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On January 1, 2017, Panther, Inc., issued securities with a total fair value of
On January 1, 2017, Panther, Inc., issued securities with a total fair value of $588,000 for 100 percent of Stark Corporation's outstanding ownership shares. Stark has long suppli…
On January 1, 2017, Panther, Inc., issued securities with a total fair value of
On January 1, 2017, Panther, Inc., issued securities with a total fair value of $588,000 for 100 percent of Stark Corporation's outstanding ownership shares. Stark has long suppli…
On January 1, 2017, Panther, Inc., issued securities with a total fair value of
On January 1, 2017, Panther, Inc., issued securities with a total fair value of $577,000 for 100 percent of Stark Corporation's outstanding ownership shares. Stark has long suppli…
On January 1, 2017, Pearl Corporation signed a 5-year noncancelable lease for a
On January 1, 2017, Pearl Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Pearl to make annual payments of $8,148 at the beginning…
On January 1, 2017, Pharoah Company leased equipment to Packer Corporation. The
On January 1, 2017, Pharoah Company leased equipment to Packer Corporation. The following information pertains to this lease. Both the lessor and the lessee’s accounting periods e…
On January 1, 2017, Pharoah Company makes the two following acquisitions 1. Purc
On January 1, 2017, Pharoah Company makes the two following acquisitions 1. Purchases land having a fair value of $160,000 by issuing a 5-year, zero-interest-bearing promissory no…
On January 1, 2017, Pharoah Corporation granted 2,200 shares of restricted $5 pa
On January 1, 2017, Pharoah Corporation granted 2,200 shares of restricted $5 par value common stock to executives. The market price (fair value) of the stock is $66 per share on …
On January 1, 2017, Pharoah Corporation issued $450,000 of 7% bonds, due in 8 ye
On January 1, 2017, Pharoah Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were issued for $478,264, and pay interest each July 1 and January 1. The effective-…
On January 1, 2017, Pina Inc. had cash and common stock of $62,320. At that date
On January 1, 2017, Pina Inc. had cash and common stock of $62,320. At that date, the company had no other asset, liability, or equity balances. On January 2, 2017, it purchased f…
On January 1, 2017, Pinnacle Corporation exchanged $3,527,500 cash for 100 perce
On January 1, 2017, Pinnacle Corporation exchanged $3,527,500 cash for 100 percent of the outstanding voting stock of Strata Corporation. On the acquisition date, Strata had the f…
On January 1, 2017, Portland Company acquired all of Salem Company’s voting stoc
On January 1, 2017, Portland Company acquired all of Salem Company’s voting stock for $16,000,000 in cash. Some of Salem’s assets and liabilities at the date of purchase had fair …
On January 1, 2017, Pronghorn Limited paid $504,998.55 for 12% bonds with a matu
On January 1, 2017, Pronghorn Limited paid $504,998.55 for 12% bonds with a maturity value of $487,000. The bonds provide the bondholders with a 11% yield. They are dated January …
On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding vot
On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $972,000 in cash and stock options. At the acquisition date, NetSp…
On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding vot
On January 1, 2017, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $1,125,000 in cash and stock options. At the acquisition date, Net…
On January 1, 2017, Renewable Corporation had the following Shareholders\' Equit
On January 1, 2017, Renewable Corporation had the following Shareholders' Equity accounts: Contributed Capital: Preferred shares, no par value, $.25 dividend cumulative, convertib…
On January 1, 2017, Ridge Road Company acquired 25 percent of the voting shares
On January 1, 2017, 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 ser…
On January 1, 2017, Ridge Road Company acquired 25 percent of the voting shares
On January 1, 2017, 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 ser…
On January 1, 2017, Riverbed Industries had stock outstanding as follows. 6% Cum
