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On January 1, 2014, Packard signed a 5-year noncancelable lease for a machine. T
On January 1, 2014, Packard signed a 5-year noncancelable lease for a machine. The terms of the lease called for Packard to make annual lease payments of $8,751 at the beginning o…
On January 1, 2014, Palk Corp. and Spraz Corp. had condensed balance sheets as f
On January 1, 2014, Palk Corp. and Spraz Corp. had condensed balance sheets as follows: On January 2, 2014, Palk borrowed the entire $84,000 it needed to acquire 80% of the outsta…
On January 1, 2014, Palmero Company purchased an 80% interest in Santos Company
On January 1, 2014, Palmero Company purchased an 80% interest in Santos Company for $2,800,000 at which time Santos Company had retained earnings of $1,000,000 and capital stock o…
On January 1, 2014, Palsoe Corp. acquired 30 percent (13,000 shares) of Nostay S
On January 1, 2014, Palsoe Corp. acquired 30 percent (13,000 shares) of Nostay Services Inc. com-mon stock for $1,300,000 as a long-term investment. Data from Nostay's 2014 financ…
On January 1, 2014, Park Corporation sold a $600,000, 7.5 percent bond issue (8.
On January 1, 2014, Park Corporation sold a $600,000, 7.5 percent bond issue (8.5 percent market rate). The bonds were dated January 1, 2014, pay interest each June 30 and Decembe…
On January 1, 2014, Park Corporation sold a $606,000, 6 percent bond issue (8 pe
On January 1, 2014, Park Corporation sold a $606,000, 6 percent bond issue (8 percent market rate). The company does not use a discount account. The bonds were dated January 1, 20…
On January 1, 2014, Park Corporation sold a $613,000, 6 percent bond issue (8 pe
On January 1, 2014, Park Corporation sold a $613,000, 6 percent bond issue (8 percent market rate). The company does not use a discount account. The bonds were dated January 1, 20…
On January 1, 2014, Park Corporation sold a $615,000, 4 percent bond issue (6 pe
On January 1, 2014, Park Corporation sold a $615,000, 4 percent bond issue (6 percent market rate). The bonds were dated January 1, 2014, pay interest each June 30 and December 31…
On January 1, 2014, Park Corporation sold a $620,000, 6 percent bond issue (8 pe
On January 1, 2014, Park Corporation sold a $620,000, 6 percent bond issue (8 percent market rate). The bonds were dated January 1, 2014, pay interest each June 30 and December 31…
On January 1, 2014, Pinnacle Corporation exchanged $3,511,500 cash for 100 perce
On January 1, 2014, Pinnacle Corporation exchanged $3,511,500 cash for 100 percent of the outstanding voting stock of Strata Corporation. On the acquisition date, Strata had the f…
On January 1, 2014, Plate Company purchased a 90% interest in the common stock o
On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $681,200, an amount $21,500 in excess of the book value of equity acquired. The e…
On January 1, 2014, Poundstone Inc. issued $1,000,000, 5%, 10-year convertible d
On January 1, 2014, Poundstone Inc. issued $1,000,000, 5%, 10-year convertible debentures. Issues of Poundstone’s risk class are typically traded at 6%. Each $1,000 bond is conver…
On January 1, 2014, Powell Corporation issued $600,000, 5%, 5-year bonds dated J
On January 1, 2014, Powell Corporation issued $600,000, 5%, 5-year bonds dated January 1, 2014, at 95. The bonds pay annual interest on January 1. The company uses the straight-li…
On January 1, 2014, Ridge Road Company acquired 20 percent of the voting shares
On January 1, 2014, Ridge Road Company acquired 20 percent of the voting shares of Sauk Trail, Inc. for $2,900,000 in cash. Both companies provide commercial Internet support serv…
On January 1, 2014, Ridge Road Company acquired 25 percent of the voting shares
On January 1, 2014, Ridge Road Company acquired 25 percent of the voting shares of Sauk Trail, Inc. for $4,100,000 in cash. Both companies provide commercial Internet support serv…
On January 1, 2014, Ridge Road Company acquired 25 percent of the voting shares
