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CHAPTER 9
Plant Assets, Natural Resources,
and Intangible Assets
ASSIGNMENT CLASSIFICATION TABLE
Brief
Learning Objectives Questions Exercises Do It! Exercises Problems
1. Explain the accounting for 1, 2, 3, 4 1, 2, 3 1 1, 2, 3 1

plant asset expenditures.
2. Apply depreciation methods 5, 6, 7, 8, 4, 5, 6, 7, 2a, 2b 4, 5, 6, 7, 2, 3, 4, 5

to plant assets. 9, 10, 11, 8, 9, 10 8, 9, 10
24, 25, 26, 11
27
3. Explain how to account for 12, 13 11, 12 3 12, 13, 14 5, 6

the disposal of plant assets.
4. Describe how to account for 14, 15, 16, 13, 14, 15 4 15, 16 7, 8
natural resources and 17, 18, 19,
intangible assets. 20, 21, 22
5. Discuss how plant assets, 23 16, 17 5 17 5, 7, 9

natural resources, and
intangible assets are
reported and analyzed.
*6. Explain how to account 28, 29 18, 19 18, 19

for the exchange of plant
assets.
Copyright © 2019 WILEY Weygandt, Financial Accounting, IFRS 4/e, Solutions Manual (For Instructor Use Only) 9-1
ASSIGNMENT CHARACTERISTICS TABLE
Problem Difficulty Time

Number Description Level Allotted (min.)
1 Determine acquisition costs of land and building. Simple 20–30
2 Compute depreciation under different methods. Simple 30–40
3 Compute depreciation under different methods. Moderate 30–40
4 Calculate revisions to depreciation expense. Moderate 20–30
5 Journalize a series of equipment transactions related to Moderate 40–50

purchase, sale, retirement, and depreciation.
6 Record disposals. Simple 30–40
7 Prepare entries to record transactions related to acquisition Moderate 30–40

and amortization of intangibles; prepare the intangible
assets section.
8 Prepare entries to correct errors made in recording and Moderate 30–40

amortizing intangible assets.
9 Calculate and comment on asset turnover. Moderate 5–10
9-2 Copyright © 2019 WILEY Weygandt, Financial Accounting, IFRS 4/e, Solutions Manual (For Instructor Use Only)
WEYGANDT FINANCIAL ACCOUNTING, IFRS, 4e
CHAPTER 9
PLANT ASSETS, NATURAL RESOURCES,
AND INTANGIBLE ASSETS
Number LO BT Difficulty Time (min.)

BE1 1 AP Simple 2–4
BE5 2 E Moderate 4–6
*BE18 6 AP Simple 4–6
*BE19 6 AP Simple 4–6
DI1 1 C Simple 4–6
DI2a 2 AP Simple 2–4
DI2b 2 AP Simple 6–8
DI3 3 K Simple 2–4
DI4 4 K Simple 2–4
DI5 5 AP Simple 2–4
EX1 1 C Simple 6–8
EX2 1 AP Simple 4–6
EX4 2 C Simple 4–6
PLANT ASSETS, NATURAL RESOURCES, AND INTANGIBLE
ASSETS (Continued)
Number LO BT Difficulty Time (min.)

EX9 2 AN Moderate 8–10
EX10 2 AP Moderate 6–8
*EX18 6 AP Moderate 8–10
*EX19 6 AP Moderate 8–10
P1 1 C Simple 20–30
P2 2 AP Simple 30–40
P3 2 AN Moderate 30–40
P4 2 AP Moderate 20–30
P5 2, 3, 5 AP Moderate 40–50
P6 3 AP Simple 30–40
P7 4, 5 AP Moderate 30–40
P8 4 AP Moderate 30–40
P9 5 AN Moderate 5–10
CT1 2, 4 AN Simple 15–20
CT2 5 AN, E Simple 10–15
CT3 2 C Simple 10–15
CT4 2 AP, E Moderate 20–25
CT5 2 C Simple 5–10
CT6 2 E Simple 10–15
BLOOM’ S TAXONOMY TABLE
Correlation Chart between Bloom’s Taxonomy, Learning Objectives and End-of-Chapter Exercises and Problems
Copyright © 2019 WILEY
Learning Objective Knowledge Comprehension Application Analysis Synthesis Evaluation