On January 1, 2017, Riverbed Industries had stock outstanding as follows. 6% Cumulative preferred stock, s 100 par value, issued and outstanding 9,500 shares Common stock, $10 par…
On January 1, 2017, Roma Company leased a tractor. The lease agreement qualifies
On January 1, 2017, Roma Company leased a tractor. The lease agreement qualifies as a capital lease and calls for payments of $10,000 per year (payable each year on January 1, sta…
On January 1, 2017, SW bought a real estate for $550,000,000 (including all cost
On January 1, 2017, SW bought a real estate for $550,000,000 (including all costs of purchase and to put it into a usable condition). The real estate has been leased over the past…
On January 1, 2017, Sage Company purchased 11% bonds, having a maturity value of
On January 1, 2017, Sage Company purchased 11% bonds, having a maturity value of $328,000, for $353,515.61. The bonds provide the bondholders with a 9% yield. They are dated Janua…
On January 1, 2017, Sage Corporation purchased 20% of the common shares of Prong
On January 1, 2017, Sage Corporation purchased 20% of the common shares of Pronghorn Company for $194,000. During the year, Pronghorn earned net income of $82,000 and paid dividen…
On January 1, 2017, Salvatore Inc. leased several machines from Robert, LLP unde
On January 1, 2017, Salvatore Inc. leased several machines from Robert, LLP under a 1 year operating lease agreement. The lease calls for semiannual payments of $15,000 each, paya…
On January 1, 2017, Sandhill Animation sold a truck to Peete Finance for $38,000
On January 1, 2017, Sandhill Animation sold a truck to Peete Finance for $38,000 and immediately leased it back. The truck was carried on Sandhill’s books at $32,550. The term of …
On January 1, 2017, Shamrock Co. leased a building to Pharoah Inc. The relevant
On January 1, 2017, Shamrock Co. leased a building to Pharoah Inc. The relevant information related to the lease is as follows. Both the lessor and the lessee are on a calendar-ye…
On January 1, 2017, Shay issues $270,000 of 9%, 15-year bonds at a price of 97.0
On January 1, 2017, Shay issues $270,000 of 9%, 15-year bonds at a price of 97.00. Six years later, on January 1, 2023, Shay retires 30% of these bonds by buying them on the open …
On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97¾
On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97¾. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open m…
On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97¾
On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97¾. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open m…
On January 1, 2017, Sheffield Corporation issued $1,750,000 face value, 6%, 10-
On January 1, 2017, Sheffield Corporation issued $1,750,000 face value, 6%, 10- year bonds at $1,627,087. This price resulted in an effective-interest rate of 7% on the bonds. She…
On January 1, 2017, Sheffield Corporation redeemed $460,000 of bonds at 98. At t
On January 1, 2017, Sheffield Corporation redeemed $460,000 of bonds at 98. At the time of redemption, the unamortized premium was $13,800. Prepare the corporation’s journal entry…
On January 1, 2017, Shellenburger Inc. had the following stockholders’ equity ac
On January 1, 2017, Shellenburger Inc. had the following stockholders’ equity account balances. Common Stock, no-par value (527,500 shares issued) $1,582,500 ,Common Stock Dividen…
On January 1, 2017, Sheridan Company had a balance of $417,000 of goodwill on it
On January 1, 2017, Sheridan Company had a balance of $417,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year The goodwil had…
On January 1, 2017, Sheridan Company leased equipment to Packer Corporation. The
On January 1, 2017, Sheridan Company leased equipment to Packer Corporation. The following information pertains to this lease. Collectibility of lease payments by the lessor is pr…
On January 1, 2017, Sheridan Company\'s accounting records contained these liabi
On January 1, 2017, Sheridan Company's accounting records contained these liability accounts. Accounts Payable $43,200 Sales Taxes Payable 6,950 Unearned Service Revenue 19,700 Du…
