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On January 1, Garcia Supply leased a truck for a five-year period, at which time

On January 1, Garcia Supply leased a truck for a five-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $19,500 due on D…

On January 1, Garcia Supply leased a truck for a four-year period, at which time

On January 1, Garcia Supply leased a truck for a four-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $11,000 due on D…

On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note

On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank.  The note requires annual payments of $23,492, with the first payment occurri…

On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note

On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank.  The note requires annual payments of $23,492, with the first payment occurri…

On January 1, Gregory Company signed a ten-year noncancelable lease for a new ma

On January 1, Gregory Company signed a ten-year noncancelable lease for a new machine, requiring$40,000 annual payments at the beginning of each year. The machine has a useful lif…

On January 1, Guillen Corporation had 90,600 shares of no-par common stock issue

On January 1, Guillen Corporation had 90,600 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occ…

On January 1, Guillen Corporation had 92,000 shares of no-par common stock issue

On January 1, Guillen Corporation had 92,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occ…

On January 1, Guillen Corporation had 93,000 shares of no-par common stock issue

On January 1, Guillen Corporation had 93,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occ…

On January 1, Guillen Corporation had 93,000 shares of no-par common stock issue

On January 1, Guillen Corporation had 93,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occ…

On January 1, Guillen Corporation had 93,000 shares of no-par common stock issue

On January 1, Guillen Corporation had 93,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occ…

On January 1, Guillen Corporation had 93,500 shares of no-par common stock issue

On January 1, Guillen Corporation had 93,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occ…

On January 1, Guillen Corporation had 94,000 shares of no-par common stock issue

On January 1, Guillen Corporation had 94,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $7 per share. During the year, the following occ…

On January 1, Guillen Corporation had 95,000 shares of no-par common stock issue

On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occ…

On January 1, Guillen Corporation had 95,000 shares of no-par common stock issue

On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occ…

On January 1, Guillen Corporation had 96,000 shares of no-par common stock issue

On January 1, Guillen Corporation had 96,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occ…

On January 1, Hannah\'s Pool Service Company had a retained earnings balance of

On January 1, Hannah's Pool Service Company had a retained earnings balance of $252,000. During the year Hannah's stockholders bought an additional $32,000 in common stock and rec…

On January 1, Hannah\'s Pool Service Company had a retained earnings balance of

On January 1, Hannah's Pool Service Company had a retained earnings balance of $252,000. During the year Hannah's stockholders bought an additional $32,000 in common stock and rec…

On January 1, Highland Corporation purchased $85,000 of six percent, three-year

On January 1, Highland Corporation purchased $85,000 of six percent, three-year bonds as long-term investment. Iterest is paid annually. The company is not involved in active trad…

On January 1, Innovative Solutions, Inc. issued $210,000 in bonds at face value.

On January 1, Innovative Solutions, Inc. issued $210,000 in bonds at face value. The bonds have a stated interest rate of 7 percent. The bonds mature in 10 years and pay interest …

On January 1, Innovative Solutions, Inc. issued $270,000 in bonds at face value.

On January 1, Innovative Solutions, Inc. issued $270,000 in bonds at face value. The bonds have a stated interest rate of 7 percent. The bonds mature in 10 years and pay interest …

On January 1, Innovative Solutions, Inc. issued $280,000 in bonds at face value.

On January 1, Innovative Solutions, Inc. issued $280,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in 10 years and pay interest …

On January 1, Innovative Solutions, Inc. issued $300,000 in bonds at face value.

On January 1, Innovative Solutions, Inc. issued $300,000 in bonds at face value. The bonds have a stated interest rate of 7 percent. The bonds mature in 10 years and pay interest …

On January 1, Innovative Solutions, Inc. issued s270,000 in bonds at face value.

On January 1, Innovative Solutions, Inc. issued s270,000 in bonds at face value. The bonds have a stated interest rate of 7 percent. The bonds mature in 10 years and pay interest …

On January 1, Jackson, Inc \'s Work-in Process Inventory account showed a balanc

On January 1, Jackson, Inc 's Work-in Process Inventory account showed a balance of $66,700. During the year, materials requisitioned for use in production amounted to $70,700, of…

On January 1, James Industries leased equipment to a customer for a four-year pe

On January 1, James Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to James. The equipment cost Ja…

On January 1, Java Shop had $360,000 of inventory at cost. In the first quarter

On January 1, Java Shop had $360,000 of inventory at cost. In the first quarter of the year, it purchased $1,267,200 of merchandise, returned $11,450, and paid freight charges of …

On January 1, Johns, Inc., acquires 60 percent of the outstanding stock of Arnie

On January 1, Johns, Inc., acquires 60 percent of the outstanding stock of Arnie for $61,680. Arnie Co. has one recorded asset, a specialized production machine with a book value …

