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On January 1, 2016, Rider Inc. leased a truck to Pine Valley Transportation. The
On January 1, 2016, Rider Inc. leased a truck to Pine Valley Transportation. The lease qualifies as a capital lease under criteria established by the accounting profession. The fo…
On January 1, 2016, Rossi & Co sold 10% bonds dated January 1, 2016, with a face
On January 1, 2016, Rossi & Co sold 10% bonds dated January 1, 2016, with a face amount of $10 million. The bonds mature in 2025 (10 years). For bonds of similar risk and matu…
On January 1, 2016, Rossi Company leased a building under a three-year operating
On January 1, 2016, Rossi Company leased a building under a three-year operating lease. The annual rental payments are $68,000 beginning on January 1, 2016, the inception of the l…
On January 1, 2016, Rupar Retailers purchased $100,000 of Anand Company bonds at
On January 1, 2016, Rupar Retailers purchased $100,000 of Anand Company bonds at a discount of $5,000. The Anand bonds pay 6% interest but were purchased when the market interest …
On January 1, 2016, Ryan Company leased equipment to Brady Corporation. The foll
On January 1, 2016, Ryan Company leased equipment to Brady Corporation. The following information pertains to this lease. The term of the non cancelable lease is 6 years, with no …
On January 1, 2016, S&S Corporation invested in LLB Industries’ negotiable two-y
On January 1, 2016, S&S Corporation invested in LLB Industries’ negotiable two-year, 10% notes, with interest receivable quarterly. The company classified the investment as av…
On January 1, 2016, Safetyway Group, a U.S. company, formed a Swiss subsidiary,
On January 1, 2016, Safetyway Group, a U.S. company, formed a Swiss subsidiary, TEurope AG. The subsidiary issued all of its currently outstanding common stock on that date. Selec…
On January 1, 2016, Sanchez Corporation issued 5-year $200,000 bonds with a 4% s
On January 1, 2016, Sanchez Corporation issued 5-year $200,000 bonds with a 4% stated rate of interest at 97. Sanchez Corporation pays the interest annually on December 31 and use…
On January 1, 2016, Sanderson Variety Store adopted the dollar-value LIFO retail
On January 1, 2016, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method Accounting records provided the following information: Cost Retail Beginning inve…
On January 1, 2016, Seaver Company sold land with a book value of $23,000 to Ben
On January 1, 2016, Seaver Company sold land with a book value of $23,000 to Bench Company. Bench paid $15,000 down and signed a $15,000 non-interest-bearing note, payable in two …
On January 1, 2016, Shamu Corporation had 100,000 shares of common stock outstan
On January 1, 2016, Shamu Corporation had 100,000 shares of common stock outstanding. The following transactions occurred during 2016: March 1: Reacquired 3,800 shares, accounted …
On January 1, 2016, Solo Inc. issued 208,000 of its 6% bonds at 104. Interest is
On January 1, 2016, Solo Inc. issued 208,000 of its 6% bonds at 104. Interest is payable semiannually on January 1 and July 1 . The bonds mature in ten years. Solo uses straight-l…
On January 1, 2016, Solo Inc. issued 461,000 of its 5% bonds at 103. Interest is
On January 1, 2016, Solo Inc. issued 461,000 of its 5% bonds at 103. Interest is payable semiannually on July 1 and December 31, The bonds mature in ten years. Solo uses straight-…
On January 1, 2016, SugarBear Company acquired equipment costing $144,200, which
On January 1, 2016, SugarBear Company acquired equipment costing $144,200, which will be depreciated on the assumption that the equipment will be useful for five years and have a …
On January 1, 2016, Sweetwater Furniture Company leased office space under a 21-
On January 1, 2016, Sweetwater Furniture Company leased office space under a 21-year operating lease agreement. The contract calls for annual rent payments on December 31 of each …
On January 1, 2016, Sweetwater Furniture Company leased office space under a 21-
On January 1, 2016, Sweetwater Furniture Company leased office space under a 21-year operating lease agreement. The contract calls for annual rent payments on December 31 of each …
On January 1, 2016, Tennessee Harvester Corporation issued debenture bonds that
On January 1, 2016, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule ap…
On January 1, 2016, Tennessee Harvester Corporation issued debenture bonds that
On January 1, 2016, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule ap…
On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporation’s
On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporation’s common stock when Eagle had 22,400 shares outstanding. On that date, the following information pert…
On January 1, 2016, Tiger LLC acquired a PPE for $ 3,000,000 expecting to use it
On January 1, 2016, Tiger LLC acquired a PPE for $ 3,000,000 expecting to use it to produce oil for 15 years. The PPE was depreciated on a straight-line method. By the end of 2020…
On January 1, 2016, Tilson Corporation sold a tract of land to its 100% owned su
On January 1, 2016, Tilson Corporation sold a tract of land to its 100% owned subsidiary, Abreau, Inc., for $360,000. The land originally cost Tilson $314,000. Abreau reported net…
On January 1, 2016, Tiny Tim Industries had outstanding $1,000,000 of 12% bonds
On January 1, 2016, Tiny Tim Industries had outstanding $1,000,000 of 12% bonds with a book amount of $966,130. The indenture specified a call price of $981,000. The bonds were is…
On January 1, 2016, Tover Inc. issued $400,000 of bonds at an issue price of $39
On January 1, 2016, Tover Inc. issued $400,000 of bonds at an issue price of $390,000. The bonds mature in 5 years, have a stated interest rate of 4%, and pay interest semi annual…
On January 1, 2016, Twain Corp. sold $560,000 of its own 6 percent, 10-year bond
On January 1, 2016, Twain Corp. sold $560,000 of its own 6 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest …
On January 1, 2016, VKI Corporation awarded restricted stock units (RSUs) repres