On January 1, 2014, Ridge Road Company acquired 25 percent of the voting shares of Sauk Trail, Inc. for $3,900,000 in cash. Both companies provide commercial Internet support serv…
On January 1, 2014, Ridge Road Company acquired 30 percent of the voting shares
On January 1, 2014, Ridge Road Company acquired 30 percent of the voting shares of Sauk Trail, Inc. for $4,600,000 in cash. Both companies provide commercial Internet support serv…
On January 1, 2014, Rowley Company purchased a truck that cost $37,000. The truc
On January 1, 2014, Rowley Company purchased a truck that cost $37,000. The truck had an expected useful life of 4 years and a $3,000 salvage value. The amount of depreciation exp…
On January 1, 2014, Rugh Company purchased equipment with a list price of $32,00
On January 1, 2014, Rugh Company purchased equipment with a list price of $32,000 with a 2% cash discount. The equipment was delivered under terms of FOB destination and freight c…
On January 1, 2014, Sauder Corporation signed a five-year noncancelable lease fo
On January 1, 2014, Sauder Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Sauder to make annual payments of $150,000 at the be…
On January 1, 2014, Sauder Corporation signed a five-year noncancelable lease fo
On January 1, 2014, Sauder Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Sauder to make annual payments of $150,000 at the be…
On January 1, 2014, Shannon Company completed the following transactions (assume
On January 1, 2014, Shannon Company completed the following transactions (assume a 10 percent annual interest rate): (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the approp…
On January 1, 2014, Shannon Company completed the following transactions (assume
On January 1, 2014, Shannon Company completed the following transactions (assume a 10 percent annual interest rate): (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the approp…
On January 1, 2014, Sidewinder, Inc. issued a 5-year bonds with a face value of
On January 1, 2014, Sidewinder, Inc. issued a 5-year bonds with a face value of $100,000 and an annual stated interest rate of 10%. Interest payments are made semi-annually on Jun…
On January 1, 2014, Spelt Company sold to Pub Corporation, for $120,000, machine
On January 1, 2014, Spelt Company sold to Pub Corporation, for $120,000, machinery with a book value of $90,000 (including $15,000 of accumulated depreciation), a remaining econom…
On January 1, 2014, TCU Utilities issued $1,006,000 in bonds that mature in 4 ye
On January 1, 2014, TCU Utilities issued $1,006,000 in bonds that mature in 4 years. The bonds have a stated interest rate of 9 percent and pay interest on June 30 and December 31…
On January 1, 2014, TCU Utilities issued $1,010,000 in bonds that mature in 3 ye
On January 1, 2014, TCU Utilities issued $1,010,000 in bonds that mature in 3 years. The bonds have a stated interest rate of 6 percent and pay interest on June 30 and December 31…
On January 1, 2014, TCU Utilities issued $1,012,000 in bonds that mature in 3 ye
On January 1, 2014, TCU Utilities issued $1,012,000 in bonds that mature in 3 years. The bonds have a stated interest rate of 10 percent and pay interest on June 30 and December 3…
On January 1, 2014, Thao Company purchased the following two machines for use in
On January 1, 2014, Thao Company purchased the following two machines for use in its production process. Prepare the following for Machine A. (Round answers to 0 decimal places, e…
On January 1, 2014, Tonika Corporation issued a four-year, $10,600, 7% bond. The
On January 1, 2014, Tonika Corporation issued a four-year, $10,600, 7% bond. The interest is payable annually each December 31. The issue price was $9,968 based on an 8% effective…
On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlli
On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. Collapse question part …
On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlli
On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was tre…
On January 1, 2014, Tri-State Industries had cash and common stock of $180,000.