1. Explain the accounting for plant Q9-1 E9-1 BE9-1 E9-2
assets expenditures. Q9-2 P9-1 BE9-2 E9-3
Q9-3 BE9-3
Q9-4
DI9-1
Weygandt, Financial Accounting, IFRS 4/e, Solutions Manual
2. Apply the depreciation methods Q9-5 Q9-6 E9-4 BE9-5 E9-5 P9-5 E9-9 BE9-4
to plant assets. Q9-7 BE9-6 E9-6 P9-3
Q9-8 BE9-7 E9-7
Q9-9 BE9-8 E9-8
Q9-10 BE9-9 E9-10
Q9-11 BE9-10 E9-11
Q9-24 DI9-2a P9-2
Q9-25 DI9-2b P9-4
Q9-26
Q9-27
3. Explain how to account for the Q9-12 Q9-13 BE9-11 P9-5
disposal of plant assets. DI9-3 BE9-12 P9-6
E9-12
E9-13
4. Describe how to account for Q9-14 Q9-15 BE9-13 P9-7
natural resources and intangible Q9-20 Q9-16 BE9-14 P9-8
assets. DI9-4 Q9-17 BE9-15
Q9-18 E9-14
Q9-19 E9-15
Q9-21 E9-16
(For Instructor Use Only)
Q9-22
5. Discuss how plant assets, Q9-23 DI9-5 P9-7 P9-9
natural resources, and intangible BE9-16 E9-17
assets are reported and BE9-17 P9-5
analyzed.
*6. Explain how to account for the Q9-28 Q9-29 BE9-18 E9-18
exchange of plant assets. BE9-19 E9-19
Expand Your Critical Thinking Real-World Focus Decision-Making Across Financial Reporting Comp. Analysis
Communication the Organization Comp. Analysis Decision-Making
Across the
Organization
9-2 Copyright © 2019 WILEY Weygandt, Financial Accounting, IFRS 4/e, Solutions Manual (For Instructor Use Only) Ethics Case
9-5
ANSWERS TO QUESTIONS
1. For plant assets, the historical cost principle means that cost consists of all expenditures necessary to
acquire the asset and make it ready for its intended use.
2. Examples of land improvements include driveways, parking lots, fences, and underground sprinklers.
3. (a) When only the land is to be used, all demolition and removal costs of the building less any
proceeds from salvaged materials are necessary expenditures to make the land ready for its
intended use.
(b) When both the land and building are to be used, necessary costs of the building include
remodeling expenditures and the cost of replacing or repairing the roofs, floors, wiring, and
plumbing.
4. Revenue expenditures are ordinary repairs made to maintain the operating efficiency and productive
life of the asset. Capital expenditures are additions and improvements made to increase operating
efficiency, productive capacity, or useful life of the asset. Revenue expenditures are recognized
as expenses when incurred; capital expenditures are generally debited to the plant asset affected.
5. You should explain to the president that depreciation is a process of allocating the cost of a plant
asset to expense over its service (useful) life in a rational and systematic manner. Recognition of
depreciation is not intended to result in the accumulation of cash for replacement of the asset.
6. (a) Residual value, also called salvage value, is the expected value of the asset at the end of its
useful life.
(b) Residual value is used in determining depreciation in each of the methods except the declining-
balance method.
7. (a) Useful life is expressed in years under the straight-line method and in units of activity under
the units-of-activity method.
(b) The pattern of periodic depreciation expense over useful life is constant under the straight-line
method and variable under the units-of-activity method.
8. The effects of the three methods on annual depreciation expense are: Straight-line—constant
amount; units of activity—varying amount; declining-balance—decreasing amounts.
9. Component depreciation is a method of allocating the cost of a plant asset into separate
parts based on the estimated useful lives of each component. IFRS requires an entity to
use component depreciation whenever significant parts of a plant asset have significantly
different useful lives.
10. A revision of depreciation is made in current and future years but not retroactively. The rationale
is that continual restatement of prior periods would adversely affect confidence in the financial
statements.
11. Revaluation is an accounting procedure that adjusts plant assets to fair value at the reporting
date. Revaluation must be applied annually to assets that are experiencing rapid price changes.
Questions Chapter 9 (Continued)
12. In a sale of plant assets, the book value of the asset is compared to the proceeds received from the
sale. If the proceeds of the sale exceed the book value of the plant asset, a gain on disposal occurs. If
the proceeds of the sale are less than the book value of the plant asset sold, a loss on disposal occurs.
13. The plant asset and its accumulated depreciation should continue to be reported on the
statement of financial position without further depreciation adjustment until the asset is retired.
Reporting the asset and related accumulated depreciation on the statement of financial position
informs the reader of the financial statements that the asset is still in use. However, once an asset is
fully depreciated, even if it is still being used, no additional depreciation should be taken. In no
situation can the accumulated depreciation on the plant asset exceed its cost.
14. Extractable natural resources consist of underground deposits of oil, gas, and minerals. These
long-lived productive assets have two distinguishing characteristics: they are physically extracted
in operations, and they are replaceable only by an act of nature.
15. Depletion is the allocation of the cost of natural resources to expense in a rational and systematic
manner over the resource’s useful life. It is computed by multiplying the depletion cost per unit by
the number of units extracted.
16. The terms depreciation, depletion, and amortization are all concerned with allocating the cost of
an asset to expense over the periods benefited. Depreciation refers to allocating the cost of a
plant asset to expense, depletion to recognizing the cost of a natural resource as expense, and
amortization to allocating the cost of an intangible asset to expense.
17. The intern is not correct. The cost of an intangible asset should be amortized over the shorter of
that asset’s legal life or its useful life (the period of time when operations are benefited by use of
the asset). In addition, some intangibles have indefinite lives and therefore are not amortized at all.
18. The favorable attributes which could result in goodwill include exceptional management, desirable
location, good customer relations, skilled employees, high-quality products, and harmonious relations
with labor unions.
19. Goodwill is the value of many favorable attributes that are intertwined in the business enterprise.
Goodwill can be identified only with the business as a whole and, unlike other assets, cannot be
sold separately. Goodwill can only be sold if the entire business is sold. And, if goodwill appears
on the statement of financial position, it means the company has purchased another company for
more than the fair value of its net assets.
20. Goodwill is recorded only when there is a transaction that involves the purchase of an entire
business. Goodwill is the excess of cost over the fair value of the net assets (assets less
liabilities) acquired. The recognition of goodwill without an exchange transaction would lead to
subjective valuations which would reduce the reliability of financial statements.
21. Research and development costs present several accounting problems. It is sometimes difficult
to assign the costs to specific projects, and there are uncertainties in identifying the extent and
timing of future benefits. As a result, IFRS requires that research costs be recorded as an
expense when incurred. Development costs incurred prior to technological feasibility are also
expensed but development costs incurred after technological feasibility are capitalized.
Questions Chapter 9 (Continued)
22. Both types of development expenditures relate to the creation of new products but one is
expensed and the other is capitalized. Development costs incurred before a new product
achieves technological feasibility are recorded as development expenses and appear as part of
operating expenses on the income statement. Development costs incurred after the product
achieves technological feasibility are recorded as assets, and reported in the statement of
financial position.
23. McDonald’s asset turnover is computed as follows:
Net sales $20.5 billion

