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On January 1, 2016, Horton Inc. sells a machine for $21,000. The machine was ori
On January 1, 2016, Horton Inc. sells a machine for $21,000. The machine was originally purchased on January 1, 2014 for $43,000. The machine was estimated to have a useful life o…
On January 1, 2016, Horton Inc. sells a machine for $22,100. The machine was ori
On January 1, 2016, Horton Inc. sells a machine for $22,100. The machine was originally purchased on January 1, 2014 for $45,000. The machine was estimated to have a useful life o…
On January 1, 2016, Horton Inc. sells a machine for $23,000. The machine was ori
On January 1, 2016, Horton Inc. sells a machine for $23,000. The machine was originally purchased on January 1, 2014 for $40,000. The machine was estimated to have a useful life o…
On January 1, 2016, Horton Inc. sells a machine for $24,800. The machine was ori
On January 1, 2016, Horton Inc. sells a machine for $24,800. The machine was originally purchased on January 1, 2014 for $44,200. The machine was estimated to have a useful life o…
On January 1, 2016, Hyde Corporation purchased bonds with a face value of $300,0
On January 1, 2016, Hyde Corporation purchased bonds with a face value of $300,000 for $308,373.53. The bonds are due June 30, 2019, carry a 13% stated interest rate, and were pur…
On January 1, 2016, Initech purchased for $545,000 equipment having an estimated
On January 1, 2016, Initech purchased for $545,000 equipment having an estimated useful life of 10 years or 100,000 hours with an estimated salvage value of $45,000. Required: A) …
On January 1, 2016, Instaform, Inc., issued 12% bonds with a face amount of $60
On January 1, 2016, Instaform, Inc., issued 12% bonds with a face amount of $60 million, dated January 1. The bonds mature in 2035 (20 years). The market yield for bonds of simila…
On January 1, 2016, Jefferson Manufacturing Company purchased equipment for $212
On January 1, 2016, Jefferson Manufacturing Company purchased equipment for $212,000. Jefferson paid $4,000 to have the machine installed. The equipment is expected to have a 5 ye…
On January 1, 2016, Kendall Inc. began cons... On January 1, 2016, Kendall Inc.
On January 1, 2016, Kendall Inc. began cons... On January 1, 2016, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for use …
On January 1, 2016, Kendall Inc. began construction of an automated cattle feede
On January 1, 2016, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2017. Expenditures on the proj…
On January 1, 2016, Kincaid Company\'s Accounts Receivable and the Allowance for
On January 1, 2016, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71,000 and $2,900, respectively. During the year Kincaid rep…
On January 1, 2016, Kincaid Company\'s Accounts Receivable and the Allowance for
On January 1, 2016, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $65,400 and $1,700, respectively. During the year Kincaid rep…
On January 1, 2016, Knorr Corporation issued $900,000 of 6%, 5-year bonds dated
On January 1, 2016, Knorr Corporation issued $900,000 of 6%, 5-year bonds dated January 1, 2016. The bonds pay interest annually on December 31 The bonds were issued to yield 796 …
On January 1, 2016, Kristen Company purchased for $180,000 a new machine that ha
On January 1, 2016, Kristen Company purchased for $180,000 a new machine that has an estimated useful life of ten years (or 550,000 stamping operations), after which the expected …
On January 1, 2016, LLB Industries borrowed $290,000 from Trust Bank by issuing
On January 1, 2016, LLB Industries borrowed $290,000 from Trust Bank by issuing a two-year, 8% note, with interest payable quarterly. LLB entered into a two-year interest rate swa…
On January 1, 2016, LLB Industries borrowed $370,000 from Trust Bank by issuing
On January 1, 2016, LLB Industries borrowed $370,000 from Trust Bank by issuing a two-year, 8% note, with interest payable quarterly. LLB entered into a two-year interest rate swa…
On January 1, 2016, Lego Construction Company signed a contract to build a custo
On January 1, 2016, Lego Construction Company signed a contract to build a custom garage for a customer and received $10,000 in advance for the job. The new garage will be built o…
On January 1, 2016, Lego Construction Company signed a contract to build a custo
On January 1, 2016, Lego Construction Company signed a contract to build a custom garage for a customer and received $10,000 in advance for the job. The new garage will be built o…
On January 1, 2016, Leming - Fang signed a $1,200,000 12- year, 5% note. the loa
On January 1, 2016, Leming - Fang signed a $1,200,000 12- year, 5% note. the loan required Leming-Fang to make annual payments on December 31 of $100,000 principal plus interest T…
On January 1, 2016, M Company granted 100,000 stock options to certain executive
On January 1, 2016, M Company granted 100,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2018, and expire on January 1, 2022. Eac…
On January 1, 2016, M Company granted 90,000 stock options to certain executives
On January 1, 2016, M Company granted 90,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2018, and expire on January 1, 2022. Each…
On January 1, 2016, M Company granted 96,000 stock options to certain executives
On January 1, 2016, M Company granted 96,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2018, and expire on January 1, 2022. Each…
On January 1, 2016, Mania Enterprises issued 12% bonds dated January 1, 2016, wi
On January 1, 2016, Mania Enterprises issued 12% bonds dated January 1, 2016, with a face amount of $20.8 million. The bonds mature in 2025 (10 years). For bonds of similar risk a…
On January 1, 2016, Mary Company leased equipment, signing a five-year lease tha
On January 1, 2016, Mary Company leased equipment, signing a five-year lease that requires annual lease payments of $20,000. The lease qualifies as a capital lease. The payments a…
On January 1, 2016, Metco, Inc., reported 822,100 shares of $5 par value common
On January 1, 2016, Metco, Inc., reported 822,100 shares of $5 par value common stock as being issued and outstanding. On March 15, 2016, Metco, Inc., purchased for its treasury 7…
