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ACTG 1P12 (42)
Lecture

Chapter 5 Notes - class.docx

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Department
Accounting
Course
ACTG 1P12
Professor
Norman Chasse
Semester
Winter

Description
Chapter 5 Capital Assets Aka Long lived assets or Fixed AssetsOfficial termProperty Plant and Equipment Tangible Assetsbuildings land equipment Intangible Assets no physical properties eg Copyrights patents trademarksBasket Purchase allocationBusinesses often purchase several assets in a lumpsum purchase Bundle purchasesallocate cost based on relative FMV of individual assets Ex ABC Co acquires a forklift cutting machine and building for 400000Estimated FMV of assets o Forklift100000 16 x 400000 o Machine 200000 26 x 400000 o Building 300000 36 x 400
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