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On July 1, 2011 Matrix Inc. purchased land and a building for a lump sum of $6,7
On July 1, 2011 Matrix Inc. purchased land and a building for a lump sum of $6,700,000. The appraised values are Land $4,550,000 and Building $1,950,000. At what value will be Bui…
On July 1, 2011, Gadget Twin Manufacturing purchased new equipment from Acme Equ
On July 1, 2011, Gadget Twin Manufacturing purchased new equipment from Acme Equipment Company that had a purchase price (including sales tax) of $86,112. Acme charged $1,920 to d…
On July 1, 2012, Bashful Co. contracts with Doc Co. to build Bashful\'s new fact
On July 1, 2012, Bashful Co. contracts with Doc Co. to build Bashful's new factory. Doc began work immediately on the factory and continued working until the project's completion …
On July 1, 2012, Bliss industries Inc. issued $24,000,000 of 20-year, 11% bonds
On July 1, 2012, Bliss industries Inc. issued $24,000,000 of 20-year, 11% bonds at a market (effective) interest rate of 14%, receiving cash of $19,200,577. Interest on the bonds …
On July 1, 2012, Bower Industry\'s Inc. issued $3,900,000 of 10-year, 9% bonds a
On July 1, 2012, Bower Industry's Inc. issued $3,900,000 of 10-year, 9% bonds at a market (effective) interest rate of 11%, receiving cash of $3,433,935. Interest on the bonds is …
On July 1, 2012, Brower Industries Inc. issued $2,500,000 of 5-year, 10% bonds a
On July 1, 2012, Brower Industries Inc. issued $2,500,000 of 5-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $2,405,781. Interest on the bonds is…
On July 1, 2012, Charisse Corporation issued $2,483,600 face value, 12%, 10-year
On July 1, 2012, Charisse Corporation issued $2,483,600 face value, 12%, 10-year bonds at $2,793,113. This price resulted in an effective-interest rate of 10% on the bonds. Charis…
On July 1, 2012, Falk Company signed a contract to lease space in a building for
On July 1, 2012, Falk Company signed a contract to lease space in a building for 20 years. The lease contract calls for annual (prepaid) rental payments of $80,000 on each July 1 …
On July 1, 2012, Falk Company signed a contract to lease space in a building for
On July 1, 2012, Falk Company signed a contract to lease space in a building for 20 years. The lease contract calls for annual (prepaid) rental payments of $80,000 on each July 1 …
On July 1, 2012, Falk Company signed a contract to lease space in a building for
On July 1, 2012, Falk Company signed a contract to lease space in a building for 20 years. The lease contract calls for annual (prepaid) rental payments of $80,000 on each July 1 …
On July 1, 2012, Israel Co. pays $17,226 to Idonije Insurance Co. for a 3-year i
On July 1, 2012, Israel Co. pays $17,226 to Idonije Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending, December 31. For Israel Co., journalize…
On July 1, 2012, Israel Co. pays $17,226 to Idonije Insurance Co. for a 3-year i
On July 1, 2012, Israel Co. pays $17,226 to Idonije Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending, December 31. For Israel Co., journalize…
On July 1, 2012, Okin Company purchased equipment for $280,000; the estimated us
On July 1, 2012, Okin Company purchased equipment for $280,000; the estimated useful life was 10 years and the expected salvage value was $25,000. Straight-line depreciation is us…
On July 1, 2012, Rentoul Inc. made two sales. Rentoul Inc. recently had to pay 8
On July 1, 2012, Rentoul Inc. made two sales. Rentoul Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transa…
On July 1, 2012, Steelman Company acquired a new machine for $172,000 and estima
On July 1, 2012, Steelman Company acquired a new machine for $172,000 and estimated it would have a useful life of 10 years and residual value of $9,500. At the beginning of 2015,…
On July 1, 2012, Ted, age 73 and single, sells his personal residence of the las
On July 1, 2012, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $35,000. The expenses associated with the …
On July 1, 2012, Watson Company received a $20,000 promissory note for services
On July 1, 2012, Watson Company received a $20,000 promissory note for services from Jeffs Company. The annual interest rate is 5%. Principal and interest are paid in cash at the …
