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On January 1, 2013, Madison Products issued $40 million of 6%, 10-year convertib
On January 1, 2013, Madison Products issued $40 million of 6%, 10-year convertible bonds at a net price of $40.4 million. Madison recently issued similar, but nonconvertible, bond…
On January 1, 2013, Madison Products issued $60 million of 8%, 15-year convertib
On January 1, 2013, Madison Products issued $60 million of 8%, 15-year convertible bonds at a net price of $60.6 million. Madison recently issued similar, but nonconver…
On January 1, 2013, Martin Corporation signed a ten-year noncancelable lease for
On January 1, 2013, Martin Corporation signed a ten-year noncancelable lease for machinery. The terms of the lease called for Martin to make annual payments of $250,000 at the end…
On January 1, 2013, McLean Company makes the two following acquisitions. 1. Purc
On January 1, 2013, McLean Company makes the two following acquisitions. 1. Purchases land having a fair value of $327,000 by issuing a 4-year, zero- interest bearing promissory n…
On January 1, 2013, McLean Company makes the two following acquisitions. 1.Purch
On January 1, 2013, McLean Company makes the two following acquisitions. 1.Purchases land having a fair value of $377,000 by issuing a 4-year, zero-interest-bearing promissory not…
On January 1, 2013, McLean Company makes the two following acquisitions. 1.Purch
On January 1, 2013, McLean Company makes the two following acquisitions. 1.Purchases land having a fair value of $377,000 by issuing a 4-year, zero-interest-bearing promissory not…
On January 1, 2013, Mona, Inc., acquired 80 percent of Lisa Company’s common sto
On January 1, 2013, Mona, Inc., acquired 80 percent of Lisa Company’s common stock as well as 60 percent of its preferred shares. Mona paid $65,000 in cash for the preferred stock…
On January 1, 2013, Mona, Inc., acquired 90 percent of Lisa Company’s common sto
On January 1, 2013, Mona, Inc., acquired 90 percent of Lisa Company’s common stock as well as 70 percent of its preferred shares. Mona paid $70,000 in cash for the preferred stock…
On January 1, 2013, Morey, Inc., exchanged $182,250 for 25 percent of Amsterdam
On January 1, 2013, Morey, Inc., exchanged $182,250 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the bo…
On January 1, 2013, Musial Corp. sold equipment to Matin Inc. (a wholly-owned su
On January 1, 2013, Musial Corp. sold equipment to Matin Inc. (a wholly-owned subsidiary) for $168,000 in cash. The equipment originally cost $140,000 but had a book value of only…
On January 1, 2013, Musial Corp. sold equipment to Matin Inc. (a wholly-owned su
On January 1, 2013, Musial Corp. sold equipment to Matin Inc. (a wholly-owned subsidiary) for $168,000 in cash. The equipment originally cost $140,000 but had a book value of only…
On January 1, 2013, NRC Credit Corporation leased equipment to Brand Services un
On January 1, 2013, NRC Credit Corporation leased equipment to Brand Services under a direct financing lease designed to earn NRC a 15% rate of return for providing long-term fina…
On January 1, 2013, Ogleby Corporation signed a five-year noncancelable lease fo
On January 1, 2013, Ogleby Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Ogleby to make annual payments of $120,000 at the en…
On January 1, 2013, Ogleby Corporation signed a five-year noncancelable lease fo
On January 1, 2013, Ogleby Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Ogleby to make annual payments of $120,000 at the en…
On January 1, 2013, Orr Co. established a stock appreciation rights plan for its
On January 1, 2013, Orr Co. established a stock appreciation rights plan for its executives. They could receive cash at any time during the next four years equal to the difference…
On January 1, 2013, Orr Co. established a stock appreciation rights plan for its
On January 1, 2013, Orr Co. established a stock appreciation rights plan for its executives. They could receive cash at any time during the next four years equal to the difference…
On January 1, 2013, Orr Co. established a stock appreciation rights plan for its
On January 1, 2013, Orr Co. established a stock appreciation rights plan for its executives. They could receive cash at any time during the next four years equal to the difference…
On January 1, 2013, Payton Co. sold equipment to its subsidiary, Starker Corp.,
On January 1, 2013, Payton Co. sold equipment to its subsidiary, Starker Corp., for $115,000. The equipment had cost $125,000, and the balance in accumulated depreciation was $45,…
On January 1, 2013, Phantom Company acquires $302,500 of Spiderman Products, Inc
On January 1, 2013, Phantom Company acquires $302,500 of Spiderman Products, Inc., 8% bonds at a price of $287,455. The interest is payable each December 31, and the bonds mature …
On January 1, 2013, Piper Co. issued ten-year bonds with a face value of $4,000,
On January 1, 2013, Piper Co. issued ten-year bonds with a face value of $4,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds w…
On January 1, 2013, Piranto acquires 90 percent of Slinton’s outstanding shares.
