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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 …
On January 2, 2016, Viva Stores decided to set up a petty cash fund. The treasur
On January 2, 2016, Viva Stores decided to set up a petty cash fund. The treasurer established the fund by writing and cashing a $250 check and placing the coin and currency in a …
On January 2, 2016, the Unit Manufacturing Company purchased manufacturing equip
On January 2, 2016, the Unit Manufacturing Company purchased manufacturing equipment for $83,000. The equipment is expected to have a useful life of six years and a salvage value …
On January 2, 2017 Nash Company leases a machine with a fair value of $34,000 fr
On January 2, 2017 Nash Company leases a machine with a fair value of $34,000 from Snead, Inc., on the following terms: Instructions: What is the present value of the minimum leas…
On January 2, 2017, $100,000 of 10%, 10-year bonds were issued for $96,000. The
On January 2, 2017, $100,000 of 10%, 10-year bonds were issued for $96,000. The $4,000 discount was charged to Interest Expense. The bookkeeper, Mark Landis, records interest only…
On January 2, 2017, $100,000 of 10%, 10-year bonds were issued for $96,600. The
On January 2, 2017, $100,000 of 10%, 10-year bonds were issued for $96,600. The $3,400 discount was charged to Interest Expense. The bookkeeper, Mark Landis, records interest only…
On January 2, 2017, $100,000 of 12%, 10-year bonds were issued for $97,400. The
On January 2, 2017, $100,000 of 12%, 10-year bonds were issued for $97,400. The $2,600 discount was charged to Interest Expense. The bookkeeper, Mark Landis, records interest only…
On January 2, 2017, Brook Company acquired machinery by issuing a 4%, $354,000 n
On January 2, 2017, Brook Company acquired machinery by issuing a 4%, $354,000 note due in 5 years on December 31, 2020. Annual payments are $79,259 each December 31. The payment …
On January 2, 2017, Dooley Corporation purchased 12% of Roller Corporation\'s co
On January 2, 2017, Dooley Corporation purchased 12% of Roller Corporation's common stock for $50,000. On December 15, 2017, Roller paid a cash dividend of $10,000 to its sharehol…
On January 2, 2017, Dwyer Corporation granted 10,000 nonqualified stock options
On January 2, 2017, Dwyer Corporation granted 10,000 nonqualified stock options each to four of its key executives (40,000 options in total). Under the terms of the option plan, u…
On January 2, 2017, SPU Corporation acquired 30% of the outstanding voting commo
On January 2, 2017, SPU Corporation acquired 30% of the outstanding voting common stock of Brough Company for $335,000. This investment enabled SPU to exercise significant influen…
On January 2, 2017, Splurge Corp. paid $528,000 for 24% (48,000 shares) of the o
On January 2, 2017, Splurge Corp. paid $528,000 for 24% (48,000 shares) of the outstanding common stock of Indulge Co. Splurge used the equity method to account for the investment…
On January 2, 2017, the City of Tampa accepted a gift of $2,000,000. The $2,000,
On January 2, 2017, the City of Tampa accepted a gift of $2,000,000. The $2,000,000 and any earnings are to be distributed as scholarships to Tampa High students. The following oc…
On January 2, 2017, the Matthews Band acquires sound equipment for concert perfo
On January 2, 2017, the Matthews Band acquires sound equipment for concert performances at a cost of $65,200. The band estimates it will use this equipment for five years, during …
On January 2, 2017, the Matthews Band acquires sound equipment for concert perfo
On January 2, 2017, the Matthews Band acquires sound equipment for concert performances at a cost of $67,400. The band estimates it will use this equipment for five years, during …
On January 2, 2018, Acquirer Co acquires 10,000 shares (5%) of Target Inc’s shar
On January 2, 2018, Acquirer Co acquires 10,000 shares (5%) of Target Inc’s shares of common stock for $42 a share. Acquirer held the Target shares until January 9, 2020 when it s…
On January 2, 2018, David Corporation purchased a patent for $400,000. The remai
On January 2, 2018, David Corporation purchased a patent for $400,000. The remaining legal life is 12 years, but the company estimated that the patent will be useful only for eigh…
On January 2, 2018, David Corporation purchased a patent for $420,000. The remai
On January 2, 2018, David Corporation purchased a patent for $420,000. The remaining legal life is 12 years, but the company estimated that the patent will be useful only for eigh…
On January 2, 2018, David Corporation purchased a patent for $420,000. The remal
On January 2, 2018, David Corporation purchased a patent for $420,000. The remalning legal lIife Is 12 years, but the company successfully defending a patent Infringement sult. Th…
On January 2, 2018, David Corporation purchased a patent for $480,000. The remai
On January 2, 2018, David Corporation purchased a patent for $480,000. The remaining legal life is 10 years, but the company estimated that the patent will be useful only for six …
On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with
On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2018. Brick Co. agrees to g…
On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with
On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2018. Brick Co. agrees to g…
On January 2, 2018, Jatson Corporation acquired a new machine with an estimated
On January 2, 2018, Jatson Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $60,000 with an estimated residual value o…
On January 2, 2018, Johnson Company paid $310 million to acquire 14,000,000 shar