= = .71 times
Average total assets $28.9 billion
24. Since Alpha uses the straight-line depreciation method, its depreciation expense will be lower in
the early years of an asset’s useful life as compared to using an accelerated method. Zito’s
depreciation expense in the early years of an asset’s useful life will be higher as compared to
the straight-line method. Alpha’s net income will be higher than Zito’s in the first few years of the
asset’s useful life. And, the reverse will be true late in an asset’s useful life.
25. Yes, the tax regulations often allow a company to use a different depreciation method on the tax
return than is used in preparing financial statements. Wanzo ASA uses an accelerated
depreciation method for tax purposes to minimize its income taxes and thereby the cash outflow
for taxes.
26. By selecting a longer estimated useful life, Lam Ltd. is spreading the plant asset’s cost over a
longer period of time. The depreciation expense reported in each period is lower and net income is
higher. Shuey’s choice of a shorter estimated useful life will result in higher depreciation expense
reported in each period and lower net income.
27. Expensing these costs will make current period income lower but future period income higher because
there will be no additional depreciation expense in future periods. If the costs are ordinary repairs,
they should be expensed.
*28. When assets are exchanged, the gain or loss on disposal is computed as the difference between
the book value and the fair value of the asset given up at the time of exchange.
*29. Yes, Morris should recognize a gain equal to the difference between the fair value of the old
machine and its book value. If the fair value of the old machine is less than its book value, Morris
should recognize a loss equal to the difference between the two amounts.
SOLUTIONS TO BRIEF EXERCISES
BRIEF EXERCISE 9.1
All of the expenditures should be included in the cost of the land. Therefore,
the cost of the land is €75,900, or (€64,000 + €3,000 + €2,500 + €2,000 + €4,400).
BRIEF EXERCISE 9.2
The cost of the truck is £32,200 (cash price £30,000 + sales tax £1,800 + painting
and lettering £400). The expenditures for insurance and motor vehicle license
should not be added to the cost of the truck.
BRIEF EXERCISE 9.3
1. Maintenance and Repairs Expense .......................... 45

Cash .................................................................... 45
2. Equipment.................................................................. 580
Cash .................................................................... 580
BRIEF EXERCISE 9.4
Depreciable cost of €33,000, or (€42,000 – €9,000). With a five-year useful life,

annual depreciation is €6,600, or (€33,000 ÷ 5). Under the straight-line method,
depreciation is the same each year. Thus, depreciation expense is €6,600 for
both the first and second years.
BRIEF EXERCISE 9.5
It is likely that management requested this accounting treatment to boost

reported net income. Land is not depreciated; thus, by reporting land at
HK$1,250,000 above its actual value the company increased yearly income
 HK$1,250,000 
by HK$62,500   or the reduction in depreciation expense. This
 20 years 
practice is not ethical because management is knowingly misstating asset
values.
BRIEF EXERCISE 9.6
The declining balance rate is 40%, or (20% X 2) and this rate is applied to book
value at the beginning of the year. The computations are:
Book Value X Rate = Depreciation

Year 1 €42,000 40% €16,800
Year 2 (€42,000 – €16,800) 40% €10,080
BRIEF EXERCISE 9.7
The depreciation cost per unit is .22 euros per mile computed as follows:
Depreciable cost (€33,500 – €500) ÷ 150,000 = €.22

Year 1 36,000 miles X €.22 = €7,920
Year 2 22,000 miles X €.22 = €4,840
BRIEF EXERCISE 9.8
Warehouse component: (£280,000 – £40,000)/20 = £12,000

HVAC component: £40,000/8 = 5,000
Total component depreciation in first year £17,000
BRIEF EXERCISE 9.9
Book value, 1/1/20 .......................................................................... €23,000

Less: Residual value ..................................................................... 2,000
Depreciable cost ............................................................................. €21,000
Remaining useful life ..................................................................... 4 years
Revised annual depreciation (€21,000 ÷ 4) ................................... € 5,250
BRIEF EXERCISE 9.10
(a) Accumulated Depreciation—Equipment .................. 60,000

Equipment .............................................................. 12,000
Revaluation Surplus .............................................. 48,000
(To record revaluation of plant assets)
(b) Accumulated Depreciation—Equipment .................. 60,000

Impairment Loss ........................................................ 20,000
Equipment .......................................................... 80,000
(To record revaluation of plant assets)
BRIEF EXERCISE 9.11
(a) Accumulated Depreciation—

