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On January 2, 2012, Rapid Delivery Company traded in an old delivery truck for a
On January 2, 2012, Rapid Delivery Company traded in an old delivery truck for a newer model. The exchange lacked commercial substance. Data relative to the old and new trucks fol…
On January 2, 2013, Apple Valley Produce began construction of a new processing
On January 2, 2013, Apple Valley Produce began construction of a new processing plant. The plant was expected to be finished and ready for use on September 30, 2014. Expenditures …
On January 2, 2013, Benson Hospital purchased a $101,300 special radiology scann
On January 2, 2013, Benson Hospital purchased a $101,300 special radiology scanner from Picard Inc. The scanner had a useful life of 4 years and was estimated to have no disposal …
On January 2, 2013, Illinois Corporation issued 200,000 new shares of its $5 par
On January 2, 2013, Illinois Corporation issued 200,000 new shares of its $5 par value common stock valued at $19 a share for all of North Dakota Company's outstanding common shar…
On January 2, 2013, Miller Properties paid $19 million for 1 million shares of M
On January 2, 2013, Miller Properties paid $19 million for 1 million shares of Marlon Company’s 6 million outstanding common shares. Miller’s CEO became a member of Marlon’s board…
On January 2, 2013, Topanga Company purchased a machine for $90,000. The machine
On January 2, 2013, Topanga Company purchased a machine for $90,000. The machine has a five-year estimated useful life and a $6,000 estimated residual value. In addition, the comp…
On January 2, 2013, machinery and equipment were purchased at a total invoice co
On January 2, 2013, machinery and equipment were purchased at a total invoice cost of $310,000, which included a $6,500 charge for freight. Installation costs of $37,000 were incu…
On January 2, 2013, machinery and equipment were purchased at a total invoice co
On January 2, 2013, machinery and equipment were purchased at a total invoice cost of $310,000, which included a $6,500 charge for freight. Installation costs of $37,000 were incu…
On January 2, 2013, this company issued 1,000,000, 10-year bonds for $1,150,000.
On January 2, 2013, this company issued 1,000,000, 10-year bonds for $1,150,000. The bonds pay interest on June 30 and December 31. The stated rate is 10% and the market rate is 8…
On January 2, 2014, Adelaide Rose purchased land with valuable natural ore depos
On January 2, 2014, Adelaide Rose purchased land with valuable natural ore deposits for $13 million . The estimated residual value of the land was $4 million. At the time of purch…
On January 2, 2014, Allen Shoes acquired 60% of the stock of Danner Footwear. It
On January 2, 2014, Allen Shoes acquired 60% of the stock of Danner Footwear. It is now December 31, 2017, four years since the acquisition. Allen uses the complete equity method …
On January 2, 2014, Floppy Co. issued 4% bonds with a face value of $400,000 whe
On January 2, 2014, Floppy Co. issued 4% bonds with a face value of $400,000 when the market interest rate was 6%. The bonds are due in ten years, and interest is payable every Ju…
On January 2, 2014, Indian River Groves began construction of a new citrus proce
On January 2, 2014, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2015. Expenditures…
On January 2, 2014, Indian River Groves began construction of a new citrus proce
On January 2, 2014, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2015. Expenditures…
On January 2, 2014, MacCloud Co. issued a 4-year, $100,000 note at 6% fixed inte
On January 2, 2014, MacCloud Co. issued a 4-year, $100,000 note at 6% fixed interest, interest payable semiannually. MacCloud now wants to change the note to a variable-rate note.…
On January 2, 2014, P Company, a U.S.-based company, acquired for 2,000,000 fran
On January 2, 2014, P Company, a U.S.-based company, acquired for 2,000,000 francs an 80% interest in SFr Company, a Swiss company. On January 2, 2014, SFr Company reported a reta…
On January 2, 2014, Parton Company issues a 5-year, $11,146,000 note at LIBOR, w