On January 1, 2016, Monica Company acquired 70 percent of Young Company’s outsta
On January 1, 2016, Monica Company acquired 70 percent of Young Company’s outstanding common stock for $658,000. The fair value of the noncontrolling interest at the acquisition d…
On January 1, 2016, Monroe Company purchased equipment from Edelstein Company by
On January 1, 2016, Monroe Company purchased equipment from Edelstein Company by issuing a five-year, 2% note with a face value of $300,000. Interest is paid annually each Decembe…
On January 1, 2016, Nath-Langstrom Services, Inc., a computer software training
On January 1, 2016, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers from ComputerWorld Corporation under a two-year operating lease agre…
On January 1, 2016, Nath-Langstrom Services, Inc., a computer software training
On January 1, 2016, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers from ComputerWorld Corporation under a two-year operating lease agre…
On January 1, 2016, National Insulation Corporation (NIC) leased office space un
On January 1, 2016, National Insulation Corporation (NIC) leased office space under a capital lease. Lease payments are made annually. Title does not transfer to the lessee and th…
On January 1, 2016, National Insulation Corporation (NIC) leased office space un
On January 1, 2016, National Insulation Corporation (NIC) leased office space under a capital lease. Lease payments are made annually. Title does not transfer to the lessee and th…
On January 1, 2016, Nobel Corporation acquired machinery at a cost of $1,600,000
On January 1, 2016, Nobel Corporation acquired machinery at a cost of $1,600,000. Nobel adopted the straight-line method of depreciation for this machine and had been recording de…
On January 1, 2016, Packard Corporation leased equipment to Hewlitt Company. The
On January 1, 2016, Packard Corporation leased equipment to Hewlitt Company. The lease term is 8 years. The first payment of $454,000 was made on January 1, 2016. Remaining paymen…
On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidia
On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidiary Company for $320,000. On this date, Subsidiary had common stock, other paid-in capital, and reta…
On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidia
On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidiary Company for $320,000. On this date, Subsidiary had common stock, other paid-in capital, and reta…
On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidia
On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidiary Company for $320,000. On this date, Subsidiary had common stock, other paid-in capital, and reta…
On January 1, 2016, Parker Company issued bonds with a face value of $53,000, a
On January 1, 2016, Parker Company issued bonds with a face value of $53,000, a stated rate of interest of 11 percent, and a five-year term to maturity. Interest is payable in cas…
On January 1, 2016, Parker Company issued bonds with a face value of $58,000, a
On January 1, 2016, Parker Company issued bonds with a face value of $58,000, a stated rate of interest of 7 percent, and a five-year term to maturity. Interest is payable in cash…
On January 1, 2016, Parker Company issued bonds with a face value of $69,000, a
On January 1, 2016, Parker Company issued bonds with a face value of $69,000, a stated rate of interest of 9 percent, and a five-year term to maturity. Interest is payable in cash…
On January 1, 2016, Parker Company issued bonds with a face value of $72,000, a
On January 1, 2016, Parker Company issued bonds with a face value of $72,000, a stated rate of interest of 12 percent, and a five-year term to maturity. Interest is payable in cas…
On January 1, 2016, Pell Company purchased 90% of Sand Company for $240,000 cash
On January 1, 2016, Pell Company purchased 90% of Sand Company for $240,000 cash.Immediately after the acquisition the condensed balance sheets were as follows: Pell Sand Current …
On January 1, 2016, Pet Friendly Stores adopted the retail inventory method. Inv
On January 1, 2016, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows 2016…
On January 1, 2016, Pet Friendly Stores adopted the retail inventory method. Inv
On January 1, 2016, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows: 201…
On January 1, 2016, Phoenix Corporation issued 10-year $200,000 bonds with a 6%
On January 1, 2016, Phoenix Corporation issued 10-year $200,000 bonds with a 6% stated rate interest at 103. Phoenix Corporation pays the interest annually on December 31 and uses…
On January 1, 2016, Plymouth Corporation acquired 80 percent of the outstanding
On January 1, 2016, Plymouth Corporation acquired 80 percent of the outstanding voting stock of Sander Company in exchange for $1,200,000 cash. At that time, although Sander’s boo…
On January 1, 2016, Price Co. issued $286,000 of five-year, 8 percent bonds at 9
On January 1, 2016, Price Co. issued $286,000 of five-year, 8 percent bonds at 97. Interest is payable annually on December 31. The discount is amortized using the straight-ine me…
On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding vo
On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc. for $547,000 cash. The acquisition-date fair value of the noncontrolling …
On January 1, 2016, Princess Corporation leased equipment to King Company. The l
On January 1, 2016, Princess Corporation leased equipment to King Company. The lease term is 12 years. The first payment of $744,000 was made on January 1, 2016. The equipment cos…
On January 1, 2016, Randolf Company signed a contract to have Rory Associates co
On January 1, 2016, Randolf Company signed a contract to have Rory Associates construct a manufacturing facility at a cost of $14,000,000. It was estimated that it would take thre…
On January 1, 2016, Relo Company issued $490,000 of bonds at an issue price of $
On January 1, 2016, Relo Company issued $490,000 of bonds at an issue price of $495,000. The bonds mature in 5 years, have a stated interest rate of 6%, and pay interest semi annu…