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On January 1, Plugs Company, a lessee, entered into three non-cancelable leases
On January 1, Plugs Company, a lessee, entered into three non-cancelable leases for new equipment, Lease L, Lease M, and Lease N. None of the three leases transfers ownership of t…
On January 1, Porter Corporation issued $400,000, 6%, 5-year bonds at 95. Intere
On January 1, Porter Corporation issued $400,000, 6%, 5-year bonds at 95. Interest is payable semiannually on July 1 and January 1. Instructions Prepare journal entries to record…
On January 1, Porter Corporation issued $600,000, 6%, 5-year bonds at 102. Inter
On January 1, Porter Corporation issued $600,000, 6%, 5-year bonds at 102. Interest is payable semiannually on July 1 and January 1. Instructions Prepare journal entries to record…
On January 1, Prine, Inc., acquired 100 percent of Lydia Companys common stock f
On January 1, Prine, Inc., acquired 100 percent of Lydia Companys common stock for a fair value of $123,975,500 in cash and stock Lydia's assets and liabilities equaled their fair…
On January 1, Pulse Recording Studio (PRS) had the following account balances. T
On January 1, Pulse Recording Studio (PRS) had the following account balances. The following transactions occurred during January. 1. Received $ 2,500 cash on 1/ 1 from customers …
On January 1, Reed Richards was the sole shareholder of Fantastic Deal Corporati
On January 1, Reed Richards was the sole shareholder of Fantastic Deal Corporation. His stock basis was $200,000. On June 30, Fantastic distributes property to him with a FMV of $…
On January 1, Reed Richards was the sole shareholder of Fantastic Deal Corporati
On January 1, Reed Richards was the sole shareholder of Fantastic Deal Corporation. His stock basis was $200,000. On June 30, Fantastic distributes property to him with a FMV of $…
On January 1, Rosewater Company leased a computer for 4 years at a monthly rent
On January 1, Rosewater Company leased a computer for 4 years at a monthly rent of $80, payable at the end of each month. Due to the rate of technical change, the computer is expe…
On January 1, Sam took out a $1,000 personal loan from Payday Palace, a hypothet
On January 1, Sam took out a $1,000 personal loan from Payday Palace, a hypothetical short-term cash advance company, that charged him a fixed monthly interest rate. On January 31…
On January 1, Seller sent a letter to Buyer offering to sell to Buyer 5,000 widg
On January 1, Seller sent a letter to Buyer offering to sell to Buyer 5,000 widgets for $25 a piece. The letter also stated: “This offer is binding and irrevocable until February …
On January 1, Sheffield Corporation had 61000 shares of $10 par value common sto
On January 1, Sheffield Corporation had 61000 shares of $10 par value common stock outstanding. On March 17, the company declared a 10% stock dividend to stockholders of record on…
On January 1, Skysong, Inc. had 90,500 shares of no-par common stock issued and
On January 1, Skysong, Inc. had 90,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.…
On January 1, Smith Industries leased equipment to a customer for a four-year pe
On January 1, Smith Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to Smith. The equipment cost Sm…
On January 1, Snipes Construction paid for earth-moving equipment by issuing a $
On January 1, Snipes Construction paid for earth-moving equipment by issuing a $320,000, 3-year note that specified 4% interest to be paid on December 31 of each year. The equipme…
On January 1, Soft Corporation had 80,000 shares of $10 par value common stock o
On January 1, Soft Corporation had 80,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 10% stock dividend to stockholders of record on June…
On January 1, Staley Utilities Company acquired a power plant at a total cost of
On January 1, Staley Utilities Company acquired a power plant at a total cost of $23,580,000, and paid cash. The estimated cost (in today's market) to dismantle the plant and rest…
On January 1, Tellier Corporation had 60,000 shares of no-par common stock isssu
On January 1, Tellier Corporation had 60,000 shares of no-par common stock isssued and outstanding. The stock has a stated value of $4 per share. During the year, the following tr…
On January 1, Tellier Corporation had 60,000 shares of no-par common stock isssu
On January 1, Tellier Corporation had 60,000 shares of no-par common stock isssued and outstanding. The stock has a stated value of $4 per share. During the year, the following tr…
On January 1, Tellier Corporation had 62,100 shares of no-par common stock issue
On January 1, Tellier Corporation 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 tra…
On January 1, Tesco Company spent a total of $4,144,000 to acquire control over
On January 1, Tesco Company spent a total of $4,144,000 to acquire control over Blondel Company. This price was based on paying $499,000 for 20 percent of Blondel’s preferred stoc…
On January 1, Vanessa Corporation had 60,000 shares of no-par common stock issue
On January 1, Vanessa Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following tra…
On January 1, Vanessa Corporation had 61,300 shares of no-par common stock issue
On January 1, Vanessa Corporation had 61,300 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following tra…
On January 1, Vanessa Corporation had 63,700 shares of no-par common stock issue
On January 1, Vanessa Corporation had 63,700 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following tra…
On January 1, Vermont Corporation had 39,000 shares of $12 par value common stoc
On January 1, Vermont Corporation had 39,000 shares of $12 par value common stock issued and outstanding. All 39,000 shares had been issued in a prior period at $20 per share. On …