Equipment .............................................................. 44,000
Equipment .......................................................... 44,000
(b) Accumulated Depreciation—

Equipment .............................................................. 37,000
Loss on Disposal of Plant Assets ............................ 7,000
Equipment .......................................................... 44,000
Cost of equipment CHF44,000

Less accumulated depreciation 37,000
Book value at date of disposal 7,000
Proceeds from sale 0
Loss on disposal CHF 7,000
BRIEF EXERCISE 9.12
(a) Depreciation Expense .............................................. 4,800

Accumulated Depreciation—
Equipment...................................................... 4,800
(b) Cash ........................................................................... 20,000

Accumulated Depreciation—Equipment ................. 46,800
Loss on Disposal of Plant Assets............................ 5,200
Equipment.......................................................... 72,000
Cost of equipment £72,000

Less: Accumulated depreciation 46,800*
Book value at date of disposal 25,200
Proceeds from sale 20,000
Loss on disposal £ 5,200
*£42,000 + £4,800
BRIEF EXERCISE 9.13
(a) Depletion cost per unit = ¥7,000,000 ÷ 28,000,000 = ¥0.25 depletion cost
per ton
¥0.25 X 4,700,000 = ¥1,175,000
Inventory ...................................................... 1,175,000

Accumulated Depletion........................ 1,175,000
(b) Ore mine ...................................................... ¥7,000,000

Less: Accumulated depletion ................... 1,175,000 ¥5,825,000
BRIEF EXERCISE 9.14
(a) Amortization Expense (R$120,000 ÷ 8)...................... 15,000

Patents ................................................................. 15,000
(b) Intangible Assets

Patents ................................................................. R$105,000
BRIEF EXERCISE 9.15
Research and Development Expense

(€260,000 + €400,000) ................................................ 660,000
Development Costs ........................................................... 200,000
Cash............................................................................ 860,000
(To record research and development costs)
BRIEF EXERCISE 9.16
LOOMIS COMPANY, LTD.

Statement of Financial Position (partial)
December 31, 2020
Property, plant, and equipment

Coal mine .......................................... £ 500,000
Less: Accumulated depletion ......... 122,000 £378,000
Buildings ........................................... 1,300,000
Less: Accumulated depreciation—
buildings ................................ 650,000 650,000
Total property, plant, and
equipment .............................. £1,028,000
Intangible assets
Goodwill ............................................ £ 410,000
BRIEF EXERCISE 9.17
 $48.2 + $44.6 
$72.6 ÷   = 1.56 times
 2 
*BRIEF EXERCISE 9.18
Equipment (new) .............................................................. 24,000

Accumulated Depreciation—Equipment......................... 28,000
Loss on Disposal of Plant Assets ................................... 14,000
Equipment (old) ........................................................ 61,000
Cash ........................................................................... 5,000
Fair value of old delivery

equipment €19,000
Cash paid 5,000
Cost of delivery equipment €24,000

equipment €19,000
Book value of old delivery
equipment (€61,000 – €28,000) 33,000
Loss on disposal €14,000
*BRIEF EXERCISE 9.19
Equipment (new) .............................................................. 42,200

Accumulated Depreciation—Equipment......................... 28,000
Gain on Disposal of Plant Assets ............................ 4,200
Equipment (old) ........................................................ 61,000
Cash ........................................................................... 5,000

equipment €37,200
Cash paid 5,000
Cost of new delivery equipment €42,200

equipment €37,200
Book value of old delivery
equipment (€61,000 – €28,000) 33,000
Gain on disposal € 4,200
SOLUTIONS FOR DO IT! EXERCISES
DO IT! 9.1
The following four items are expenditures necessary to acquire the truck
and get it ready for use:
Negotiated purchase price .............................................. £24,000

Installation of special shelving........................................ 1,200
Painting and lettering ....................................................... 780
Sales tax ........................................................................... 1,300
Total paid .................................................................. £27,280
Thus, the cost of the truck is £27,280. The payments for the motor vehicle
license and for the insurance are operating costs and are expensed in the
first year of the truck’s life.
DO IT! 9.2a
Cost – Residual
value £18,000 – £2,000
Depreciation expense = = = £2,000
Useful life 8 years
The entry to record the first year’s depreciation would be:
Depreciation Expense ...................................................... 2,000

Accumulated Depreciation—Equipment ................... 2,000
(To record annual depreciation on mower)
DO IT! 9.2b
Original depreciation expense = (€50,000 – €2,000) ÷ 5 years = €9,600
Accumulated depreciation after three years = 3 X €9,600 = €28,800
Book value, €50,000 – €28,800 ............................................ €21,200

Less: Residual value ........................................................... 4,000
Depreciable cost .................................................................. €17,200
Remaining useful life ........................................................... 5 years
Revised annual depreciation (€17,200 ÷ 5) ......................... € 3,440
DO IT! 9.3
(a) Sale of truck for cash at a gain:

Cash ............................................................................. 26,000
Accumulated Depreciation—Equipment .................. 28,000
Equipment ............................................................. 48,000
Gain on Disposal of Plant Assets ....................... 6,000
(b) Sale of truck for cash at a loss:

