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5.Use the following data: bonds payable 8000 00...




5.Use the following data: bonds payable 8000 000 matures in 10 years contract rate = 5% yield 6% Prepare the journal entry to record interest expense and any related amortization on December 31st of the first year using the effective method. Assume interest is paid annually on January 1. The bonds were issued on January 1 for $7,411,233. Round your answers to nearest dollar. 7.On May 1, 2012, Chase Inc. purchases $60,000 of 10-year, Manus Corporation 8% bonds dated March 1, 2012 at 100 plus accrued interest. what entry would chase record when receiving its semiannual interest on march 1 2013? 8.On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. On August 22, Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee. prepare the journal entries for the original purchase, dividend on sale. for a compound transaction, if an amount box does not require an entry, leave it blank or enter ''0". 9.On January 1, 2012, Valuation Allowance for Available-for-Sale Investments had a zero balance. On December 31, 2012, the cost of the available-for-sale securities was $48,700, and the fair value was $39,200. Prepare the adjusting entry to record the unrealized gain or loss for available-for-sale investments on December 31, 2012. 11.Skyline, Inc. purchased a portfolio of trading securities during 2012. The cost and fair value of this portfolio on December 31, 2012, was as follows: name #of shares total cost total fair value alcon,inc 1200 16000 15000 Easton company 700 23000 21500 panther company 300 9000 9200 total 48000 45700 Provide the journal entry to record the adjustment of the trading security portfolio to fair value on December 31, 2012. 12.Lamar Corporation purchased land for $150,000. Later in the year the company sold land with a book value of $190,000 for $200,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. transaction, amount, increase or decrease, statement of cash flow section gain on sale of land , cash received for sale of land , cash paid for purchase of land, 18.Present entries to record the selected transactions described below: a. Issued $3,250,000 of 10-year, 8% bonds at 97. If an amount box does not require an entry, leave it blank, or enter zero "0". 19.Prepare the journal entries for the following transactions for Morgan Co. a.Morgan Co. purchased 23,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission. b.Gordon Corp.'s total earnings for the period are $80,000. c.Gordon Corp. paid a total of $45,000 in cash dividends


Paper#9555 | Written in 18-Jul-2015

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