On July 1, 2012, ten months\' rent income totaling $22,000 was received on a sto
On July 1, 2012, ten months' rent income totaling $22,000 was received on a storage unit rental. The receipt of cash was originally recorded by a credit to Unearned Rent Revenue (…
On July 1, 2013, Ambrose was admitted to partnership in the firm of Ambrose and
On July 1, 2013, Ambrose was admitted to partnership in the firm of Ambrose and Nectar. His contribution to capital consisted of 500 shares of stock in Paniculata Corporation., wh…
On July 1, 2013, Farm Fresh Industries purchased a specialized delivery truck fo
On July 1, 2013, Farm Fresh Industries purchased a specialized delivery truck for $328,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a …
On July 1, 2013, Farm Fresh Industries purchased a specialized delivery truck fo
On July 1, 2013, Farm Fresh Industries purchased a specialized delivery truck for $310,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a …
On July 1, 2013, Farm Fresh Industries purchased a speclalized delivery truck fo
On July 1, 2013, Farm Fresh Industries purchased a speclalized delivery truck for $314,000. At the time, Farm Fresh estlmated the truck to have a useful life of elght years and a …
On July 1, 2013, Hooker Financial Corporation granted 50,000 options to key exec
On July 1, 2013, Hooker Financial Corporation granted 50,000 options to key executives. Each option allows the executive to purchase one share of Hooker’s $1 par value common stoc…
On July 1, 2013, Jones Corporation had the following capital structure: Required
On July 1, 2013, Jones Corporation had the following capital structure: Required: Complete the following table based on three independent cases involving stock transactions: (Roun…
On July 1, 2013, Lula Plume created a new self-storage business, Safe Storage Co
On July 1, 2013, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company's first month. July 1 Plume invested $30,0…
On July 1, 2013, Rex purchases a new automobile for $40,000. He uses the car 80%
On July 1, 2013, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2013, 19,000 miles in 2014, 20,000 mile…
On July 1, 2013, the Foster Company sold inventory to the Slate Corporation for
On July 1, 2013, the Foster Company sold inventory to the Slate Corporation for $308000. Terms of the sale called for a down payment of $77000 and three annual installments of $77…
On July 1, 2014 Linked Up Inc. acquired a new machine at a cost of $15,000 with
On July 1, 2014 Linked Up Inc. acquired a new machine at a cost of $15,000 with a residual value of $3,000. The estimated useful life is 5 years and 100,000 units. For the year en…
On July 1, 2014 Macklin Corporation issued 5%, 10 year bonds with a face value o
On July 1, 2014 Macklin Corporation issued 5%, 10 year bonds with a face value of $4,000,000 at 104. Interest is part on October 1 and April 1, with any premiums or discounts amor…
On July 1, 2014, Agincourt Inc. made two sales. 1. It sold land having a fair va
On July 1, 2014, Agincourt Inc. made two sales. 1. It sold land having a fair value of $915,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount o…
On July 1, 2014, Agincourt Inc. made two sales. Agincourt Inc. recently had to p
On July 1, 2014, Agincourt Inc. made two sales. Agincourt Inc. recently had to pay 7% interest for money that it borrowed from British National Bank. The customers in these two tr…
On July 1, 2014, Ashlock Chemical Company issued $4,000,000, 10%, 10 year bonds
On July 1, 2014, Ashlock Chemical Company issued $4,000,000, 10%, 10 year bonds at $4,543,627. This price resulted in an 8% effective-interest rate on the bonds. Ashlock uses the …
On July 1, 2014, Brigham Corporation purchased Young Company by paying $253,030
On July 1, 2014, Brigham Corporation purchased Young Company by paying $253,030 cash and issuing a $150,950 note payable to Steve Young. At July 1, 2014, the balance sheet of Youn…
On July 1, 2014, Brigham Corporation purchased Young Company by paying $255,000