On January 1, 2017, Sheridan Corporation issued $460,000 of 7% bonds, due in 10
On January 1, 2017, Sheridan Corporation issued $460,000 of 7% bonds, due in 10 years. The bonds were issued for $494,220, and pay interest each July 1 and January 1. The effectiv…
On January 1, 2017, Sheridan Corporation purchased 30% of the common shares of S
On January 1, 2017, Sheridan Corporation purchased 30% of the common shares of Skysong Company for S 196 ODO During the year, Skysong earned net income of $73,000 and paid dividen…
On January 1, 2017, Shirley Corporation puchased 10% bonds dated January 1, 2017
On January 1, 2017, Shirley Corporation puchased 10% bonds dated January 1, 2017, with a face amount of $10 million. The bonds mature in 10 years. For bonds of similiar risk and m…
On January 1, 2017, Skysong, Inc. had these stockholders\' equity balances. Comm
On January 1, 2017, Skysong, Inc. had these stockholders' equity balances. Common Stock, $1 par (2,000,000 shares authorized, 620,000 shares issued and outstanding) Paid-in Capita…
On January 1, 2017, Splish Company issued 10-year, $1,980,000 face value, 6% bon
On January 1, 2017, Splish Company issued 10-year, $1,980,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Splish common stock. Splish’s net inc…
On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting
On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video, Inc., for $720,000. Q-Video manufactures specialty cables for computer monitors…
On January 1, 2017, Sunland Company leased equipment to Packer Corporation. The
On January 1, 2017, Sunland Company leased equipment to Packer Corporation. The following information pertains to this lease The term of the noncancelable lease is 5 years. At the…
On January 1, 2017, Sunland Corporation issued $3,980,000 of 10-year, 8% convert
On January 1, 2017, Sunland Corporation issued $3,980,000 of 10-year, 8% convertible debentures at 104. Interest is to be paid semiannually on June 30 and December 31. Each $1,000…
On January 1, 2017, Sweet Corporation redeemed $550,000 of bonds at 98. At the t
On January 1, 2017, Sweet Corporation redeemed $550,000 of bonds at 98. At the time of redemption, the unamortized premium was $16,500. Prepare the corporation’s journal entry to …
On January 1, 2017, Sweet Treats Inc. began offering customers a cash rebate of
On January 1, 2017, Sweet Treats Inc. began offering customers a cash rebate of $4.00 if the customer mails in 5 proof-of-purchase labels from its boxes (there is one label in eac…
On January 1, 2017, Swifty Corporation issued eight-year bonds with a face value
On January 1, 2017, Swifty Corporation issued eight-year bonds with a face value of $6050000 and a stated interest rate of 8%, payable semiannually on June 30 and December 31. The…
On January 1, 2017, Tamarisk Inc. sold 15% bonds having a maturity value of $890
On January 1, 2017, Tamarisk Inc. sold 15% bonds having a maturity value of $890,000 for $920,555, which provides the bondholders with a 14% yield. The bonds are dated January 1, …
On January 1, 2017, Teal Corporation redeemed $400,000 of bonds at 96. At the ti
On January 1, 2017, Teal Corporation redeemed $400,000 of bonds at 96. At the time of redemption, the unamortized premium was $12,000. Prepare the corporation’s journal entry to r…
On January 1, 2017, Tejas Distributiors sold a warehouse to Jamble Leasing for $
On January 1, 2017, Tejas Distributiors sold a warehouse to Jamble Leasing for $650,000 and immediately leased it back. The warehouse was carried on Tejas’ books at $311,000. The …
On January 1, 2017, Tracey Designs, Ine., purchased a computerized blueprint pri
On January 1, 2017, Tracey Designs, Ine., purchased a computerized blueprint printer that will assist in the design and display of plans for factory layouts. The cost of the print…
On January 1, 2017, Travers Company acquired 90 percent of Yarrow Company\'s out
On January 1, 2017, Travers Company acquired 90 percent of Yarrow Company's outstanding stock for $918,000. The 10 percent noncontrolling interest had an assessed fair value of $1…