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On July 1, 2015, Anita Company entered into a contract to build an apartment bui
On July 1, 2015, Anita Company entered into a contract to build an apartment building. It is estimated that the building will take 3 years to complete. The contract price was $9,6…
On July 1, 2015, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18
On July 1, 2015, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2015 through December 2016. What adjusting entry should Charlie Co. record on Dec…
On July 1, 2015, Flash Inc. and Polar Corp. finalized a transaction for the exch
On July 1, 2015, Flash Inc. and Polar Corp. finalized a transaction for the exchange of equipment. Flash has on its books equipment with an original cost of $15,000 and accumulate…
On July 1, 2015, Friedman Inc. invested $717,963 in a mine estimated to have 806
On July 1, 2015, Friedman Inc. invested $717,963 in a mine estimated to have 806,700 tons of ore of uniform grade. During the last 6 months of 2015, 103,700 tons of ore were mined…
On July 1, 2015, Friedman Inc. invested $720,000 in a mine estimated to have 900
On July 1, 2015, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2015, 100,000 tons of ore were mined…
On July 1, 2015, Harold paid $10,000 for a ten-year bond with a stated interest
On July 1, 2015, Harold paid $10,000 for a ten-year bond with a stated interest rate of %5, payable annually on July1. On April, 2016, 275 days after purchasing the bond, Harold s…
On July 1, 2015, Houghton Company borrowed 280,000 euros from a foreign lender e
On July 1, 2015, Houghton Company borrowed 280,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2016. The note is denominated in euros. The U.S…
On July 1, 2015, Kroger Inc. acquired Hole Foods for $250,000 cash and a $100,00
On July 1, 2015, Kroger Inc. acquired Hole Foods for $250,000 cash and a $100,000 note payable to the Bank of New York. The balance sheet on that date for Hole Foods is as follows…
On July 1, 2015, Link Corporation paid $340,000 for all of Tinsel Company\'s out
On July 1, 2015, Link Corporation paid $340,000 for all of Tinsel Company's outstanding common stock. On that date, the costs and fair values of Tinsel's recorded assets and liabi…
On July 1, 2015, Pearl Industries sold administrative equipment with a book valu
On July 1, 2015, Pearl Industries sold administrative equipment with a book value of $600,000 to its subsidiary, Shiek Shoes, for $700,000. At the date of sale, the equipment had …
On July 1, 2015, ROE executed a negotiable Promissory Note for $4,000.00 to DOE,
On July 1, 2015, ROE executed a negotiable Promissory Note for $4,000.00 to DOE, payable on November 1, 2015, in exchange for a car that DOE sold him. DOE negotiated the Note to P…
On July 1, 2015, Truman Company acquired a 70 percent interest in Atianta Compan
On July 1, 2015, Truman Company acquired a 70 percent interest in Atianta Company in exchange for consideration of $776,300 in cash and equity securities. The remaining 30 percent…
On July 1, 2016 Merideth Industries Inc. issued a $28,500,000 of 10-year, 8% bon
On July 1, 2016 Merideth Industries Inc. issued a $28,500,000 of 10-year, 8% bonds at a market (effective) intrest rate of 9% recieving cash of $26,646,292. Interest on the bonds …
On July 1, 2016, $7.0 million face amount of 8%, 12-year bonds were issued. The
On July 1, 2016, $7.0 million face amount of 8%, 12-year bonds were issued. The bonds pay interest on an annual basis on June 30 each year. The market interest rates were slightly…
On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a hist
On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a historical cost of $1,500 that had accumulated depreciation of $800 after all June adjusting entries ha…
On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a hist
On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a historical cost of $1,500 that had accumulated depreciation of $800 after all June adjusting entries ha…
On July 1, 2016, Alpha Company negotiated the purchase of a new piece of equipme
On July 1, 2016, Alpha Company negotiated the purchase of a new piece of equipment with the seller Zulu Company. The equipment was list for $200,000. Smooth talking Alpha was able…
On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service
On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service life of eight years and an estimated residual value of $6,000. Alpha has recorded depreciation of …
On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service
On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service life of eight years and an estimated residual value of $6,000. Alpha has recorded depreciation of …
On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service
On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service life of eight years and an estimated residual value of $6,000. Alpha has recorded depreciation of …
On July 1, 2016, Apache Company, a real estate developer, sold a parcel of land
On July 1, 2016, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,480,000. The book value of the land on Apache’s books was $1,440,0…
On July 1, 2016, Apache Company, a real estate developer, sold a parcel of land
On July 1, 2016, Apache Company, a real estate developer, sold a parcel of land to a construction company for $2,880,000. The book value of the land on Apache’s books was $1,280,0…
On July 1, 2016, Clark acquired a 20 percent interest in the D and D Partnership
On July 1, 2016, Clark acquired a 20 percent interest in the D and D Partnership, by contributing a parcel of land for which his basis was $8,000. After the contribution, each of …
On July 1, 2016, Flay Foods issued $100 million of its 8%, bonds for $92 million
On July 1, 2016, Flay Foods issued $100 million of its 8%, bonds for $92 million. The bonds were priced to yield 10%. The bonds are dated July 1, 2016. Interest is payable semiann…
On July 1, 2016, Goode Company borrowed $180,000. The company signed a note paya
On July 1, 2016, Goode Company borrowed $180,000. The company signed a note payable with interest at 6 percent per year. The note and interest are due on December 31, 2016. On Dec…
