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On January 1, 2011, G Corp. granted stock options to key employees for the purch
On January 1, 2011, G Corp. granted stock options to key employees for the purchase of 80,000 shares of the company’s common stock at $25 per share. The options are intended to co…
On January 1, 2011, Galaxy Sun Industries acquired a new piece of machinery and
On January 1, 2011, Galaxy Sun Industries acquired a new piece of machinery and a used truck from Acme Equipment Company. Galaxy Sun negotiated a price of $108,000 for both items.…
On January 1, 2011, Giants Inc. had the following account balances in its stockh
On January 1, 2011, Giants Inc. had the following account balances in its stockholder's equity accounts: Preferred Stock, $100 par, 10,000 shares outstanding $1,000,000 Paid-in ca…
On January 1, 2011, HGC Camera Store adopted the dollar-value LIFO retail invent
On January 1, 2011, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2011 and 2012 are …
On January 1, 2011, Key Corporation acquired machinery at a cost of $1,200,000.
On January 1, 2011, Key Corporation acquired machinery at a cost of $1,200,000. Key adopted the double-declining balance method of depreciation for this equipment and had been rec…
On January 1, 2011, Kidman Enterprises issues bonds that have a $1,700,000 par v
On January 1, 2011, Kidman Enterprises issues bonds that have a $1,700,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds ar…
On January 1, 2011, LLB Industries borrowed $200,000 from Trust Bank by issuing
On January 1, 2011, LLB Industries borrowed $200,000 from Trust Bank by issuing a two-year. 10% note, with interest payable quarterly. LLB entered into a two-year interest rate sw…
On January 1, 2011, Labtech Circuits borrowed $100,000 from First Bank by issuin
On January 1, 2011, Labtech Circuits borrowed $100,000 from First Bank by issuing a three-year, 8% note, payable on December 31, 2013. Labtech wanted to hedge the risk that genera…
On January 1, 2011, Matin Inc. (a wholly-owned subsidiary) sold equipment to Mus
On January 1, 2011, Matin Inc. (a wholly-owned subsidiary) sold equipment to Musial Corp. for $168,000 in cash. The equipment originally cost $140,000 but had a book value of only…
On January 1, 2011, Matin Inc. (a wholly-owned subsidiary) sold equipment to Mus
On January 1, 2011, Matin Inc. (a wholly-owned subsidiary) sold equipment to Musial Corp. for $168,000 in cash. The equipment originally cost $140,000 but had a book value of only…
On January 1, 2011, Matin Inc. (a wholly-owned subsidiary) sold equipment to Mus
On January 1, 2011, Matin Inc. (a wholly-owned subsidiary) sold equipment to Musial Corp. for $168,000 in cash. The equipment originally cost $140,000 but had a book value of only…
On January 1, 2011, McLean Company makes the two followingacquisitions. Purchase
On January 1, 2011, McLean Company makes the two followingacquisitions. Purchases land having a fair market value of $385,000.00 byissuing a 5-year, zero-interest-bearing promisso…
On January 1, 2011, Morrow Inc purchased a spooler at cost of $ 40,000. The equi
On January 1, 2011, Morrow Inc purchased a spooler at cost of $ 40,000. The equipment is expected to last 8 yrs and have a residual value of $4,000. During its 8 yrs life, the equ…
On January 1, 2011, Moses, Ethan, Christie and Rodney formed Butterfly, Inc., a
On January 1, 2011, Moses, Ethan, Christie and Rodney formed Butterfly, Inc., a manufacturing company to be taxed as a Subchapter C corporation. Moses contributed (i) cash in the …
On January 1, 2011, Newtown Propane Incorporated acquired a new piece of machine
On January 1, 2011, Newtown Propane Incorporated acquired a new piece of machinery and a used truck from Acme Equipment Company. Newtown Propane negotiated a price of $125,000 for…
On January 1, 2011, Newtown Propane Incorporated acquired a new piece of machine
On January 1, 2011, Newtown Propane Incorporated acquired a new piece of machinery and a used truck from Acme Equipment Company. Newtown Propane negotiated a price of $125,000 for…
On January 1, 2011, Newtown Propane Incorporated acquired a new piece of machine
On January 1, 2011, Newtown Propane Incorporated acquired a new piece of machinery and a used truck from Acme Equipment Company. Newtown Propane negotiated a price of $125,000 for…
On January 1, 2011, Nowell Company issued $302,000 in bonds that mature in seven
On January 1, 2011, Nowell Company issued $302,000 in bonds that mature in seven years. The bonds have a stated interest rate of 8 percent and pay interest on June 30 and December…
On January 1, 2011, Paar Incorporated paid $38,500 for a 70% interest in Siba En
On January 1, 2011, Paar Incorporated paid $38,500 for a 70% interest in Siba Enterprises, at a time when Siba's stockholder's equity consisted of $20,000 in Capital stock and $30…
On January 1, 2011, Packard Corporation leased equipment to Hewlitt Company. The
On January 1, 2011, Packard Corporation leased equipment to Hewlitt Company. The lease term is 8years. The first payment of $450,000 was made on January 1, 2011. Remaining payment…
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The fo
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. 1.The term of the noncancelable lease is 6 years, with …
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The fo
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. 1.The term of the noncancelable lease is 6 years, with …
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The fo
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. The term of the noncancelable lease is 6 years, with no…
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The fo
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. The term of the noncancelable lease is 6 years, with no…
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The fo
