Homework Answers
| 1 | Equity investment | 159,000 | |
| Cash | 159,000 | ||
| 2 | Cash (21,500*20%) | 4300 | |
| Equity investment | 4300 | ||
| 3 | Equity investment (86,000*20%) | 17,200 | |
| Revenue from equity investment | 17,200 |
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On January 1, 2020, Crane Corporation purchased 20% of the common shares of Cheyenne Company for...
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...
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 2 2019. Crane Company purchased for 5497.000 cache 10 Interest in Cheyenne Corp (Accounted...
On January 2 2019. Crane Company purchased for 5497.000 cache 10 Interest in Cheyenne Corp (Accounted for alle For Sale investment. The fall value of Creea Investment in Cheyenne securities as follows: December 31, 2019 5558.000, and December 31, 2020, 5510.000.On January 2, 2021, Crane purchased an additional 30% of Cheyenneck for $1,532,000 cash when the book value of Cheyennes et ease was $4154.000. The excess we stributable to depredible sets having a remaining If year During 2019 2020 and...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds,...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds, having a maturity value of $301,000, for $324,415.24. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Cheyenne Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December...
On January 1, 2020, Shamrock Company purchased at par 8% bonds having a maturity value of...
On January 1, 2020, Shamrock Company purchased at par 8% bonds having a maturity value of $250,000. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entry to record the interest revenue on December 31, 2020 (c) Prepare the journal entry to record the interest...
Exercise 17-17 On January 1, 2017, Hetlock Corporation purchased 40% of the common shares of Bonita...
Exercise 17-17 On January 1, 2017, Hetlock Corporation purchased 40% of the common shares of Bonita Company for $201.000. During the year, Bonita earned net income of $77.000 and all dividends of $19.250. Prepare the entries for Metlock to record the purchase and any additional entries related to this investment in Boneta Company in 2017. (Credit account s are automatically indented when amount is entered. Do not indent a lly. If he entry is required, select "No Entry for the...
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, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock...
On January 1, 2020, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
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...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $9,648,000. Interest is paid on January 1. Prepare journal entries for Crane Company to (a) record the transactions related to these bonds in 2017, assuming Crane does not elect the fair...
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...
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 2 2019. Crane Company purchased for 5497.000 cache 10 Interest in Cheyenne Corp (Accounted for alle For Sale investment. The fall value of Creea Investment in Cheyenne securities as follows: December 31, 2019 5558.000, and December 31, 2020, 5510.000.On January 2, 2021, Crane purchased an additional 30% of Cheyenneck for $1,532,000 cash when the book value of Cheyennes et ease was $4154.000. The excess we stributable to depredible sets having a remaining If year During 2019 2020 and...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds, having a maturity value of $301,000, for $324,415.24. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Cheyenne Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December...
On January 1, 2020, Shamrock Company purchased at par 8% bonds having a maturity value of $250,000. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category. (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entry to record the interest revenue on December 31, 2020 (c) Prepare the journal entry to record the interest...
Exercise 17-17 On January 1, 2017, Hetlock Corporation purchased 40% of the common shares of Bonita Company for $201.000. During the year, Bonita earned net income of $77.000 and all dividends of $19.250. Prepare the entries for Metlock to record the purchase and any additional entries related to this investment in Boneta Company in 2017. (Credit account s are automatically indented when amount is entered. Do not indent a lly. If he entry is required, select "No Entry for the...
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, Redmond Company purchased 3,000 of the 15,000 outstanding shares of common stock of Decca Computer (DC) Corporation for $80,000 cash as a long-term investment (the only long-term equity invest- ment held). The assets and liabilities of DC Corporation at the date of purchase approximate fair value. During 2020, DC reported net income of $25,000 and declared and paid cash dividends of $10,000. The fair value of DC Corporation at December 31, 2020, was $25 per share....
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...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $9,648,000. Interest is paid on January 1. Prepare journal entries for Crane Company to (a) record the transactions related to these bonds in 2017, assuming Crane does not elect the fair...
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