On January 1, 2014, Tri-State Industries had cash and common stock of $180,000. At that date the company had no other asset, liability or equity balances. On January 2, 2014, it p…
On January 1, 2014, Vermont Ltd. reported the following balances relating to the
On January 1, 2014, Vermont Ltd. reported the following balances relating to their defined benefit pension plan: Defined benefit obligation ........................ $1,600,000 Fai…
On January 1, 2014, Vigeland Corporation issued $2,600,000 in bonds that mature
On January 1, 2014, Vigeland Corporation issued $2,600,000 in bonds that mature in 5 years. The bonds have a stated interest rate of 12 percent and pay interest on June 30 and Dec…
On January 1, 2014, Von Company entered into two noncancelable leases for new ma
On January 1, 2014, Von Company entered into two noncancelable leases for new machines to be used in its manufacturing operations. The first lease does not contain a bargain purch…
On January 1, 2014, Von Company entered into two noncancelable leases for new ma
On January 1, 2014, Von Company entered into two noncancelable leases for new machines to be used in its manufacturing operations. The first lease does not contain a bargain purch…
On January 1, 2014, Walter Corporation issued $3,330,000 of 10-year, 9% converti
On January 1, 2014, Walter Corporation issued $3,330,000 of 10-year, 9% convertible debentures at 103. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 …
On January 1, 2014, Wilkens Corporation had $1,247,000 of common stock outstandi
On January 1, 2014, Wilkens Corporation had $1,247,000 of common stock outstanding that was issued at par and retained earnings of $821,500. The company issued 38,300 shares of co…
On January 1, 2014, Wilkens Corporation had $1,429,000 of common stock outstandi
On January 1, 2014, Wilkens Corporation had $1,429,000 of common stock outstanding that was issued at par and retained earnings of $844,900. The company issued 30,900 shares of co…
On January 1, 2014, Windsor Company purchased a building and equipment that have
On January 1, 2014, Windsor Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $4…
On January 1, 2014, Wooden Company issued 16,000 shares of $2 par value common s
On January 1, 2014, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000. On March 1, 2014, the company purchased 2,000 shares of its common stock for $15…
On January 1, 2014, Woodstock, Inc. purchased a machine costing $41,600. Woodsto
On January 1, 2014, Woodstock, Inc. purchased a machine costing $41,600. Woodstock also paid $1,800 for transportation and installation. The expected useful life of the machine is…
On January 1, 2014, XYZ Company purchased 10,000 shares of the stock of Rayco, a
On January 1, 2014, XYZ Company purchased 10,000 shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a Long-term investment. The stoc…
On January 1, 2014, Zing Services issued $165,000 of 6-year bonds with a stated
On January 1, 2014, Zing Services issued $165,000 of 6-year bonds with a stated rate of 12%. The market rate at time of issue was 11%, so the bonds were issued with a premium and …
On January 1, 2014, a company granted Mark Gotti, an employee, an option to buy
On January 1, 2014, a company granted Mark Gotti, an employee, an option to buy 400 shares of the company stock for $30 per share, the option exercisable for 5 years from date of …
On January 1, 2014, a company has assets of $16 billion and stockholders\' equit
On January 1, 2014, a company has assets of $16 billion and stockholders' equity of $8 billion. On January 1, 2015, the same company has assets of $20 billion and stockholders' eq…
On January 1, 2014, company B leased equipment to company F. The following infor
On January 1, 2014, company B leased equipment to company F. The following information pertains to the lease. The term of the noncancelable lease is 6 years, with no renewal optio…
On January 1, 2014, the Forman Company ledger shows Equipment $36,100 and Accumu
On January 1, 2014, the Forman Company ledger shows Equipment $36,100 and Accumulated Depreciation $12,900. The depreciation resulted from using the straight-line method with a us…
On January 1, 2014, the Hardin Company budget committee has reached agreement on
On January 1, 2014, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2014. Sales units: First quarter 5,300; second…