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. The term of the noncancelable lease is 6 years, with no…
On January 1, 2011, Pena Company and Shelby Company have condensed balanced shee
On January 1, 2011, Pena Company and Shelby Company have condensed balanced sheets as follows: On January 2, 2011 Pena borrowed $180,000 and used the proceeds to purchase 90% of t…
On January 1, 2011, Piper Co. issued 10-year bonds with a face value of $1,000,0
On January 1, 2011, Piper Co. issued 10-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds we…
On January 1, 2011, Piper Co. issued 10-year bonds with a face value of $1,000,0
On January 1, 2011, Piper Co. issued 10-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds we…
On January 1, 2011, Piper Co. issued 10-year bonds with a face value of $1,000,0
On January 1, 2011, Piper Co. issued 10-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds we…
On January 1, 2011, Piper Co. issued ten-year bonds with a face value of $1,000,
On January 1, 2011, Piper Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds w…
On January 1, 2011, Pride, Inc. acquired 80% of the outstanding voting common st
On January 1, 2011, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Strong's stock. Of this payment, $2…
On January 1, 2011, Riney Co. owned 80% of the common stock of Garvin Co. On tha
On January 1, 2011, Riney Co. owned 80% of the common stock of Garvin Co. On that date, Garvin's stockholders' equity accounts had the following balances: The balance in Riney's I…
On January 1, 2011, Ritter Company granted stock options to officers and key emp
On January 1, 2011, Ritter Company granted stock options to officers and key employees for the purchase of 10,000 shares of the company's $1 par common stock at $20 per share as a…
On January 1, 2011, Shirley Corporation purchased 10% bonds dated January 1, 201
On January 1, 2011, Shirley Corporation purchased 10% bonds dated January 1, 2011, with a face amount of $10 million. The bonds mature in 2020 (10 years). For bonds of similar ris…
On January 1, 2011, Smith, Inc., has the following balances for accounts receiva
On January 1, 2011, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $382,000 Allowance for Doubtful Accoun…
On January 1, 2011, Steadman issues $250,000 of 10%, 12-year bonds at a price of
On January 1, 2011, Steadman issues $250,000 of 10%, 12-year bonds at a price of 97.50. Six years later, on January 1, 2017, Steadman retires 20% of these bonds by buying them on …
On January 1, 2011, Steadman issues $350,000 of 10%, 15-year bonds at a price of
On January 1, 2011, Steadman issues $350,000 of 10%, 15-year bonds at a price of 97%. Six years later on January 1, 2017, Steadman retires 20% of these bonds by buying them on the…
On January 1, 2011, Steadman issues $390,000 of 8%, 20-year bonds at a price of
On January 1, 2011, Steadman issues $390,000 of 8%, 20-year bonds at a price of 97.00. Six years later, on January 1, 2017, Steadman retires 20% of these bonds by buying them on t…
On January 1, 2011, Tonge Industries had outstanding 440,000 common shares (par
On January 1, 2011, Tonge Industries had outstanding 440,000 common shares (par $l) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par…
On January 1, 2011, Trillini Corporation issued $3,000,000 of 10-year, 8percenta
On January 1, 2011, Trillini Corporation issued $3,000,000 of 10-year, 8percentage convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. E…
On January 1, 2011, Trillini Corporation issued $4,110,000 of 10-year, 8% conver
On January 1, 2011, Trillini Corporation issued $4,110,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,37…
On January 1, 2011, Walter Scott Co. leased machinery under a 6-year lease. The
On January 1, 2011, Walter Scott Co. leased machinery under a 6-year lease. The machinery has a 9-year economic life. The present value of the monthly lease payments is determined…
On January 1, 2011, the Mills Conveying Equipment Company began construction of
On January 1, 2011, the Mills Conveying Equipment Company began construction of a building to be used as its office headquarters. The building was completed on June 30, 2012. Expe…
On January 1, 2011, the Mills Conveying Equipment Company began construction of
On January 1, 2011, the Mills Conveying Equipment Company began construction of a building to be used as its office headquarters. The building was completed on June 30, 2012. Expe…
On January 1, 2011, the Stridewell Wholesale Shoe Company signed a 25-year non-c
On January 1, 2011, the Stridewell Wholesale Shoe Company signed a 25-year non-cancelable lease agreement for an office building. Terms of the lease call for Stridewell to make an…
On January 1, 2012 Clive Davis Company sold 12% bonds having a maturity value of
On January 1, 2012 Clive Davis Company sold 12% bonds having a maturity value of $800,000 for $860,652 which provides the bondholders with a 10% effective yield. The bonds are dat…
On January 1, 2012 Clive Davis Company sold 12% bonds having a maturity value of
On January 1, 2012 Clive Davis Company sold 12% bonds having a maturity value of $800,000 for $860,652 which provides the bondholders with a 10% effective yield. The bonds are dat…
On January 1, 2012 Richards Inc. had cash and common stock of $60,000. At that d
On January 1, 2012 Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability of equity balances. On January 2, 2012, it purchased…
On January 1, 2012 Terry\'s Towing Service owned 2 tow trucks valued at $140,000
On January 1, 2012 Terry's Towing Service owned 2 tow trucks valued at $140,000. During 2012, Terry's bought 9 new trucks for a total of $675,000. At the end of 2012, the market v…
On January 1, 2012 lones Company issued bonds with a face value of $750,000. The
On January 1, 2012 lones Company issued bonds with a face value of $750,000. The bonds carry an interest rate of 8% payable each January 1. a. Prepare the journal entry for the is…