Cash ............................................................................. 15,000
Loss on Disposal of Plant Assets ............................. 5,000
Accumulated Depreciation—Equipment .................. 28,000
Equipment ............................................................. 48,000
DO IT! 9.4
1. b. Intangible assets
2. d. Amortization
3. e. Franchises
4. f. Development costs
5. a. Goodwill
6. c. Development expenses
DO IT! 9.5
Asset turnover = $400,000 ÷ [($300,000 + $340,000) ÷ 2]

= 1.25 times
SOLUTIONS TO EXERCISES
EXERCISE 9.1
(a) Under the historical cost principle, the acquisition cost for a plant
asset includes all expenditures necessary to acquire the asset and
make it ready for its intended use. For example, the cost of factory
machinery includes the purchase price, freight costs paid by the
purchaser, insurance costs during transit, and installation costs.
(b) 1. Land
2. Equipment
3. Equipment
4. Land Improvements
5. Equipment
6. Equipment
7. Prepaid Insurance
8. License Expense
EXERCISE 9.2
1. Equipment
2. Equipment
3. Equipment
4. Land
5. Prepaid Insurance
8. Land
9. Buildings
EXERCISE 9.3
(a) Cost of land

Cash paid .......................................................................... €86,000
Net cost of removing warehouse
(€9,400 – €1,700) ........................................................... 7,700
Attorney’s fee ................................................................... 1,100
Real estate broker’s fee ................................................... 5,100
Total ........................................................................... €99,900
(b) The architect’s fee (€7,800) should be debited to the Buildings account.
The cost of the driveways and parking lot (€12,700) should be debited
to Land Improvements.
EXERCISE 9.4
1. False. Depreciation is a process of cost allocation, not asset valuation.

2. True.
3. False. The book value of a plant asset may be quite different from its
fair value.
4. False. Depreciation applies to three classes of plant assets: land improve-
ments, buildings, and equipment.
5. False. Depreciation does not apply to land because its usefulness and
revenue-producing ability generally remain intact over time.
6. True.
7. False. Recognizing depreciation on an asset does not result in an accu-
mulation of cash for replacement of the asset.
8. True.
9. False. Depreciation expense is reported on the income statement, and
accumulated depreciation is reported as a deduction from plant assets on
the statement of financial position.
10. True.
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The Project Gutenberg eBook of The little
country theater
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
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laws of the country where you are located before using this
eBook.
Title: The little country theater
Author: Alfred G. Arvold
Release date: July 12, 2022 [eBook #68514]
Language: English
Original publication: United States: The MacMillan Company,

1922
Credits: Charlene Taylor and the Online Distributed

Proofreading Team at https://www.pgdp.net (This file
was produced from images generously made available
by The Internet Archive/American Libraries.)
*** START OF THE PROJECT GUTENBERG EBOOK THE LITTLE

COUNTRY THEATER ***
THE LITTLE COUNTRY THEATER
FOUNDED
FEBRUARY TENTH, NINETEEN HUNDRED
AND FOURTEEN, BY ALFRED G. ARVOLD
THE MACMILLAN COMPANY

NEW YORK · BOSTON · CHICAGO · DALLAS
ATLANTA · SAN FRANCISCO
MACMILLAN & CO., Limited
LONDON · BOMBAY · CALCUTTA
MELBOURNE
THE MACMILLAN CO. OF CANADA, Ltd.
TORONTO
The Quaint Cottage, the Snow-White Capped Mountain, the Tumbling Waterfall
Were Painted in a Manner Which Brought Many Favorable Comments
THE LITTLE COUNTRY THEATER
BY
ALFRED G. ARVOLD
NORTH DAKOTA AGRICULTURAL COLLEGE
Fargo, North Dakota
New York
THE MACMILLAN COMPANY
1922
All rights reserved
PRINTED IN THE UNITED STATES OF AMERICA
Copyright, 1922
By THE MACMILLAN COMPANY
Set up and electrotyped. Published November, 1922
TO MY MOTHER
WHOSE VISION CAUSED ME
TO SEE BIG THINGS
“The theater is a crucible of civilization. It is a place

