Homework Answers
Journal entry
| Date | account title and explanation | Debit | credit |
| Jan 1 | Investment in Grinwold Inc | 1710000 | |
| cash | 1710000 | ||
| June 30 | Cash (57000*1) | 57000 | |
| Dividend revenue | 57000 | ||
| Dec 31 | Cash | 57000 | |
| Dividend revenue | 57000 | ||
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Sandhill Co. acquired 30% of the outstanding common stock of Grinwold Inc. on January 1, 2022,...
Question 1 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Company acquired 30% of...
Question 1 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Company acquired 30% of the outstanding common stock of Grinwold Inc. on January 1, 2022, by paying $2,250,000 for 75,000 shares. Grinwold declared and pald a $1 per share cash dividend on June 30 and again on December 31, 2022. Grinwold reported net income of $1,000,000 for the year. Your answer is correct. Prepare the Journal entries for Ivanhoe Company for 2022, assuming Ivanhoe cannot exercise significant influence...
Heidebrecht Design acquired 30% of the outstanding common stock of Pharoah Company on January 1, 2020,...
Heidebrecht Design acquired 30% of the outstanding common stock
of Pharoah Company on January 1, 2020, by paying $681,000 for the
45,400 shares. Pharoah declared and paid $0.30 per share cash
dividends on March 15, June 15, September 15, and December 15,
2020. Pharoah reported net income of $398,500 for the year. At
December 31, 2020, the market price of Pharoah common stock was $26
per share.
Prepare the journal entries for Heidebrecht Design for 2020
assuming Heidebrecht Design cannot...
Exercise 10-17 Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1, 2022, at face...
Exercise 10-17
Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1,
2022, at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title to record the issuance of the bonds on
January 1, 2017
enter a debit amount
enter a...
On January 1, 2022, the ledger of Sandhill Co. contained these liability accounts. Accounts Payable $43,500...
On January 1, 2022, the ledger of Sandhill Co. contained these
liability accounts.
Accounts Payable
$43,500
Sales Taxes Payable
7,600
Unearned Service Revenue
20,000
During January, the following selected transactions
occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000
note.
5
Sold merchandise for cash totaling $5,300, which includes 6% sales
taxes.
12
Performed services for customers who had made advance payments of
$10,600. (Credit Service Revenue.)
14
Paid state treasurer’s department for sales...
Blue Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Blue Inc. acquired 20% of the outstanding common stock of
Theresa Kulikowski Inc. on December 31, 2020. The purchase price
was $1,111,200 for 46,300 shares. Kulikowski Inc. declared and paid
an $0.80 per share cash dividend on June 30 and on December 31,
2021. Kulikowski reported net income of $788,000 for 2021. The fair
value of Kulikowski’s stock was $27 per share at December 31, 2021.
Assume that the security is a trading security.
Prepare the journal entries for Blue...
Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2015,...
Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2015, by paying $822,700 for the 43,300 shares. Quayle declared and paid $0.30 per share cash dividends on March 15, June 15, September 15, and December 15, 2015. Quayle reported net income of $341,800 for the year. At December 31, 2015, the market price of Quayle common stock was $25 per share. Prepare the journal entries for Heidebrecht Design for 2015 assuming Heidebrecht Design cannot...
Exercise 10-25 Sandhill Co. issued $477,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest...
Exercise 10-25 Sandhill Co. issued $477,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Sandhill uses straight-line amortization for bond premi discount Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) The issuance of the bonds (a) The accrual of interest and the premium amortization on December 31, 2022 (b) (c) The payment of interest on January 1,...
Exercise 10-25 Sandhill Co. issued $510,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest...
Exercise 10-25 Sandhill Co. issued $510,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Sandhill uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The issuance of the bonds. The accrual of interest and the premium amortization on December 31, 2022. The payment of interest on...
Heidebrecht Design acquired 20% of the outstanding common stock of Sunland Company on January 1, 2020,...