On January 2, 2014, Parton Company issues a 5-year, $11,146,000 note at LIBOR, with interest paid annually. The variable rate is reset at the end of each year. The LIBOR rate for …
On January 2, 2014, Payne Co. purchased Glick Co. at a cost that resulted in rec
On January 2, 2014, Payne Co. purchased Glick Co. at a cost that resulted in recognition of goodwill of $200,000 having an expected benefit period of 10 years. Glick is treated as…
On January 2, 2014, U. S. Grant Corp. purchased 24,000 shares (40%) of the commo
On January 2, 2014, U. S. Grant Corp. purchased 24,000 shares (40%) of the common stock of R. E. Lee & Company. The purchase price was $480,000. Grant has significant influenc…
On January 2, 2014, Wine Corporation wishes to issue $4,000,000 (par value) of i
On January 2, 2014, Wine Corporation wishes to issue $4,000,000 (par value) of its 8%, 10-year bonds. The bonds pay interest annually on January 1. The market rate on such bonds i…
On January 2, 2015, Bering Co. disposes of a machine costing $40,000 with accumu
On January 2, 2015, Bering Co. disposes of a machine costing $40,000 with accumulated depreciation of $21,548. Prepare the entries to record the disposal under each of the followi…
On January 2, 2015, Concrete Master Construction, Inc. issued $500,000, 10-year
On January 2, 2015, Concrete Master Construction, Inc. issued $500,000, 10-year bonds for $574,540. The bonds pay interest on June 30 and December 31. The face rate is 8% and the …
On January 2, 2015, Golf Corp. issued a 4-year, $100,000 note at 6% fixed intere
On January 2, 2015, Golf Corp. issued a 4-year, $100,000 note at 6% fixed interest, interest payable semiannually. Golf now wants to change the note to a variable-rate note. As a …
On January 2, 2015, Hernandez, Inc. signed a ten-year noncancelable lease for a
On January 2, 2015, Hernandez, Inc. signed a ten-year noncancelable lease for a heavy duty drill press. The lease stipulated annual payments of $200,000 starting at the beginning …
On January 2, 2015, Jatson Corporation acquired a new machine with an estimated
On January 2, 2015, Jatson Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $50,000 with an estimated residual value o…
On January 2, 2015, Jatson Corporation acquired a new machine with an estimated
On January 2, 2015, Jatson Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with an estimated residual value o…
On January 2, 2015, P Company sold a piece of equipment to its 80% subsidiary S
On January 2, 2015, P Company sold a piece of equipment to its 80% subsidiary S Company. The equipment originally cost P Company $50,000 and had accumulated Depreciation of $20,00…
On January 2, 2015, SWATCH expects to ship 700,000 watches from its plant in Swi
On January 2, 2015, SWATCH expects to ship 700,000 watches from its plant in Switzerland to US, which it will sell through its US dealers on 270-day terms at $85.00 each. Thus SWA…
On January 2, 2015, SWATCH expects to ship 700,000 watches from its plant in Swi
On January 2, 2015, SWATCH expects to ship 700,000 watches from its plant in Switzerland to US, which it will sell through its US dealers on 270-day terms at $85.00 each. Thus SWA…
On January 2, 2015, SWATCH expects to ship 700,000 watches from its plant in Swi
On January 2, 2015, SWATCH expects to ship 700,000 watches from its plant in Switzerland to US, which it will sell through its US dealers on 270-day terms at $85.00 each. Thus SWA…
On January 2, 2015, Santa Ana Co. issued 10% bonds with a face amount of $1 mill
On January 2, 2015, Santa Ana Co. issued 10% bonds with a face amount of $1 million that mature on January 2, 2030. The bonds were issued to yield 8%, resulting in a premium of $1…
On January 2, 2015, Thrifty Clothing Consignments purchased showroom fixtures fo
On January 2, 2015, Thrifty Clothing Consignments purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for five years. Thrifty has depreciated…
On January 2, 2015, Wynn Corporation sold $750,000 of bonds for $745,000. The bo
On January 2, 2015, Wynn Corporation sold $750,000 of bonds for $745,000. The bonds will mature in 10 years and pay interest annually on December 31. Wynn properly recorded the pa…
