AASB 138 Intangible Assets.
(b) Explain how the trademark would be measured (1) on initial recognition and (2) subsequent to initial recognition.
(c) Explain whether the useful life of the trademark would be assessed as finite or indefinite.
(d) Would your answer to (a) change if the trademark had not been registered with IP Australia?
(e) Would the trademark be recognised as in intangible asset if it had been internally generated rather than acquired?
ACCT19062 Intermediate Financial Accounting
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