Homework Answers
| Date | Accounts titles and explanation | Debit | Credit |
| December 31, 2017 | Internet expense | $17,787 | |
| ... Interest payable | $17,787 | ||
| (To record interest expense) | |||
| December 31, 2017 | Depreciation expense | $26,800 | |
| ... Accumulated depreciation | $26,800 | ||
| (To record Depreciation) | |||
Interest expense = ($214,400 - $36,535) * 10%
= $17,787
Depreciation expense = $214,400 / 8 years
= $26,800
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Brief Exercise 21-3 Vaugh Corporation recorded a capitalas 214,400 on January 1, 2017. The interest rate...
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The...
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Ayayai Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful ife of 7 years with no salvage value. Assume that at December 31, 2017, Ayayai made an adjusting entry to accrue interest expense of $18,108 on the lease. Prepare Ayayai's Jamuary 1, 2018, journal entry to...
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Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017, by signing a $57,320, 3-month,...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Brief Exercise 12-1 Monty Corporation purchases a patent from Sandhill Company on January 1, 2017, for...
Brief
Exercise 12-1 Monty Corporation purchases a patent from Sandhill
Company on January 1, 2017, for $55,000. The patent has a remaining
legal life of 12 years. Monty feels the patent will be useful for
10 years. Prepare Monty’s journal entries to record the purchase of
the patent and 2017 amortization. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0...
Brief Exercise 16-7 On January 1, 2017, Sandhill Corporation granted 1,900 shares of restricted $5 par...
Brief Exercise 16-7 On January 1, 2017, Sandhill Corporation granted 1,900 shares of restricted $5 par value common stock to executives. The market price (fair value) of the stock is $65 per share on the date of grant. The period of benefit is 2 years Prepare Sandhill's journal entries for January 1, 2017, and December 31, 2017 and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Brief Exercise 14-9 On January 1, 2017, Buffalo Corporation redeemed $470,000 of bonds at 99. At...
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Exercise 21-7 On January 1, 2017, Monty Company leased equipment to Flounder Corporation. The following information...
Exercise 21-7 On January 1, 2017, Monty Company leased equipment to Flounder Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 6 years, with no renewal option. The equipment reverts to the lessor at the termination of the lease 2. Equal rental payments are due on January 1 of each year, beginning in 2017 3. The fair value of the equipment on January 1, 2017, is $127,000, and its cost is $101,600 4....
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Brief Exercise 21-8 Headland Corporation owns equipment that cost $81,600 and has a useful life of years with no salvage value. On January 1, 2017, Head and leases the equipment to Donna Havaci Inc, for one year with one rente payment of $16,400 on January 1 Prepare Headland Corporation's 2017 journal entries. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter...
Brief Exercise 22-6 In 2017, Novak Corporation discovered that equipment purchased on January 1, 2015, for $45,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Novak uses straight-line depreciation Prepare Novak's 2017 journal entry to correct the error. (Credit account tities are automatically Indented when amount is entered. Do not Indent manually. If no entry Is required, select "No Entry" for the account titles...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Brief
Exercise 12-1 Monty Corporation purchases a patent from Sandhill
Company on January 1, 2017, for $55,000. The patent has a remaining
legal life of 12 years. Monty feels the patent will be useful for
10 years. Prepare Monty’s journal entries to record the purchase of
the patent and 2017 amortization. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0...
Brief Exercise 16-7 On January 1, 2017, Sandhill Corporation granted 1,900 shares of restricted $5 par value common stock to executives. The market price (fair value) of the stock is $65 per share on the date of grant. The period of benefit is 2 years Prepare Sandhill's journal entries for January 1, 2017, and December 31, 2017 and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Brief Exercise 14-9 On January 1, 2017, Buffalo Corporation redeemed $470,000 of bonds at 99. At the time of redemption, the unamortized premium was $14,100. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically entered. Do not indent manually. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final Account Titles and Explanation...
Brief Exercise 14-7 On January 1, 2017, Oriole Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were issued for $698,454, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Oriole uses the effective interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer...
Question 1 Pharoah Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Pharoah Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no salvage value. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places e.g. I 25) Date Debit...
Exercise 21-7 On January 1, 2017, Monty Company leased equipment to Flounder Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 6 years, with no renewal option. The equipment reverts to the lessor at the termination of the lease 2. Equal rental payments are due on January 1 of each year, beginning in 2017 3. The fair value of the equipment on January 1, 2017, is $127,000, and its cost is $101,600 4....
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