一、（20 scores）Dec. 31 2008, X company purchased a new machine and made expenditures as follows (in $)Purchase price 550,000Freight charges 10,000Insurance 15,000Installation 25,000In payment, X Company signed a noninterest-bearing note requiring 550,000 to be paid on Jan 1, 2011, and the rest was paid in cash. If X Company had borrowed cash to buy this machine, the bank would have required an interest rate of 8%.1. Determine the initial valuation of the machine, and prepare the entry of the transaction.(P/F , 8%,2 )=0.86) PV of 550,000 in 2011=550,000*0.86=473 000Machine 523000Discount on note payable 77,000Notes payable 550,000Cash 50,000And X Company estimated the machine still got five-year service life and the residual value would be 73,000.the sum-of-the-years digits method was used.2. Calculate the amount of depreciation of the machine for 2009 (523000-73000)*5/15=450,000*1/3=150,000Depreciation expense 150,000Accumulated depreciation 150,000Jan. 1 2010, a competitors innovative products came to the market and X Company had to investigate for possible impairment. And it indicated that the machines fair value had dropped to 320, 000, and the residual value became 20,0003. Determine the amount of machine impairment loss X Company should recognize. Book value账面价值 523,000-150,000=373,000Estimated fair value估计公允价值320000 Impairment loss减值损失53,000 4. What is the amount of the depreciation of the machine in 2010 after recognizing the impairment loss? Book value after impairment loss减值损失后的账面价值: 320,000Residual value残值: 20,000Useful life left剩余年限: 4(320,000-20,000)*4/10=40,000二、（20 scores）Average accumulated expenditures for 2011:January 1, 2011 $500,000 x12/12=$ 500,000March 1, 2011 600,000 x10/12=500,000July 31, 2011 480,000 x5/12=200,000September 30, 2011 600,000 x3/12=150,000December 31, 2011 300,000 x0/12=- 0 -$1,350,000Interest capitalized:$1,350,000 x 8% = $108,000三、（20 scores）Answer:Cost of goods available for sale:Beginning inventory (2,000 x $6.10)$12,200Purchases:10,000 x $5.50$55,0006,000 x $5.0030,00085,000Cost of goods available (18,000 units)$97,2001. First-in, first-out (FIFO)Cost of goods available for sale (18,000 units)$97,200Less: Ending inventory (determined below)(15,000)cost of goods sold $82,200Cost of ending inventory Date of purchaseUnitsUnit costTotal costAugust 18 3000 $5.00 $150002. Cost of goods available for sale (18,000 units)$97,200Less: Ending inventory (determined below)(16,200)Cost of goods sold $81,000 *Cost of ending inventory:Weighted-average unit cost = 97200/18000= $5.43,000 units x $5.40 = $16,200四、（20 scores）AnswersAllowance for uncollectible accounts3,000Accounts receivable3,000Cash19,973Loss on sale of note receivable260Interest receivable233Note receivable20,000Accounts receivable500,000Sales revenue500,000Cash72,000Loss on sale of receivables7,600Receivable from factor5,400（7000-80000*2%） Recourse liability 5000 Accounts receivable 80,000Bad debt expenses 93,700Allowance for uncollectible accounts 93,700五、（20 scores）Financial accounting is concerned with providing relevant financial information about various kinds of organizations to different types of external users. The primary focus of financial accounting is on the financial information provided by profit-oriented companies to their present and potential investors and creditors.财务会计是关注于提供相关财务信息的各种组织不同类型的外部用户。首要关注的财务会计上所提供的财务信息以利润为导向的企业当前和潜在的投资者和债权人。