On January 1, 2016, VKI Corporation awarded restricted stock units (RSUs) representing 9 million of its $1 par common shares to key personnel, subject to forfeiture if employment …
On January 1, 2016, VKI Corporation awarded restricted stock units (RSUs) repres
On January 1, 2016, VKI Corporation awarded restricted stock units (RSUs) representing 30 million of its $1 par common shares to key personnel, subject to forfeiture if employment…
On January 1, 2016, Webb Construction Company overhauled four cranes resulting i
On January 1, 2016, Webb Construction Company overhauled four cranes resulting in a slight increase in the life of the cranes. Such overhauls occur regularly at two-year intervals…
On January 1, 2016, Whittington Stoves issued $770 million of its 6% bonds for $
On January 1, 2016, Whittington Stoves issued $770 million of its 6% bonds for $706 million. The bonds were priced to yield 8%. Interest is payable semiannually on June 30 and Dec…
On January 1, 2016, Wright Transport sold four school busses to the Elmira Schoo
On January 1, 2016, Wright Transport sold four school busses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $527,000 by Elmi…
On January 1, 2016, a company agrees to pay $20,000 in three years. If the annua
On January 1, 2016, a company agrees to pay $20,000 in three years. If the annual interest rate is 10%, determine how much cash the company can borrow with this agreement. (PV of …
On January 1, 2016, a company issues 3-year bonds with a face value of $130,000
On January 1, 2016, a company issues 3-year bonds with a face value of $130,000 and a stated interest rate of 7%. Because the market interest rate is 5%, the company receives $137…
On January 1, 2016, a company issues 3-year bonds with a face value of $150,000
On January 1, 2016, a company issues 3-year bonds with a face value of $150,000 and a stated interest rate of 7%. Because the market interest rate is 5%, the company receives $158…
On January 1, 2016, a company issues 3-year bonds with a face value of $60,000 a
On January 1, 2016, a company issues 3-year bonds with a face value of $60,000 and a stated interest rate of 7%. Because the market interest rate is 5%, the company receives $63,2…
On January 1, 2016, a company purchased a machine for $138,000 with an expected
On January 1, 2016, a company purchased a machine for $138,000 with an expected life of 5 years and a residual value of $12,000. In addition, the company paid delivery costs of $1…
On January 1, 2016, an investor paid $291,000 for bonds with a face amount of $3
On January 1, 2016, an investor paid $291,000 for bonds with a face amount of $300,000. The state rate of interest is 8% while the current market rate of interest is 10%. Using th…
On January 1, 2016, an investor paid $291,000 for bonds with a face amount of $3
On January 1, 2016, an investor paid $291,000 for bonds with a face amount of $300,000. The contract rate of interest is 8% while the current market rate of interest is 10%. Using…
On January 1, 2016, for $17.5 million, Cenotaph Company purchased 8% bonds, date
On January 1, 2016, for $17.5 million, Cenotaph Company purchased 8% bonds, dated January 1, 2016, with a face amount of $19.5 million. For bonds of similar risk and maturity, the…
On January 1, 2016, for $17.9 million, Marker Company issued 8% bonds, dated Jan
On January 1, 2016, for $17.9 million, Marker Company issued 8% bonds, dated January 1, 2016, with a face amount of $19.9 million. For bonds of similar risk and maturity, the mark…
On January 1, 2016, the Blackstone Corporation purchased a tract of land (site n
On January 1, 2016, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $780,000. Additionally, Blackstone paid a real estate broker's commis…
On January 1, 2016, the City Taxi Company purchased a new taxi cab for $84,000.
On January 1, 2016, the City Taxi Company purchased a new taxi cab for $84,000. The cab has an expected salvage value of $34,000. The company estimates that the cab will be driven…
On January 1, 2016, the Diamond Association issued bonds with a face value of $2
On January 1, 2016, the Diamond Association issued bonds with a face value of $207,000, a stated rate of interest of 6 percent, and a 10-year term to maturity. Interest is payable…
On January 1, 2016, the Diamond Association issued bonds with a face value of $2
On January 1, 2016, the Diamond Association issued bonds with a face value of $219,000, a stated rate of interest of 9 percent, and a 10-year term to maturity. Interest is payable…
On January 1, 2016, the Diamond Association issued bonds with a face value of $2
On January 1, 2016, the Diamond Association issued bonds with a face value of $214,000, a stated rate of interest of 13 percent, and a 10-year term to maturity. Interest is payabl…
On January 1, 2016, the Excel Delivery Company purchased a delivery van for $33,
On January 1, 2016, the Excel Delivery Company purchased a delivery van for $33,000. At end of its five-year service life, it is estimated that the van will be worth $3,000. Durin…
On January 1, 2016, the Excel Delivery Company purchased a delivery van for $43,
On January 1, 2016, the Excel Delivery Company purchased a delivery van for $43,000. At the end of its five-year service life, it is estimated that the van will be worth $4,000. D…
On January 1, 2016, the Excel Delivery Company purchased a delivery van for $45,
On January 1, 2016, the Excel Delivery Company purchased a delivery van for $45,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. D…
On January 1, 2016, the Marjlee Company began construction of an office building
On January 1, 2016, the Marjlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in 2017. Construction e…
On January 1, 2016, the Marjlee Company began construction of an office building
On January 1, 2016, the Marjlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in 2017. Construction e…
On January 1, 2016, the Mason Manufacturing Company began construction of a buil
On January 1, 2016, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2017. On Ja…
On January 1, 2016, the Mason Manufacturing Company began construction of a buil
On January 1, 2016, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2017. On Ja…