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Exercise 17-17 On January 1, 2017, Hetlock Corporation purchased 40% of the common shares of Bonita...
Exercise 17-17 On January 1, 2017, Bonita Corporation purchased 20% of the common shares of Windsor...
Exercise 17-17 On January 1, 2017, Bonita Corporation purchased 20% of the common shares of Windsor Company for $200,000. During the year, Windsor earned net income of $94,000 and paid dividends of $23.500 Prepare the entries for Bonita to record the purchase and any additional entries related to this investment in Windsor Company in 2017. (Credit account s are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account...
On January 1, 2020, Metlock Corporation purchased 40% of the common shares of Bonita Company for...
On January 1, 2020, Metlock Corporation purchased 40% of the common shares of Bonita Company for $173,000. During the year, Bonita earned net income of $91,000 and paid dividends of $22,750. Prepare the entries for Metlock to record the purchase and any additional entries related to this investment in Bonita Company in 2020. (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...
On January 1, 2020, Culver Corporation purchased 20% of the common shares of Larkspur Company for...
On January 1, 2020, Culver Corporation purchased 20% of the
common shares of Larkspur Company for $159,000. During the year,
Larkspur earned net income of $86,000 and paid dividends of
$21,500. Prepare the entries for Culver to record the purchase and
any additional entries related to this investment in Larkspur
Company in 2020. (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...
Exercise 17-3 On January 1, 2017, Bonita Company purchased 9% bonds having a maturity value of...
Exercise 17-3 On January 1, 2017, Bonita Company purchased 9% bonds having a maturity value of $200,000, for $303,599.66. The bonds provide the bondholders with a 6% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Bonita Company uses the effective interest method to allocate uramortized discount or premium. The bonds are dassified in the held-to-returity category. Prepare the journal entry at the date of the bond purchase. (Enter...
On January 1, 2020, Crane Corporation purchased 20% of the common shares of Cheyenne Company for...
On January 1, 2020, Crane Corporation purchased 20% of the common shares of Cheyenne Company for $159,000. During the year, Cheyenne earned net income of $86,000 and paid dividends of $21,500. Prepare the entries for Crane to record the purchase and any additional entries related to this investment in Cheyenne Company in 2020. (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...
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 17-1 Monty Company purchased, on January 1, 2017, as a held-to-maturity investment, $85,000 of...
Brief Exercise 17-1 Monty Company purchased, on January 1, 2017, as a held-to-maturity investment, $85,000 of the 10%, 5- year bonds of Chester Corporation for $78,873, which provides an 12% return. Prepare Monty's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of the 10%, 5-year bonds of Chester Corporation for $60,314, which provides an 12% return. Prepare Skysong's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used (Round answers to o decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Exercise 14-21 Metlock Company owes $221,000 plus $20,100 of accrued interest to Bonita State Bank. The...
Exercise 14-21 Metlock Company owes $221,000 plus $20,100 of accrued interest to Bonita State Bank. The debt is a 10-year, 10% note. During 2020, Metlock's business deteriorated due to a faltering regional economy. On December 31, 2020, Bonita State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $402,000, accumulated depreciation of $221,100, and a fair value of $ 201,000. Prepare journal entries for Metlock Company and Bonita State Bank to...
Exercise 21A-17 a-c On January 1, 2017, Metlock Co. leased a building to Ivanhoe Inc. The...
Exercise 21A-17 a-c On January 1, 2017, Metlock Co. leased a building to Ivanhoe Inc. The relevant information related to the lease is as follows. 1. 2 3. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $3,600,000 (unguaranteed). The leased building has a cost of $4,100,000 and was purchased for cash on January 1, 2017 The building is depreciated on a straight-line basis. Its estimated...
Exercise 17-17 On January 1, 2017, Bonita Corporation purchased 20% of the common shares of Windsor Company for $200,000. During the year, Windsor earned net income of $94,000 and paid dividends of $23.500 Prepare the entries for Bonita to record the purchase and any additional entries related to this investment in Windsor Company in 2017. (Credit account s are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account...
On January 1, 2020, Metlock Corporation purchased 40% of the common shares of Bonita Company for $173,000. During the year, Bonita earned net income of $91,000 and paid dividends of $22,750. Prepare the entries for Metlock to record the purchase and any additional entries related to this investment in Bonita Company in 2020. (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...
On January 1, 2020, Culver Corporation purchased 20% of the
common shares of Larkspur Company for $159,000. During the year,
Larkspur earned net income of $86,000 and paid dividends of
$21,500. Prepare the entries for Culver to record the purchase and
any additional entries related to this investment in Larkspur
Company in 2020. (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...
Exercise 17-3 On January 1, 2017, Bonita Company purchased 9% bonds having a maturity value of $200,000, for $303,599.66. The bonds provide the bondholders with a 6% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Bonita Company uses the effective interest method to allocate uramortized discount or premium. The bonds are dassified in the held-to-returity category. Prepare the journal entry at the date of the bond purchase. (Enter...
On January 1, 2020, Crane Corporation purchased 20% of the common shares of Cheyenne Company for $159,000. During the year, Cheyenne earned net income of $86,000 and paid dividends of $21,500. Prepare the entries for Crane to record the purchase and any additional entries related to this investment in Cheyenne Company in 2020. (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...
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 17-1 Monty Company purchased, on January 1, 2017, as a held-to-maturity investment, $85,000 of the 10%, 5- year bonds of Chester Corporation for $78,873, which provides an 12% return. Prepare Monty's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of the 10%, 5-year bonds of Chester Corporation for $60,314, which provides an 12% return. Prepare Skysong's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used (Round answers to o decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Exercise 14-21 Metlock Company owes $221,000 plus $20,100 of accrued interest to Bonita State Bank. The debt is a 10-year, 10% note. During 2020, Metlock's business deteriorated due to a faltering regional economy. On December 31, 2020, Bonita State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $402,000, accumulated depreciation of $221,100, and a fair value of $ 201,000. Prepare journal entries for Metlock Company and Bonita State Bank to...
Exercise 21A-17 a-c On January 1, 2017, Metlock Co. leased a building to Ivanhoe Inc. The relevant information related to the lease is as follows. 1. 2 3. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $3,600,000 (unguaranteed). The leased building has a cost of $4,100,000 and was purchased for cash on January 1, 2017 The building is depreciated on a straight-line basis. Its estimated...
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