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On July 1, 2021, Apache Company, a real estate developer, sold a parcel of land to...
On July 1, 2021, Apache Company, a real estate developer, sold a parcel of land to...
On July 1, 2021, Apache Company, a real estate developer, sold a parcel of land to a construction company for $4,200,000. The book value of the land on Apache's books was $1,800,000. Terms of the sale required a down payment of $300,000 and 13 annual payments of $300,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2022. How much revenue will Apache recognize for the sale (ignoring interest), assuming that it recognizes revenue at...
On July 1, 2018. Apache Company, a real estate developer, sold a parcel of land to...
On July 1, 2018. Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The book value of the land on Apache's books was $1,320,000. Terms of the sale required a down payment of $220.000 and 13 annual payments of $220.000 plus interest at an appropriate interest rate due on each July 1 beginning in 2019 How much revenue wil Apache recognize for the sale ignoring interest), assuming that it recognizes revenue at...
Brief Exercise 6-1 (Algo) Revenue recognition at a point in time (L06-2] On July 1, 2021....
Brief Exercise 6-1 (Algo) Revenue recognition at a point in time (L06-2] On July 1, 2021. Apache Company, a real estate developer, sold a parcel of land to a construction company for $2,880,000. The book value of the land on Apache's books was 51.280,000. Terms of the sale required a down payment of $320,000 and 8 annual payments of $320,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2022 How much revenue will Apache...
Colah Company purchased $1,900,000 of Jackson, Inc., 7% bonds at par on July 1, 2021, with...
Colah Company purchased $1,900,000 of Jackson, Inc., 7% bonds at par on July 1, 2021, with interest paid semi-annually. Colah determined that it should account for the bonds as an available-for-sale investment. At December 31, 2021, the Jackson bonds had a fair value of $2,190,000. Colah sold the Jackson bonds on July 1, 2022 for $1,710,000. Required: 1. Prepare Colah's journal entries for the following transactions: a. The purchase of the Jackson bonds on July 1. b. Interest revenue for...
On July 1, 2021, a company loans one of its employees $29,000 and accepts a eight-month,...
On July 1, 2021, a company loans one of its employees $29,000 and accepts a eight-month, 6% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 and 2022. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)
The Constructo Construction Company is a real estate developer and building contractor. The company has two...
The Constructo Construction Company is a real estate developer and building contractor. The company has two sources of long-term capital, debt and equity. The cost of issuing debt is the after-tax cost of the interest that relates to the debt. (Interest paid on debt is tax deductible.) The cost of the company's equity capital is the investment opportunity rate of Constructo investors. This is the rate that investors could earn on investments that are of similar risk to Constructo Construction....
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,926,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. Problem...
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1,...
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1, 2021, lo construct a four- story office building. At that time, Curtiss estimated that it would take belween two and three years to complete the project. The total contract price for construction of the building is $5.080,000. Curliss concludes that the contract does not qually for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021,...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,600,000. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under the...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021,...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,420,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred,...
On July 1, 2021, Apache Company, a real estate developer, sold a parcel of land to a construction company for $4,200,000. The book value of the land on Apache's books was $1,800,000. Terms of the sale required a down payment of $300,000 and 13 annual payments of $300,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2022. How much revenue will Apache recognize for the sale (ignoring interest), assuming that it recognizes revenue at...
On July 1, 2018. Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The book value of the land on Apache's books was $1,320,000. Terms of the sale required a down payment of $220.000 and 13 annual payments of $220.000 plus interest at an appropriate interest rate due on each July 1 beginning in 2019 How much revenue wil Apache recognize for the sale ignoring interest), assuming that it recognizes revenue at...
Brief Exercise 6-1 (Algo) Revenue recognition at a point in time (L06-2] On July 1, 2021. Apache Company, a real estate developer, sold a parcel of land to a construction company for $2,880,000. The book value of the land on Apache's books was 51.280,000. Terms of the sale required a down payment of $320,000 and 8 annual payments of $320,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2022 How much revenue will Apache...
Colah Company purchased $1,900,000 of Jackson, Inc., 7% bonds at par on July 1, 2021, with interest paid semi-annually. Colah determined that it should account for the bonds as an available-for-sale investment. At December 31, 2021, the Jackson bonds had a fair value of $2,190,000. Colah sold the Jackson bonds on July 1, 2022 for $1,710,000. Required: 1. Prepare Colah's journal entries for the following transactions: a. The purchase of the Jackson bonds on July 1. b. Interest revenue for...
The Constructo Construction Company is a real estate developer and building contractor. The company has two sources of long-term capital, debt and equity. The cost of issuing debt is the after-tax cost of the interest that relates to the debt. (Interest paid on debt is tax deductible.) The cost of the company's equity capital is the investment opportunity rate of Constructo investors. This is the rate that investors could earn on investments that are of similar risk to Constructo Construction....
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,926,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. Problem...
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1, 2021, lo construct a four- story office building. At that time, Curtiss estimated that it would take belween two and three years to complete the project. The total contract price for construction of the building is $5.080,000. Curliss concludes that the contract does not qually for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,420,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred,...
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