Heidebrecht Design acquired 20% of the outstanding common stock of Sunland Company on January 1, 2020, by paying $621,000 for the 41,400 shares. Sunland declared and paid $0.60 per share cash dividends on March 15, June 15, September 15, and December 15.2020. Sunland reported net income of $358,000 for the year. At December 31, 2020, the market price of Sunland common stock was $26 per share. Prepare the journal entries for Heidebrecht Design for 2020 assuming Heidebrecht Design cannot exercise...
On July 1, 2022. Carla Vista Co. pays $14,632 to Sandhill Co. for a 2-year insurance contract
On July 1, 2022. Carla Vista Co. pays $14,632 to Sandhill Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Sandhill Co. Sandhill uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Post the entry on July 1 and...
Question 1 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Company acquired 30% of the outstanding common stock of Grinwold Inc. on January 1, 2022, by paying $2,250,000 for 75,000 shares. Grinwold declared and pald a $1 per share cash dividend on June 30 and again on December 31, 2022. Grinwold reported net income of $1,000,000 for the year. Your answer is correct. Prepare the Journal entries for Ivanhoe Company for 2022, assuming Ivanhoe cannot exercise significant influence...
Heidebrecht Design acquired 30% of the outstanding common stock
of Pharoah Company on January 1, 2020, by paying $681,000 for the
45,400 shares. Pharoah declared and paid $0.30 per share cash
dividends on March 15, June 15, September 15, and December 15,
2020. Pharoah reported net income of $398,500 for the year. At
December 31, 2020, the market price of Pharoah common stock was $26
per share.
Prepare the journal entries for Heidebrecht Design for 2020
assuming Heidebrecht Design cannot...
Exercise 10-17
Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1,
2022, at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title to record the issuance of the bonds on
January 1, 2017
enter a debit amount
enter a...
On January 1, 2022, the ledger of Sandhill Co. contained these
liability accounts.
Accounts Payable
$43,500
Sales Taxes Payable
7,600
Unearned Service Revenue
20,000
During January, the following selected transactions
occurred.
Jan. 1
Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000
note.
5
Sold merchandise for cash totaling $5,300, which includes 6% sales
taxes.
12
Performed services for customers who had made advance payments of
$10,600. (Credit Service Revenue.)
14
Paid state treasurer’s department for sales...
Blue Inc. acquired 20% of the outstanding common stock of
Theresa Kulikowski Inc. on December 31, 2020. The purchase price
was $1,111,200 for 46,300 shares. Kulikowski Inc. declared and paid
an $0.80 per share cash dividend on June 30 and on December 31,
2021. Kulikowski reported net income of $788,000 for 2021. The fair
value of Kulikowski’s stock was $27 per share at December 31, 2021.
Assume that the security is a trading security.
Prepare the journal entries for Blue...
Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2015, by paying $822,700 for the 43,300 shares. Quayle declared and paid $0.30 per share cash dividends on March 15, June 15, September 15, and December 15, 2015. Quayle reported net income of $341,800 for the year. At December 31, 2015, the market price of Quayle common stock was $25 per share. Prepare the journal entries for Heidebrecht Design for 2015 assuming Heidebrecht Design cannot...
Exercise 10-25 Sandhill Co. issued $477,000, 6%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Sandhill uses straight-line amortization for bond premi discount Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) The issuance of the bonds (a) The accrual of interest and the premium amortization on December 31, 2022 (b) (c) The payment of interest on January 1,...
Exercise 10-25 Sandhill Co. issued $510,000, 9%, 30-year bonds on January 1, 2022, at 105. Interest is payable annually on January 1. Sandhill uses straight-line amortization for bond premium or discount. Prepare the journal entries to record the following events. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The issuance of the bonds. The accrual of interest and the premium amortization on December 31, 2022. The payment of interest on...
Heidebrecht Design acquired 20% of the outstanding common stock of Sunland Company on January 1, 2020, by paying $621,000 for the 41,400 shares. Sunland declared and paid $0.60 per share cash dividends on March 15, June 15, September 15, and December 15.2020. Sunland reported net income of $358,000 for the year. At December 31, 2020, the market price of Sunland common stock was $26 per share. Prepare the journal entries for Heidebrecht Design for 2020 assuming Heidebrecht Design cannot exercise...
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