On January 1, 2013, Piranto acquires 90 percent of Slinton’s outstanding shares. Financial information for these two companies for the years of 2013 and 2014 follows: Note: Parent…
On January 1, 2013, Plano Company acquired 8 percent (16,000 shares) of the outs
On January 1, 2013, Plano Company acquired 8 percent (16,000 shares) of the outstanding voting shares of the Sumter Company for $192,000, an amount equal to Sumter’s underlying bo…
On January 1, 2013, Plano Company acquired 8 percent (16,000 shares) of the outs
On January 1, 2013, Plano Company acquired 8 percent (16,000 shares) of the outstanding voting shares of the Sumter Company for $192,000, an amount equal to Sumter’s underlying bo…
On January 1, 2013, Plano Company acquired 8 percent (17,600 shares) of the outs
On January 1, 2013, Plano Company acquired 8 percent (17,600 shares) of the outstanding voting shares of the Sumter Company for $334,400, an amount equal to Sumter’s underlying bo…
On January 1, 2013, Plano Company acquired 8 percent (25,600 shares) of the outs
On January 1, 2013, Plano Company acquired 8 percent (25,600 shares) of the outstanding voting shares of the Sumter Company for $460,800, an amount equal to Sumter’s underlying bo…
On January 1, 2013, Plano Company acquired 8 percent (28,000 shares) of the outs
On January 1, 2013, Plano Company acquired 8 percent (28,000 shares) of the outstanding voting shares of the Sumter Company for $476,000, an amount equal to Sumter’s underlying bo…
On January 1, 2013, Powell Company purchased a building and machinery that have
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $7,5…
On January 1, 2013, Queen Corporation issued 12-year, 6% bonds payable with a fa
On January 1, 2013, Queen Corporation issued 12-year, 6% bonds payable with a face value of $10 million. The bonds require semi-annual coupon payments on June 30 and December 31 e…
On January 1, 2013, Rodeo Warehouse purchased new equipment for its distribution
On January 1, 2013, Rodeo Warehouse purchased new equipment for its distribution center. The equipment cost $450,000; Rodeo paid $50,000 as a down payment and is required to pay $…
On January 1, 2013, Rodeo Warehouse purchased new equipment for its distribution
On January 1, 2013, Rodeo Warehouse purchased new equipment for its distribution center. The equipment cost $450,000; Rodeo paid $50,000 as a down payment and is required to pay $…
On January 1, 2013, Schmidt Security issued $60 million of 9%, 10-year convertib
On January 1, 2013, Schmidt Security issued $60 million of 9%, 10-year convertible bonds at 102. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible…
On January 1, 2013, Shay issues $380,000 of 9%, 15-year bonds at a price of 97.2
On January 1, 2013, Shay issues $380,000 of 9%, 15-year bonds at a price of 97.25. Six years later, on January 1, 2019, Shay retires 30% of these bonds by buying them on the open …
On January 1, 2013, Sweetwater Furniture Company leased office space under a 21-
On January 1, 2013, Sweetwater Furniture Company leased office space under a 21-year operating lease agreement. The contract calls for annual rent payments on December 31 of each …
On January 1, 2013, The Barrett Company purchased merchandise from a supplier. P
On January 1, 2013, The Barrett Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $32,000 on each December 31…
On January 1, 2013, Tonge Industries had outstanding 820,000 common shares (par
On January 1, 2013, Tonge Industries had outstanding 820,000 common shares (par $1) that originally sold for $25 per share, and 4,000 shares of 10% cumulative preferred stock (par…
On January 1, 2013, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. T
On January 1, 2013, Vacker Co. acquired 70% of Carper Inc. by paying $650,000. This included a $20,000 control premium. Carper reported common stock on that date of $420,000 with …
On January 1, 2013, Wellburn Corporation leased an asset from Tabitha Company. T
On January 1, 2013, Wellburn Corporation leased an asset from Tabitha Company. The asset originally cost Tabitha $390,000. The lease agreement is an operating lease that calls for…
On January 1, 2013, a company issued 10-year, 10% bonds payable with a par value
On January 1, 2013, a company issued 10-year, 10% bonds payable with a par value of $500,000 and received $442,647 in cash proceeds. The market rate of interest at the date of iss…
On January 1, 2013, a subsidiary buys 12 percent of the outstanding voting stock
On January 1, 2013, a subsidiary buys 12 percent of the outstanding voting stock of its parent corporation. The payment of $400,000 exceeded book value of the acquired shares by $…
On January 1, 2013, a subsidiary buys 8 percent of the outstanding voting stock
On January 1, 2013, a subsidiary buys 8 percent of the outstanding voting stock of its parent corporation. The payment of $350,000 exceeded book value of the acquired shares by $5…
On January 1, 2013, the Brunswick Hat Company adopted the dollar-value LIFO reta
On January 1, 2013, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2013: Calculate the estimated ending inventory and …
On January 1, 2013, the Brunswick Hat Company adopted the dollar-value LIFO reta
On January 1, 2013, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2013: Calculate the estimated ending inventory and …
On January 1, 2013, the Dell Company adopted the dollar-value LIFO method for it
On January 1, 2013, the Dell Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $452,000. The later years' ending inventory…
On January 1, 2013, the Excel Delivery Company purchased a delivery van for $41,
On January 1, 2013, the Excel Delivery Company purchased a delivery van for $41,000. At the end of its five-year service life, it is estimated that the van will be worth $5,000. D…
On January 1, 2013, the Excel Delivery Company purchased a delivery van for $48,
On January 1, 2013, the Excel Delivery Company purchased a delivery van for $48,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. D…
On January 1, 2013, the Excel Delivery Company purchased a delivery van for $52,
On January 1, 2013, the Excel Delivery Company purchased a delivery van for $52,000. At the end of its five-year service life, it is estimated that the van will be worth $4,000. D…
On January 1, 2013, the Marjlee Company began construction of an office building
On January 1, 2013, the Marjlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in 2014. Construction e…
On January 1, 2013, the Marjlee Company began construction of an office building
On January 1, 2013, the Marjlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in 2014. Construction e…
On January 1, 2013, the Mason Manufacturing Company began construction of a buil
On January 1, 2013, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2014. O…
On January 1, 2013, the Montgomery company agreed to purchase a building by maki
On January 1, 2013, the Montgomery company agreed to purchase a building by making six payments. The first three are to be $39,000 each, and will be paid on December 31, 2013, 201…