On January 2, 2018, Johnson Company paid $310 million to acquire 14,000,000 shares of Pets Corp. The investment represented 30% of the total shares outstanding of Pets Corp. and g…
On January 2, 2018, Johnson Company paid $310 million to acquire 14,000,000 shar
On January 2, 2018, Johnson Company paid $310 million to acquire 14,000,000 shares of Pets Corp. The investment represented 30% of the total shares outstanding of Pets Corp. and g…
On January 2, 2018, Nori Mining Co. (lessee) entered into a 5-year lease for dri
On January 2, 2018, Nori Mining Co. (lessee) entered into a 5-year lease for drilling equipment. Nori accounted for the acquisition as a finance lease for $240,000, which includes…
On January 2, 2018, Sanborn Tobacco Inc. bought 10% of Jackson Industry’s capita
On January 2, 2018, Sanborn Tobacco Inc. bought 10% of Jackson Industry’s capital stock for $104 million. Jackson Industry’s net income for the year ended December 31, 2018, was $…
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry\'s capita
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $95 million. Jackson Industry's net income for the year ended December 31, 2018, was $12…
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry’s capital
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry’s capital stock for $105 million. Jackson Industry’s net income for the year ended December 31, 2018, was $1…
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry’s capital
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry’s capital stock for $103 million. Jackson Industry’s net income for the year ended December 31, 2018, was $1…
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry’s capital
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry’s capital stock for $103 million. Jackson Industry’s net income for the year ended December 31, 2018, was $1…
On January 2, 2018, Stewart Company purchased land that cost $600,000, a buildin
On January 2, 2018, Stewart Company purchased land that cost $600,000, a building on the land that cost $550,000, and equipment that cost $72,000. The building has an estimated us…
On January 2, 2018, the Jackson Company purchased equipment to be used in its ma
On January 2, 2018, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual v…
On January 2, 2018, the Jackson Company purchased equipment to be used in its ma
On January 2, 2018, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual v…
On January 2, 2018, the Jackson Company purchased equipment to be used in its ma
On January 2, 2018, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual v…
On January 2, 2018, the Jackson Company purchased equipment to be used in its ma
On January 2, 2018, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual v…
On January 2, 2018, the Jackson Company purchased equipment to be used in its ma
On January 2, 2018, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual v…
On January 2, 2018, the Street Improvement Bond Debt Service Fund budget for 201
On January 2, 2018, the Street Improvement Bond Debt Service Fund budget for 2018 is legally adopted. The budget should provide for estimated property tax revenue of $640,000, of …
On January 2, 201X, Tools, Inc. entered into a 6 year, non cancelable lease for
On January 2, 201X, Tools, Inc. entered into a 6 year, non cancelable lease for a fleet trucks. The economic life of the trucks are 6 years, and title transfers at the end of the …
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purcha
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development Inc. Heartland paid cash dividends of $2.60 per share in 20…
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purcha
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.60 per share in 2…
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purcha
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.60 per share in 2…
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purcha
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.60 per share in 2…
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purcha
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.60 per share in 2…
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purcha
On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.60 per share in 2…
On January 2, 20X1, City Hospital established a line of credit with First Union
On January 2, 20X1, City Hospital established a line of credit with First Union National Bank. The terms of the line of credit called for a $200,000 maximum loan with an interest …
On January 2, 20X1, Elsee Co. leased equipment from Grant, Inc. Lease payments a
On January 2, 20X1, Elsee Co. leased equipment from Grant, Inc. Lease payments are $100,000, payable annually every December 31 for twenty years. Title to the equipment passes to …
On January 2, 20X5, Well Co. purchased 10 percent of Rea, Inc.\'s outstanding co
On January 2, 20X5, Well Co. purchased 10 percent of Rea, Inc.'s outstanding common shares for $400,000. Well is the largest single shareholder in Rea, and Well's officers are a m…
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issu
On January 2, 20X7, Victory Co. acquired 60% of the shares of Sauce Ltd. by issuing shares valued at $1,200,000. On this date, Sauce’s building and machinery had estimated remaini…
On January 2, 20X8, Johnson Company acquired a 100% interest in the capital stoc
On January 2, 20X8, Johnson Company acquired a 100% interest in the capital stock of Perth Company for $3,100,000. Any excess cost over book value is attributable to a patent with…