On July 1, 2014, Brigham Corporation purchased Young Company by paying $255,000 cash and issuing a $150,480 note payable to Steve Young. At July 1, 2014, the balance sheet of Youn…
On July 1, 2014, Brigham Corporation purchased Young Company by paying $261,190
On July 1, 2014, Brigham Corporation purchased Young Company by paying $261,190 cash and issuing a $150,880 note payable to Steve Young. At July 1, 2014, the balance sheet of Youn…
On July 1, 2014, Burrito Company purchased for cash 40% of the outstanding capit
On July 1, 2014, Burrito Company purchased for cash 40% of the outstanding capital stock of Cheese Corporation. Both Burrito and Cheese have a December 31 year-end. Cheese Corpora…
On July 1, 2014, Davidson Corporation had the following capital structure: Requi
On July 1, 2014, Davidson Corporation had the following capital structure: Required: Complete the following comparative tabulation based on two independent cases: (Round "Par valu…
On July 1, 2014, Dynamic Corporation purchased for cash 40% of the outstanding c
On July 1, 2014, Dynamic Corporation purchased for cash 40% of the outstanding capital stock of Cart Co ber 31st, it has not yet been determined by Dynamic conclusively whether it…
On July 1, 2014, Ellison Company granted Sam Wine, an employee, an option to buy
On July 1, 2014, Ellison Company granted Sam Wine, an employee, an option to buy 1,000 shares of Ellison Co. stock for $30 per share, the option exercisable for 5 years from date …
On July 1, 2014, Flanagin Corporation issued $2,138,300, 10%, 10-year bonds at $
On July 1, 2014, Flanagin Corporation issued $2,138,300, 10%, 10-year bonds at $2,428,909. This price resulted in an effective-interest rate of 8% on the bonds. Flanagin uses the …
On July 1, 2014, Kamer\'s Trinkets borrowed $23,000 from the bank. Kamer signed
On July 1, 2014, Kamer's Trinkets borrowed $23,000 from the bank. Kamer signed a ten-month, 8% promissory note for the entire amount. Kamer's uses a calendar year-end. Prepare the…
On July 1, 2014, Pizner Co. pays $28,200 to Orlow Insurance Co. for a 3-year ins
On July 1, 2014, Pizner Co. pays $28,200 to Orlow Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry…
On July 1, 2014, Sugarland Company issued $2,000,000 face value of 10%, 10-year
On July 1, 2014, Sugarland Company issued $2,000,000 face value of 10%, 10-year bonds at $1,770,602, a yield of 12%. Sugarland uses the effectiveinterest method to amortize bond p…
On July 1, 2015 Allen Company acquired 70,000 of the outstanding shares of Brown
On July 1, 2015 Allen Company acquired 70,000 of the outstanding shares of Brown Company for $12 per share. This acquisition gave Allen a 40 percent ownership of Brown and allowed…
On July 1, 2015 the Skywalker Company (American) buys a 3 year 100,000 C$ 10% CD
On July 1, 2015 the Skywalker Company (American) buys a 3 year 100,000 C$ 10% CD from C3PO bank (Canadian) when $1 =1 C$. This CD pays interest annually on July 1. The exchange ra…
On July 1, 2015 the Skywalker Company (American) buys a 3 year 100,000 C$ 10% CD
On July 1, 2015 the Skywalker Company (American) buys a 3 year 100,000 C$ 10% CD from C3PO bank (Canadian) when $1 =1 C$. This CD pays interest annually on July 1. The exchange ra…
On July 1, 2015 the Skywalker Company (American) buys a 3 year 100,000 C$ 10% CD
On July 1, 2015 the Skywalker Company (American) buys a 3 year 100,000 C$ 10% CD from C3PO bank (Canadian) when $1 =1 C$. This CD pays interest annually on July 1. The exchange …
On July 1, 2015 the West Company purchased a 1,000,000 Pound Sterling CD from th
On July 1, 2015 the West Company purchased a 1,000,000 Pound Sterling CD from the Kardashian Bank of London. This 10% 3 year CD pays interest on June 30. Additional information is…
On July 1, 2015, ABC company filed its Articles of Incorporation with the State
On July 1, 2015, ABC company filed its Articles of Incorporation with the State of California. All of their correspondence and contracts list ABC as ABC Inc. On July 10th, XYZ Inc…
On July 1, 2015, ABC company filed its Articles of Incorporation with the State
On July 1, 2015, ABC company filed its Articles of Incorporation with the State of California. All of their correspondence and contracts list ABC as ABC Inc. On July 10th, XYZ Inc…