of human communion. It is in the theater that the
public soul is formed.”
Victor Hugo.
CONTENTS
Chapter Page
I. The Raindrops 1
II. Country Folks 17
III. The Land of the Dacotahs 33
IV. The Little Country Theater 41
V. The Heart of a Prairie 59
VI. Characteristic Incidents 67
VII. A Bee in a Drone’s Hive 95
VIII. Larimore 153
IX. Forty Towns 167
X. Cold Spring Hollow 179
Appendices 187
LIST OF ILLUSTRATIONS
Scene—“The Raindrops” Frontispiece
Facing Page
“Perhaps we will meet again like the raindrops” 4
Social Stagnancy is a Characteristic Trait of the Small
Town and the Country 22
An Old Dingy, Dull-Grey Chapel on the Second Floor
of the Administration Building was remodeled into
what is now known as The Little Country Theater 45
It Has a Seating Capacity of Two Hundred 53
The Package Library System 55
A Farm Home Scene in Iceland Thirty Years Ago 70
Scene—“Leonarda” 72
Scene—“The Servant in the House” 78
Scene—“Back to the Farm” 82
The Pastimes of the Ages 84
Scene—“Sitting Bull-Custer” 88
Scene—“American Beauties,” A One Act Play 92
Scene—“A Bee in a Drone’s Hive” 100
Folk Dances, Parades, and Pageants have become
an Integral Part of the Social Life of the State 172
Of the Fifty-three Counties in the State Thirty-five
have County Play Days 174
The Greek Theater, University of California, Berkeley,
California 222
“The Crescent,” One of America’s Largest Open Air
Theaters, El Zagal Park, Fargo, North Dakota 223
The Stadium, Harvard University 224
The Interior of the Stadium 225
Rural Community Center, Rusk Farm 228
Community House, Leeland, Texas 229
Village Hall, Wyoming, New York 230
Community Building and Floor Plan 231
Auditorium, Hendrum, Minnesota 232
Stage Designs 235
THE LITTLE COUNTRY
THEATER
THE RAINDROPS
One day, about three weeks before the Christmas holidays, two
young men came to see me. I shall never forget the incident
because to me it marked one of the most fascinating episodes in the
social life of country people. One of the young men was tall with
broad shoulders and had light hair and grey eyes. The other was of
medium height and had dark hair. His home was in Iceland. That
they both had something important to say was evident from the
expression on their faces. After a few moment’s hesitation, they told
me they had thought out an idea for a play. Both of them were
brimful of enthusiasm in regard to it. Whether or not they could
produce it was a question. An obstacle stood in the way. Most of the
scenes were laid in Iceland. And what playhouse or village hall,
especially a country theater, ever owned any scenery depicting
home life, snow-capped mountains, and landscapes in that far-away
region? Above all, there was no money to buy any, either.
“Perhaps we will meet again like the raindrops.”
When told that they would have to paint the scenery themselves,
they looked somewhat surprised. It is doubtful whether either of them
had ever painted anything more than his mother’s kitchen floor or
perhaps whitewashed a fence or the interior of a barn. They finally
decided to do the job. A painter was called over the phone who said
he wouldn’t charge the boys a cent for the colors if they painted the
scene. Up in an attic of a building near by there was an old faded
pink curtain that had been cast aside. It was thought to be no longer
useful. Within twenty-four hours the curtain was brought over and
hoisted, and the floor of the stage adjacent to the office was covered
with paint pails, brushes, and water colors. With dogged
determination they decided to finish the painting during the holiday
vacation. A few minutes before midnight on New Year’s Eve the last
stroke of the brush was made. The quaint cottage, the snow white-
capped mountain, the tumbling waterfall and the steep ascending
cliffs were painted in a manner which brought many favorable
comments from competent art critics. The blending of the colors was
magnificent. It was genuine art. The beauty of it all was that these
two young men found that they could express themselves even on
canvas.
Just as they had painted their scenery on the stage of the theater,
so did they write their play, acting out each line before they put it in
final form for presentation. Often they worked all night until four
o’clock in the morning. They called their play “The Raindrops.” The
theme is told in the second act of the play. The scene represents the
interior of an Icelandic home. It is evening. The family circle has
gathered. Some are sewing and others knitting. The children want to
hear a story. Sveinn, one of the characters in the play, finally says to
them, “All right then, if you are quiet, I will tell you the story of the
raindrops who met in the sky.” And he narrates the following which
the children listen to with rapt attention.
“Once there were two raindrops away-way high up in the clouds.
The sun had just lately smiled at them as they were playing in the big
ocean, and his smile had drawn them up into the sky. Now as they
danced and sported about in its radiance he decked them in all the
bright and beautiful colors of the rainbow; and they were so happy
over being rid of the dirt and salt that they almost forgot themselves
for joy.
But somehow there seemed to be something that reminded them
of the past. They felt as if they had met before. Finally one said,
“Say, friend, haven’t we met before?” “That is just what I’ve been
thinking,” said friend. “Where have you been, comrade?”
“I’ve been on the broad prairies on the west side of the big
mountain that you see down there,” answered comrade.
“Oh,” said friend, “and I’ve been on the green slope on the east
side of the mountain. I had a friend who fell at the same time as I did,
and we were going to keep together, but unfortunately he fell on the
other side of the ridge.”
“That was too bad,” said comrade, “the same thing happened to
me but my friend fell on the east side just close to that stone you see
down there.”
“Why, that is just where I fell,” said friend. This was enough—they
could scarcely contain themselves with joy over meeting and
recognizing one another again.
After they had danced one another around for a while, shaken
hands a dozen times or more, and slapped one another on the back
till they were all out of breath, friend said, “Now, comrade, tell me all
about everything that has happened to you.”
“And you’ll have to tell me everything that you have seen,” said
comrade.
“Yes, I’ll do that,” said friend, and then comrade began:
“Well, I fell on the west side of that stone, as you know. At first I
felt kind of bad, but I gradually got over it and began to move in the
same direction as the others I saw around me. At first I could not
move fast, for I was so small that every little pebble blocked my road,
but then the raindrops held a meeting and agreed to work together to
help one another along and I joined the company to help form a
pretty little brook. In this way we were able to push big stones out of
our road and we were so happy that we laughed and played and
danced in the sunlight which shone to the bottom of the brook, for we
were not too many and we were all clean.
“Gradually more and more joined us till we became a big river.
Nothing could any longer stand in our road and we became so proud
of our strength that we tore up the earth and dug out a deep, deep
path that everyone might see.
“But then our troubles began. We became so awfully dirty that the
sun no longer reached any but those on top, while others were
forced to stay in the dark. They groaned under the weight of those
up higher, while at the same time they tore up from the bottom more
and more filth.
“I wanted to get out of it all, but there didn’t seem to be any way. I
tried to get up on the big, broad banks where all sorts of crops were
growing, but I was met and carried back by others rushing on into
the river, evidently without realizing where they were going. The
current tossed me about, first in the sunshine and then in the depths