On January 1, Julie, Kay, and Susan form a partnership. The contributions of the

On January 1, Julie, Kay, and Susan form a partnership. The contributions of the three individuals are listed below. Julie received a 30% partnership interest, Kay received a 60% …

On January 1, Klosterman Company issued S459.000, 13%, 10-year bonds at face val

On January 1, Klosterman Company issued S459.000, 13%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Prepare the journal entry to record t…

On January 1, Logan Trucking purchased a used Kenworth truck at a cost of $42,00

On January 1, Logan Trucking purchased a used Kenworth truck at a cost of $42,000. Logan Trucking expects the truck to remain useful for ten years (370,000 miles) and to have a re…

On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authori

On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding. These shares were originally issued at a price of $26 per share. In addition, …

On January 1, Luther Co. issued a $1,000,000, five-year, 8% installment note pay

On January 1, Luther Co. issued a $1,000,000, five-year, 8% installment note payable with payments of $250,456 principal plus interest due on January 1 of each year for the next f…

On January 1, Lyon Corporation purchased a 25% equity investment in Shane Corpor

On January 1, Lyon Corporation purchased a 25% equity investment in Shane Corporation for $150,000. At December 31, Shane declared and paid a $80,000 cash dividend and reported ne…

On January 1, Marble Trucking purchased a used Kenworth truck at a cost of $44,0

On January 1, Marble Trucking purchased a used Kenworth truck at a cost of $44,000. Marble Trucking expects the truck to remain useful for four years (430,000 miles) and to have a…

On January 1, Martinez Corp. had 61,800 shares of no-par common stock issued and

On January 1, Martinez Corp. had 61,800 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transact…

On January 1, Matzke Company has a beginning cash balance of $84,000. During the

On January 1, Matzke Company has a beginning cash balance of $84,000. During the year, the company expects cash disbursements of $680,000 and cash receipts of $580,000. If Matzke …

On January 1, Miami Gold Exchange paid cash of $64,800 for computers that are ex

On January 1, Miami Gold Exchange paid cash of $64,800 for computers that are expected to remain useful for six years. At the end of six years, the value of the computers is expec…

On January 1, Molini Corporation had 95, 000 shares of nopar common stock issued

On January 1, Molini Corporation had 95, 000 shares of nopar common stock issued and outstanding. The stock has a statedvalue of $5 per share. During the year, the following occur…

On January 1, MusicPro paid $92,000 for production equipment which was expected

On January 1, MusicPro paid $92,000 for production equipment which was expected to provide 16,000 hours of recording time. The company estimated that the equipment would be used f…

On January 1, NewTune Company exchanges 18,668 shares of its common stock for al

On January 1, NewTune Company exchanges 18,668 shares of its common stock for all of the outstanding shares of On-the-Go, Inc. Each of NewTune’s shares has a $4 par value and a $5…

On January 1, NewTune Company exchanges 19,336 shares of its common stock for al

On January 1, NewTune Company exchanges 19,336 shares of its common stock for all of the outstanding shares of On-the-Go, Inc. Each of NewTune's shares has a $4 par value and a $5…

On January 1, NewTune Company exchanges 19,681 shares of its common stock for al

On January 1, NewTune Company exchanges 19,681 shares of its common stock for all of the outstanding shares of On-the-Go, Inc. Each of NewTune's shares has a $4 par value and a $5…

On January 1, Newkirk Company issued $342,200, 8%, 10-year bonds at face value.

On January 1, Newkirk Company issued $342,200, 8%, 10-year bonds at face value. Interest is payable annually on January 1. On January 1, Newkirk Company issued $342,200, 8%, 10-ye…

On January 1, Newkirk Company issued $482,000, 10%, 10-year bonds at face value.

On January 1, Newkirk Company issued $482,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare journal entries to record the accrual of intere…

On January 1, Nina has a portfolio value of $10,000. On March 1, Nina adds $3,00

On January 1, Nina has a portfolio value of $10,000. On March 1, Nina adds $3,000 of new funds to her portfolio. At the end of the year, Nina has received $200 in dividends, $100 …

On January 1, Park Corporation and Strand Corporation had condensed balance shee

On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows: Park Strand Current assets $ 118250 $ 37000 Noncurrent assets 98,500 44,500 Total as…

On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value

On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the b…

On January 1, Patterson Corporation acquired 80 percent of the 100,000 outstandi

On January 1, Patterson Corporation acquired 80 percent of the 100,000 outstanding voting shares of Soriano, Inc., in exchange for $31.25 per share cash. The remaining 20 percent …

On January 1, Patterson Corporation acquired 80 percent of the 100,000 outstandi

On January 1, Patterson Corporation acquired 80 percent of the 100,000 outstanding voting shares of Soriano, Inc., in exchange for $31.25 per share cash. The remaining 20 percent …

On January 1, Pina Colada Corp. had 62,100 shares of no-par common stock issued

On January 1, Pina Colada Corp. had 62,100 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following trans…