On July 1, 2016, Gupta Corporation bought 25% of the outstanding common stock of
On July 1, 2016, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $100 million cash. At the date of acquisition of the stock, VB’s net assets had a t…
On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year, 8% bond
On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year, 8% bonds at a market (effective) interest rate of 9%, receiving cash of $26,646,292. Interest on the bonds…
On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year, 8% bond
On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year, 8% bonds at a market (effective) interest rate of 9%, receiving cash of $26,646,292. Interest on the bonds…
On July 1, 2016, Merideth Industries Inc. issued $35,400,000 of 10-year, 10% bon
On July 1, 2016, Merideth Industries Inc. issued $35,400,000 of 10-year, 10% bonds at a market (effective) interest rate of 12%, receiving cash of $31,339,478. Interest on the bon…
On July 1, 2016, Merideth Industries Inc. issued $35,400,000 of 10-year, 6% bond
On July 1, 2016, Merideth Industries Inc. issued $35,400,000 of 10-year, 6% bonds at a market (effective) interest rate of 8%, receiving cash of $30,589,136. Interest on the bonds…
On July 1, 2016, Merideth Industries Inc. issued $37,400,000 of 10-year, 9% bond
On July 1, 2016, Merideth Industries Inc. issued $37,400,000 of 10-year, 9% bonds at a market (effective) interest rate of 11%, receiving cash of $32,930,592. Interest on the bond…
On July 1, 2016, Merideth Industries Inc. issued $43,200,000 of 10-year, 11% bon
On July 1, 2016, Merideth Industries Inc. issued $43,200,000 of 10-year, 11% bonds at a market (effective) interest rate of 12%, receiving cash of $40,722,290. Interest on the bon…
On July 1, 2016, Merideth Industries Inc. issued $47,500,000 of 10-year, 7% bond
On July 1, 2016, Merideth Industries Inc. issued $47,500,000 of 10-year, 7% bonds at a market (effective) interest rate of 9%, receiving cash of $41,321,100. Interest on the bonds…
On July 1, 2016, Morgan Company needs exactly $206,400 in cash to pay an existin
On July 1, 2016, Morgan Company needs exactly $206,400 in cash to pay an existing obligation. Morgan has decided to borrow from North Bank, which charges 14% interest on loans. Th…
On July 1, 2016, Morningside Co. borrowed $33,000 from the bank. Morningside sig
On July 1, 2016, Morningside Co. borrowed $33,000 from the bank. Morningside signed a ten-month, 6% promissory note for the entire amount. Morningside uses a calendar year-end. 1.…
On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the follo
On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July. A. Opened a business bank account with a deposit of $20…
On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the follo
On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July. 1. Indicate the effect of each transaction and the bala…
On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the follo
On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July. A. Opened a business bank account with a deposit of $20…
On July 1, 2016, Plaza Ventures, Inc. issued $3,000,000 of 7% bonds, due in 10 y
On July 1, 2016, Plaza Ventures, Inc. issued $3,000,000 of 7% bonds, due in 10 years, with interest payable semiannually on July 1 and January 1. At the time of issue, the market …
On July 1, 2016, S&S Inc. acquired 80% of Wade Co. by paying $596,000 cash. Wade
On July 1, 2016, S&S Inc. acquired 80% of Wade Co. by paying $596,000 cash. Wade Co. reported a Common Stock account balance of $160,000 and Retained Earnings of $360,000 at t…
On July 1, 2016, Sean McConnell established his own accounting practice. Selecte
On July 1, 2016, Sean McConnell established his own accounting practice. Selected transactions for the first few days of July follow. Signed a lease for an office and issued Check…
On July 1, 2016, The Village assessed property taxes for the current period in t
On July 1, 2016, The Village assessed property taxes for the current period in the amount of $700,000, and, based on past history, 2.5% of this will prove to be uncollectible. Whi…
On July 1, 2016, Tilt Co. exchanged a truck for twenty shares of King Corp.\'s c
On July 1, 2016, Tilt Co. exchanged a truck for twenty shares of King Corp.'s common stock. On that date, the truck's carrying amount was $2,000, and its fair value was $2,500. Al…
On July 1, 2016, an acquiring company paid $1,275,000 for 100% of the outstandin
On July 1, 2016, an acquiring company paid $1,275,000 for 100% of the outstanding common stock of an investee company in a transaction that qualifies as a business combination. Im…
On July 1, 2016, lames purchased a bond at par of $10.000 plus acrued interest o
On July 1, 2016, lames purchased a bond at par of $10.000 plus acrued interest of $400, James collected the $800 in interest for the year James sold the bond on January 1, 2017. f…
On July 1, 2016, the City of Corfu received a gift of debt securities of XYZ Com
On July 1, 2016, the City of Corfu received a gift of debt securities of XYZ Company with a nominal (par) value of S1,600,000. Income is to be used to make awards for civic achiev…
On July 1, 2016, the Jazz Corporation issues $4,000,000 of 10-year bonds dated J
On July 1, 2016, the Jazz Corporation issues $4,000,000 of 10-year bonds dated July 1, 2016, at 89 when the market rate of interest was 8%. Jazz Corporation uses the effective - i…
On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin issued
On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin issued at par $7,500,000 of 4 percent term bonds to construct a new city office building. The bonds matur…
On July 1, 2017, Amos Corporation granted nontransferable, nonqualified stock op
On July 1, 2017, Amos Corporation granted nontransferable, nonqualified stock options to certain key employees as additional compensation. The options permit the purchase of 20,00…
On July 1, 2017, Blossom Company pays $18,000 to Sunland Company for a 1-year in
On July 1, 2017, Blossom Company pays $18,000 to Sunland Company for a 1-year insurance contract. Both companies have fiscal years ending December 31 Journalize the entry on July …