of darkness, and I had no rest till at last I got into the great ocean.
There I rested and washed off most of the dirt.”
“I wish I could have seen the river,” said friend, “but why didn’t you
spread out more, so as to help the crops on the plains and so that all
might have sunlight?”
“I don’t know,” said comrade, “First we wanted to leave a deep
path for others to see, and then later it seemed that we were
helpless in the current that we ourselves had started. You must now
tell me your story.”
“Yes,” said friend. “I fell on the east side of that stone, and when I
couldn’t find you I started east, because I saw the sun there. After a
while I bumped into a great big stone which was right across my
path. It was such an ugly thing that I got angry and said, ‘Get out of
my way, you ugly thing, or I’ll get all the other raindrops together and
roll you out of the road.’
“Oh, no, do not do that,” said the stone, “for I am sheltering a
beautiful flower from the wind, but I’ll lift myself up a little so you can
crawl under.”
“It was awfully dark and nasty and creepy under the stone, and I
didn’t like it a bit, but when I came out into the sunshine and saw the
beautiful flowers on the other side I was glad that I hadn’t spoiled
their shelter.”
“‘Isn’t this lovely?’ said a raindrop near me, ‘let us go and look at
all the flowers.’ Then a crowd of raindrops that had gathered said,
‘Let us spread out more and more and give them all a drink,’ and we
went among the flowers on the slope and in the valleys. As we
watered them they smiled back at us till their smiles almost seemed
brighter than the sunlight. When evening came we went down the
little brooks over the waterfalls and hopped and danced in the eddy
while we told one another about the things we had seen. There were
raindrops from the glaciers and from the hot springs, from the lava
fields and from the green grassy slopes, and from the lofty mountain
peaks, where all the land could be seen. Then we went on together
singing over the level plains and into the ocean.”
For awhile neither one said anything. Then comrade spoke, “Yes,
when I go back I’ll get the others to go with me and we’ll spread out
more—and now I am going back. See the grain down there, how dry
it is. Now I’m going to get the other raindrops to spread out over the
plains and give all the plants a drink and in that way help everyone
else.”
“But see the flowers there on the slope on the east side,” said
friend. “They’ll fade if I don’t go down again to help them.”
“We’ll meet again,” said both, as they dashed off to help the
flowers and the grain.
The story ends. A pause ensues and Herdis, the old, old lady in
the play says, “Yes, we are all raindrops.”
It is a beautiful thought and exceptionally well worked out in the
play. The raindrops are brothers. One’s name is Sveinn. He lives in
Iceland. The other is Snorri. His home is America. Snorri crosses the
ocean to tell Sveinn about America. Upon his arrival he meets a girl
named Asta and falls in love with her, little thinking that she is the
betrothed of his brother Sveinn. Asta is a beautiful girl. She has large
blue eyes and light hair which she wears in a long braid over her left
shoulder. In act three, when speaking to Asta, Snorri says,
“Sometimes I think I am the raindrop that fell on the other side of the
ridge, and that my place may be there; but then I think of the many
things I have learned to love here—the beautiful scenery, the
midnight sun, the simple and unaffected manners of the people, their
hospitality, and probably more than anything else some of the people
I have come to know. A few of these especially I have learned to
love.”
It does not dawn upon Snorri that Asta has given her hand to his
brother Sveinn until the fourth and last act of the play. The scene is a
most impressive one. It was something the authors had painted
themselves. At the right stands the quaint little sky-blue cottage, with
its long corrugated tin roof. To the left, the stony cliffs rise. In the
distance the winding road, the tumbling waterfall, and snow-capped
mountain can be seen. Near the doorway of the cottage there is a
large rock on which Asta often sits in the full red glow of the midnight
sun.
As the curtain goes up Snorri enters, looks at his watch, and utters
these words, “They are all asleep, but I must see her to-night.” He
gently goes to the door, quietly raps, turns and looks at the scenery,
and says: “How beautiful are these northern lights! I’ve seen them
before stretching like a shimmering curtain across the northern
horizon, with tongues of flame occasionally leaping across the
heavens; but here they are above me, and all around me, till they
light up the scene so that I can see even in the distance the rugged
and snow-capped hills miles away. How truly the Icelandic nation
resembles the country—like the old volcanoes which, while covered
with a sheet of ice and snow, still have burning underneath, the
eternal fires.”
Asta then appears in the doorway and exclaims, “Snorri.” After an
exchange of greetings they sit down and talk. Snorri tells Asta of his
love and finally asks her to become his wife. Asta is silent. She turns
and looks at the northern lights, then bows her head and with her
hands carelessly thrown over her knees she tells him that it cannot
be—that it is Sveinn.
Snorri arises, moves away, covers his face with his hands and
exclaims, “Oh, God! I never thought of that. What a blind fool I have
been!” As Asta starts to comfort him Sveinn appears in the doorway,
sees them and starts to turn away, but in so doing makes a little
noise. Snorri startled, quickly looks around and says, “Sveinn, come
here. I have been blind; will you forgive me?” Then he takes Asta’s
hand and places it in Sveinn’s, bids them good-by and starts to
leave.
Sveinn says, “Snorri! Where are you going? You are not leaving us
at this time of night, and in sorrow?”
Snorri, returning, looks at the quaint little cottage, the waterfall,
and then at Asta and Sveinn, pauses a moment, and says, “Perhaps
we shall meet again—like the raindrops.” The curtain falls and the
play ends.
Neither of these young men who wrote the play ever had any
ambition to become a playwright, a scene painter, or an actor. To-
day, one is a successful country-life worker in the great northwest.
The other is interested in harnessing the water power which is so
abundant in his native land.
When the play was presented, the audience sat spellbound,
evidently realizing that two country lads had found hidden life forces
in themselves which they never knew they possessed. All they
needed, like thousands of others who live in the country and even in
the city, was just a chance to express themselves.
Authors of play—M. Thorfinnson and E. Briem.
COUNTRY FOLKS
There are literally millions of people in country communities to-day
whose abilities along various lines have been hidden, simply
because they have never had an opportunity to give expression to
their talents. In many respects this lack of self-expression has been
due to the social conditions existing in the country, the narrow-
minded attitude of society toward those who till the soil, and the
absence of those forces which seek to arouse the creative instincts
and stimulate that imagination and initiative in country people which
mean leadership.
Social stagnancy is a characteristic trait of the small town and the
country. Community spirit is often at a low ebb. Because of the
stupid monotony of the village and country existence, the tendency
of the people young and old is to move to larger centers of
population. Young people leave the small town and the country
because of its deadly dullness. They want Life. The emptiness of
rural environment does not appeal to them. The attitude of mind of
the country youth is best expressed by Gray in his “Elegy Written in
a Country Church-yard” which runs as follows:
“Full many a gem of purest ray serene