On January 1, Vince Corporation purchased a25% equity in Morelli Corporation for
On January 1, Vince Corporation purchased a25% equity in Morelli Corporation for $172,700. At December 31, Morelli declared and paid a $43,300cash dividend and reported net income…
On January 1, Walker purchases a used machine for $150,000 and readies it for us
On January 1, Walker purchases a used machine for $150,000 and readies it for use the next day at a cost Problem 8-6B of $3,510. On January 4, it is mounted on a required operatin…
On January 1, Wilcox Company acquires, for cash, four machines that have the fol
On January 1, Wilcox Company acquires, for cash, four machines that have the following characteristics: Estimated Required: Next Level What arguments may be used to support the co…
On January 1, Year 1 Residence Company Issued bonds with a $50,000 face value. T
On January 1, Year 1 Residence Company Issued bonds with a $50,000 face value. The bonds were Issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of…
On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. T
On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 offering a 4% discount. They had a 20 year term, a stated rate of intere…
On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. T
On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of…
On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. T
On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20-year term and a stated rate of…
On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. T
On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of…
On January 1, Year 1 the Sunshine Company acquired a new machine at a cost of $2
On January 1, Year 1 the Sunshine Company acquired a new machine at a cost of $270,000. The new machine has an estimated life of five years, with a $22,000 salvage value. The comp…
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $1,000 face value bond is convertible into 5 shares of common stock. The bonds have a 10 year term t…
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $1,000 face value bond is convertible into 5 shares of common stock. The bonds have a 10 year term t…
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $1,000 face value bond is convertible into 5 shares of common stock. The bonds have a 10 year term t…
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $1,000 face value bond is convertible into 5 shares of common stock. The bonds have a 10 year term t…
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $
On January 1, Year 1, Acorn Financial Corp. issued 850 convertible bonds. Each $1,000 face value bond is convertible into 5 shares of common stock. The bonds have a 10 year term t…
On January 1, Year 1, Andrei’s Design Inc., purchased equipment for $60,000. Res
On January 1, Year 1, Andrei’s Design Inc., purchased equipment for $60,000. Residual value at the end of an estimated four-year service life is expected to be $10,000. The compan…
On January 1, Year 1, Bryson Company obtained a $63,000, four-year, 12% installm
On January 1, Year 1, Bryson Company obtained a $63,000, four-year, 12% installment note from Campbell Bank The note requires annual payments of $20,742, beginning on December 31,…
On January 1, Year 1, Cumulus Contracting, Inc., entered into an agreement to co
On January 1, Year 1, Cumulus Contracting, Inc., entered into an agreement to construct a building on the customer's land. The project was expected to take 3 years and involve a t…
On January 1, Year 1, East Company purchased West Company. East Company paid $60
On January 1, Year 1, East Company purchased West Company. East Company paid $600,000 cash and assumed all of West Company’s liabilities. West’s books showed tangible assets of $5…
On January 1, Year 1, Gemstone Mining Company (GMC) paid $10,500,000 cash to pur
On January 1, Year 1, Gemstone Mining Company (GMC) paid $10,500,000 cash to purchase the rights to extract raw stone from a surface pit estimated to hold 50,000 pounds of useable…
On January 1, Year 1, Kennard Co. issued $2.000,000, 5%, 10-year bonds, with int
On January 1, Year 1, Kennard Co. issued $2.000,000, 5%, 10-year bonds, with interest payable on June 30 and December 31 to yield 6%. The bonds were issued for $1,851,234. Require…
On January 1, Year 1, LL Company issued 100 stock options with an exercise price
On January 1, Year 1, LL Company issued 100 stock options with an exercise price of $18 each to five employees (total 500 options). The options vest on December 31, Year 2, after …
On January 1, Year 1, Lowing Company acquired a patent from Generics Research Co
On January 1, Year 1, Lowing Company acquired a patent from Generics Research Corporation for $3 million. The legal life of the patent is 20 years, but Lowing expects to use it fo…
On January 1, Year 1, Manlier Inc. leased equipment costing $45,000 to one of it
On January 1, Year 1, Manlier Inc. leased equipment costing $45,000 to one of its customers. The sales-type lease agreement specifies six annual payments of $15,000 beginning on t…
On January 1, Year 1, Marino Moving Company paid $48,000 cash to purchase a truc
On January 1, Year 1, Marino Moving Company paid $48,000 cash to purchase a truck. The truck was expected to have a four year useful life and an $8,000 salvage value. Marino uses …
On January 1, Year 1, Moore, a fast-food company, had a balance in its Cash acco
On January 1, Year 1, Moore, a fast-food company, had a balance in its Cash account of $45,800. During the Year 1 accounting period, the company had (1) net cash inflow from opera…
On January 1, Year 1, Parent Company acquires a 100% interest in Subsidiary Comp
On January 1, Year 1, Parent Company acquires a 100% interest in Subsidiary Company by issuing 100,000 shares of $10 par common stock. The market value of the stock at the date of…