Answer:
(1) Journal entry of debt restructuring on Dec 31, 2009
Dr. Inventory 540
Dr. Fixed assets 900
Dr. Tax payable-VAT-input 222.57 [ (540+769.23)×17%]
Dr. Bad debt provision 400
Dr. Non-operating expense 68.2
Cr. Accounts receivable 2000
Cr. Bank deposit 130.77
(2) Journal entry of accrued depreciation of company A in 2010
Dr. Overhead expense 150 (900 / 6)
Cr. Accumulated depreciation 150
(3) Journal entry for accrued impairment for fixed assets of company A at the end of 2011
Closing balance of book value on fixed assets in 2011=900-150×2=600 (in ten thousands Yuan)
Closing balance of recoverable amount in 2011=420 (in ten thousands Yuan)
Closing balance of provision for assets impairment in 2011=600-420=180 (in ten thousands Yuan)
Dr. Asset impairment loss 180
Cr. Provision for fixed assets impairment 180
(4) Journal entry for accrued depreciation of company A in 2012
Dr. Overhead expense 105 (420 / 4)
Cr. Accumulated depreciation 105
(5) Calculate the closing balance of book value on fixed assets in 2013
Closing balance of book value on fixed assets in 2006=900-150×2-105×2-180=210 (in ten thousands Yuan)
(6) Journal entry for transfer the fixed assets’ book value to CIP of company A on Dec 31, 2013
Dr. CIP 210
Dr. Accumulated depreciation 510 (150×2+105×2 )
Dr. Provision for fixed assets impairment 180
Cr. Fixed assets 900
(7) Calculate the capitalized and accrued interest expense in 2014, and prepare related account entry.
a. Calculate the capitalized interest expense of specific borrowig in 2014
Interest expense of specific borrowing=500×12%=60 (in ten thousands Yuan)
Thereinto
Interest expense during the capitalization period=500×12%×5/12=25(in ten thousands Yuan)
Interest expense during the expenditure period=500×12%×/12=35(in ten thousands Yuan)
Interest income of banked specific borrowing=500×0.5%×3+300×0.5%×2+200×0.5%×1=11.5(in ten thousands Yuan)
Thereinto
Interest income during the capitalization period=300×0.5%×2+200×0.5%×1=4(in ten thousands Yuan)
Interest income during the expenditure period=500×0.5%×3=7.5(in ten thousands Yuan)
Capitalized interest amount of specific borrowing=25-4=21(in ten thousands Yuan)
Specific borrowing interest for accrued financial fee=35-7.5=27.5(in ten thousands Yuan)
b. Calculate the capitalized interest amount of general-borrowing in 2014
The weighted average construction expenditure used by general-borrowing=100×(6-4)/12=16.67(in ten thousands Yuan)
Capitalized interest amount of general borrowing=16.67×8%=1.33(in ten thousands Yuan)
Interest of general borrowing=600×8%=48(in ten thousands Yuan)
Expensed interest expense of general borrowing=48-1.33=46.67(in ten thousands Yuan)
c. Calculate the capitalized and expensed interest expense in 2014
Interest expense which should be capitalized=21+1.33=22.33(in ten thousands Yuan)
Interest expense which should be expensed=27.5+46.67=74.17(in ten thousands Yuan)
d. Related account entry in 2014:
Dr.CIP 22.33
Dr. Financial fee 74.17
Dr. Interest receivable (Bank deposit) 11.5
Cr. Interest payable 108
(8) Calculate the capitalized and expensed interest expense in 2015, and prepare related account entry
a. Calculate the capitalized interest of specific borrowing in 2015
Interest amount of specific borrowing=500×12%=60 (in ten thousands Yuan)
Capitalized interest amount of specific borrowing=500×12%×9/12=45(in ten thousands Yuan)
Expensed interest amount of specific borrowing=60-45=15(in ten thousands Yuan)
b. Calculate the capitalized interest amount of general loan in 2015
The weighted average construction expenditure used by general-borrowing =200×9/12+50×6/12+50×3/12=187.5(in ten thousands Yuan)
Capitalized interest amount of general-borrowing =187.5×8%=15(in ten thousands Yuan)
Expensed interest amount of general-borrowing =48-15=33(in ten thousands Yuan)
c. Calculate the capitalized and expensed interest amount in 2015
Interest amount which should be capitalized=45+15=60(in ten thousands Yuan)
Interest amount which should be expensed=15+33=48(in ten thousands Yuan)
d. Related account entry:
Dr.CIP 60
Dr. Financial fee 48
Cr. Interest payable 108
(9) Account entry booked fixed assets transferring from CIP
Dr. Fixed assets 1092.33[210+(200+100+300+100+50+50)+22.33+60=1092.33]
Cr. CIP 1092.33
(10)
Dr. Disposal of fixed assets 1039.83
Accumulated depreciation [ (1092.33-42.33)÷10×6/12]52.5
Cr. Fixed assets 1092.33
Dr. Intangible assets 2100
Dr. Bank deposit 240
Cr.Provision for fixed assets impairment 1039.83
Cr. Tax payable—VAT payable (Output VAT) (2000×17%)340
Cr. Non-operating income 100
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