On January 2, 2015, the Matthews Band acquires sound equipment for concert perfo
On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $68,600. The band estimates it will use this equipment for 5 years, during whi…
On January 2, 2015, the Matthews Band acquires sound equipment for concert perfo
On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during …
On January 2, 2015, the Matthews Band acquires sound equipment for concert perfo
On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of S65,800. The band estimates it will use this equipment for four years. It esti…
On January 2, 2016, Alpha Company purchased 25,000 shares of Bravo Company stock
On January 2, 2016, Alpha Company purchased 25,000 shares of Bravo Company stock on the open market for $50 per share as a long-term investment. On both June 15 and December 15, B…
On January 2, 2016, Alpha Company purchased 25,000 shares of Bravo Company stock
On January 2, 2016, Alpha Company purchased 25,000 shares of Bravo Company stock on the open market for $50 per share as a long-term investment. On both June 15 and December 15, B…
On January 2, 2016, Billson Company purchased land for $480000, from which it is
On January 2, 2016, Billson Company purchased land for $480000, from which it is estimated that 450000 tons of ore could be extracted. It estimates that the present value of the c…
On January 2, 2016, Jay’s Junkets sold land in exchange for a $ 550,000 zero-int
On January 2, 2016, Jay’s Junkets sold land in exchange for a $ 550,000 zero-interest bearing note due December 31, 2019. The land was originally purchased in 2011 for $ 365,000. …
On January 2, 2016, MM, Inc. shipped 100 drone aircraft to CCP Company having a
On January 2, 2016, MM, Inc. shipped 100 drone aircraft to CCP Company having a total selling price of $60,000 (cost $26,000) with terms 2/10, n/30, f.o.b., shipping point. MM all…
On January 2, 2016, Miller Properties paid $25 million for 1 million shares of M
On January 2, 2016, Miller Properties paid $25 million for 1 million shares of Marlon Company's 6 million outstanding common shares. Miller's CEO became a member of Marlon's board…
On January 2, 2016, Nori Mining Co. (lessee) entered into a 5-year lease for dri
On January 2, 2016, Nori Mining Co. (lessee) entered into a 5-year lease for drilling equipment. Nori accounted for the acquisition as a capital lease for $240,000, which includes…
On January 2, 2016, Pet Salon purchased fixtures for $41,000 cash, expecting the
On January 2, 2016, Pet Salon purchased fixtures for $41,000 cash, expecting the fixtures to remain in service for five years. Pet Salon has depreciated the fixtures on a straight…
On January 2, 2016, Revolution Co. issued 150,000 new shares of its $1 par value
On January 2, 2016, Revolution Co. issued 150,000 new shares of its $1 par value common stock valued at $16 a share for all of Founders, Inc.’s outstanding common shares. The fair…
On January 2, 2016, Sanborn Tobacco Inc. bought 5% of Jackson Industry\'s capita
On January 2, 2016, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $109 million as a temporary investment Sanborn classified the securities acquired as ava…
On January 2, 2016, Twilight Hospital purchased a $100,000 special radiology sca
On January 2, 2016, Twilight Hospital purchased a $100,000 special radiology scanner from Bella Inc. The scanner had a useful life of 4 years and was estimated to have no disposal…
On January 2, 2016, Twilight Hospital purchased a $104,400 special radiology sca
On January 2, 2016, Twilight Hospital purchased a $104,400 special radiology scanner from Bella Inc. The scanner had a useful life of 4 years and was estimated to have no disposal…
On January 2, 2016, Twilight Hospital purchased a $104,400 special radiology sca
On January 2, 2016, Twilight Hospital purchased a $104,400 special radiology scanner from Bella Inc. The scanner had a useful life of 4 years and was estimated to have no disposal…
On January 2, 2016, Twilight Hospital purchased a $92,000 special radiology scan
On January 2, 2016, Twilight Hospital purchased a $92,000 special radiology scanner from Bella Inc. The scanner had a useful life of 4 years and was estimated to have no disposal …