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On October 5, Pina Colada Corporation buys merchandise on account from Pina Colada Company. The selling price of the goods is $5,010, and the cost to Pina Colada Company is $2,530. On October 8, Pina Colada returns defective goods with a selling price of $740 and a fair value of $95. Record the transactions on the books of Pina Colada Company. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
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Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $430,000. The Johnson Division's net assets, including the goodwill have a carrying amount of $70,000. The fair value of the division is estimated to be 5816,000 and the implied goodwill is $376,000. Prepare Pina Colada journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do...
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On January 1, 2020, Pina Colada Corp. acquires $310,000 of
Spider Products Inc. 9% bonds at a price of $294,849. The interest
is payable each December 31, and the bonds mature on December 31,
2022. The investment will provide Pina Colada Corp. with a 11%
yield. Pina Colada Corp. applies IFRS and accounts for this
investment using the amortized cost model.
Prepare a three-year bond amortization schedule.
(Round answers to 0 decimal places, e.g.
5,275.)
Schedule of Interest Income
and...
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Culver Corporation purchased 700 common shares of Ditch Inc. for $12,600 on February 21. Culver paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided to account for them following the cost model. On June 30, Ditch declared and paid a cash dividend of $1.20 per share. Prepare Culver Corporation's journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent...
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Pina Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2020, Pina reacquired 220 shares at $86 per share. On November 1, Pina reissued the 220 shares at $77 per share. Pina had no previous treasury stock transactions. Prepare Pina's journal entries to record these transactions using the cost method. (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...
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Un January 1, 2020, Pina Colada Corp. had the following stockholders' equity accounts Common Stock ($24 par value, 59,000 shares issued and outstanding) $1,416,000 Paid-in Capital in Excess of Par-Common Stock 197,000 Retained Earnings 559,000 During the year, the following transactions occurred. Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1 Mar. " Paid the dividend declared in February Athird Apr. Announced a 2-for-1 stock split. Prior to the split, the market...
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On August 1. Shamrock Finance Inc. buys 3.200 Datawave common shares for trading purposes for $121.600 cash On October 15. Shamrock receives a cash dividend of $2.85 per share from Datawave. On December 1. Shamrock sells the shares for $131.200 cash. Prepare the journal entry to record the purchase of the shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually If no entry is required, select "No Entry for the account titles and...
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Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
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During 2016, Pina Corporation spent $159,840 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $32,400 related to the patent were incurred as of October 1, 2016. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (Credit account...
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During 2016, Pina Corporation spent $159,840 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $32,400 related to the patent were incurred as of October 1, 2016. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (Credit account...
On October 5, Pina Colada Corporation buys merchandise on account from Pina Colada Company. The selling price of the goods is $5,010, and the cost to Pina Colada Company is $2,530. On October 8, Pina Colada returns defective goods with a selling price of $740 and a fair value of $95. Record the transactions on the books of Pina Colada Company. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
Brief Exercise 12-8 Your answer is partially correct. Try again. Pina Colada Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $430,000. The Johnson Division's net assets, including the goodwill have a carrying amount of $70,000. The fair value of the division is estimated to be 5816,000 and the implied goodwill is $376,000. Prepare Pina Colada journal entry to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do...
On January 1, 2020, Pina Colada Corp. acquires $310,000 of
Spider Products Inc. 9% bonds at a price of $294,849. The interest
is payable each December 31, and the bonds mature on December 31,
2022. The investment will provide Pina Colada Corp. with a 11%
yield. Pina Colada Corp. applies IFRS and accounts for this
investment using the amortized cost model.
Prepare a three-year bond amortization schedule.
(Round answers to 0 decimal places, e.g.
5,275.)
Schedule of Interest Income
and...
Culver Corporation purchased 700 common shares of Ditch Inc. for $12,600 on February 21. Culver paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided to account for them following the cost model. On June 30, Ditch declared and paid a cash dividend of $1.20 per share. Prepare Culver Corporation's journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Pina Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2020, Pina reacquired 220 shares at $86 per share. On November 1, Pina reissued the 220 shares at $77 per share. Pina had no previous treasury stock transactions. Prepare Pina's journal entries to record these transactions using the cost method. (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...
Un January 1, 2020, Pina Colada Corp. had the following stockholders' equity accounts Common Stock ($24 par value, 59,000 shares issued and outstanding) $1,416,000 Paid-in Capital in Excess of Par-Common Stock 197,000 Retained Earnings 559,000 During the year, the following transactions occurred. Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1 Mar. " Paid the dividend declared in February Athird Apr. Announced a 2-for-1 stock split. Prior to the split, the market...
On August 1. Shamrock Finance Inc. buys 3.200 Datawave common shares for trading purposes for $121.600 cash On October 15. Shamrock receives a cash dividend of $2.85 per share from Datawave. On December 1. Shamrock sells the shares for $131.200 cash. Prepare the journal entry to record the purchase of the shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually If no entry is required, select "No Entry for the account titles and...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
During 2016, Pina Corporation spent $159,840 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $32,400 related to the patent were incurred as of October 1, 2016. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (Credit account...
During 2016, Pina Corporation spent $159,840 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $32,400 related to the patent were incurred as of October 1, 2016. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (Credit account...