The dark unfathomed caves of ocean bear;
Full many a flower is born to blush unseen,
And waste its sweetness on the desert air.”
Many young people find the town and country dead simply
because they crave fellowship and social enjoyment. When an
afternoon local train passes through a certain section of any state,
people gather at every station, some to meet their friends, others to
bid their friends farewell, and dozens to see some form of life. With
many it is the only excitement that enters their lives, except on
extraordinary occasions. After the harvest many a country lad goes

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Financial Accounting with International

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Financial Accounting 10th Edition Weygandt Solutions

Financial Accounting 6th Edition Weygandt Solutions

Financial Accounting 9th Edition Weygandt Solutions

Hospitality Financial Accounting 2nd Edition Weygandt

1. Explain the accounting for 1, 2, 3, 4 1, 2, 3 1 1, 2, 3 1

2. Apply depreciation methods 5, 6, 7, 8, 4, 5, 6, 7, 2a, 2b 4, 5, 6, 7, 2, 3, 4, 5

3. Explain how to account for 12, 13 11, 12 3 12, 13, 14 5, 6

5. Discuss how plant assets, 23 16, 17 5 17 5, 7, 9

*6. Explain how to account 28, 29 18, 19 18, 19

Problem Difficulty Time

1 Determine acquisition costs of land and building. Simple 20–30

2 Compute depreciation under different methods. Simple 30–40

3 Compute depreciation under different methods. Moderate 30–40

4 Calculate revisions to depreciation expense. Moderate 20–30

5 Journalize a series of equipment transactions related to Moderate 40–50

6 Record disposals. Simple 30–40

7 Prepare entries to record transactions related to acquisition Moderate 30–40

8 Prepare entries to correct errors made in recording and Moderate 30–40

9 Calculate and comment on asset turnover. Moderate 5–10

Number LO BT Difficulty Time (min.)

Number LO BT Difficulty Time (min.)

Learning Objective Knowledge Comprehension Application Analysis Synthesis Evaluation

23. McDonald’s asset turnover is computed as follows:

Net sales $20.5 billion

BRIEF EXERCISE 9.1

BRIEF EXERCISE 9.2

BRIEF EXERCISE 9.3

1. Maintenance and Repairs Expense .......................... 45

BRIEF EXERCISE 9.4

Depreciable cost of €33,000, or (€42,000 – €9,000). With a five-year useful life,

BRIEF EXERCISE 9.5

It is likely that management requested this accounting treatment to boost

Book Value X Rate = Depreciation

BRIEF EXERCISE 9.7

Depreciable cost (€33,500 – €500) ÷ 150,000 = €.22

BRIEF EXERCISE 9.8

Warehouse component: (£280,000 – £40,000)/20 = £12,000

BRIEF EXERCISE 9.9

Book value, 1/1/20 .......................................................................... €23,000

(a) Accumulated Depreciation—Equipment .................. 60,000

(b) Accumulated Depreciation—Equipment .................. 60,000

BRIEF EXERCISE 9.11

(a) Accumulated Depreciation—

(b) Accumulated Depreciation—

Cost of equipment CHF44,000

(a) Depreciation Expense .............................................. 4,800

(b) Cash ........................................................................... 20,000

Cost of equipment £72,000

BRIEF EXERCISE 9.13

Inventory ...................................................... 1,175,000

(b) Ore mine ...................................................... ¥7,000,000

(a) Amortization Expense (R$120,000 ÷ 8)...................... 15,000

(b) Intangible Assets