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EXERCISE 2 (Valor 10 puntos) Vega Corporation has retained earnings of $7,130,000 on January 1, 2012....
4- (Valor 10 puntos) On January 1, 2007, Pennington Corporation purchased 50% of the common shares...
4- (Valor 10 puntos) On January 1, 2007, Pennington Corporation purchased 50% of the common shares of Edwards Company for $780,000. During the year, Edwards earned net income of $2490,000 and paid dividends of $65,000. Instructions Prepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2007. GENERAL JOURNAL PAGE 1 DESCRIPTION PR. DEBIT DEBITI C
4- (Valor 10 puntos) On January 1, 2007, Pennington Corporation purchased 427 of the common shares...
4- (Valor 10 puntos) On January 1, 2007, Pennington Corporation purchased 427 of the common shares of Edwards Company for $580.500. During the year. Edwards earned net income of $298.000 and paid dividends of $63.000 Instructions Prepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2007 GENERAL JOURNAL PAGE 1 DATE DESCRIPTION CREDIT PR DEBIT
P15-8B Gabriel Corporation sold $4,000,000, 8 % , 10- year bonds on January 1, 2012. The...
P15-8B Gabriel Corporation sold $4,000,000, 8 % , 10- year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on July 1 and January 1. Gabriel Corporation uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30. Instructions (a) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2012, assuming that the bonds sold at 103. (b)...
2- (Valor 10 puntos) On January 1, 2017, XYZ Company signed an 10-year case agreement for...
2- (Valor 10 puntos) On January 1, 2017, XYZ Company signed an 10-year case agreement for equipment. Annual payments are $48.500, to be made at the beginning of each year. At the end of the lease, the equipment will revert to the lessor. The equipment has a useful life of 8 years and has no residual value. At the time of the lease agreement, the equipment has a fair value of $266,000. An interest rate of ($24,332) and straight- line...
Exercise 14-12 On January 2, 2012, Martinez Corporation issued $1,550,000 of 10 % bonds at 98...
Exercise 14-12 On January 2, 2012, Martinez Corporation issued $1,550,000 of 10 % bonds at 98 due December 31, 2021. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method") The bonds are callable at 101 (.e., at 101 % of face amount), and on January 2, 2017, Martinez called $930,000...
2- (Valor 10 puntos) On January 1, 2017, XYZ Company signed an 8 year case agreement...
2- (Valor 10 puntos) On January 1, 2017, XYZ Company signed an 8 year case agreement for equipment Annualments are $2R 500, to be made at the beginning of cach year. At the end of the lease the squirment will revent to the lessor. The equipment has a useful life of 8 years and has no al value At the time of the lease agreement, the equipment has a fair value of $166.000. An interest rate of 10.5% ($14,332) and...
3- (Valor 10 puntos) On January 1, 2017, Papo's Company signed an 2-year lea agreement for...
3- (Valor 10 puntos) On January 1, 2017, Papo's Company signed an 2-year lea agreement for equipment. Annual payments are $38,500, to be made at the beginning each year. At the end of the lease, the equipment will revert to the lessor. The equipme has a useful life of 18 years and has no residual value. At the time of the lease agreeme the equipment has a fair value of $166,000. An interest rate of 14.5% ($18,332) and straight-line depreciation...
3- (Valor 10 puntos) On January 1, 2017, Papa's Company signed an 1-year agreement for equipment...
3- (Valor 10 puntos) On January 1, 2017, Papa's Company signed an 1-year agreement for equipment Annual payments are $38,300, to be made at the beginnin cach year. At the end of the lease, the equipment will revert to the lessor. The equipe has a useful life of 8 years and has no residual value. At the time of the lease agreemen the equipment has a fair value of $166.000. An interest rate of 14.5% ($18,332) and straight-line depreciation are...
2. On July 1, 2020 Turnage Corporation issued $2,000,000, 10%, 10-year bonds for $2,271,813. This price...
2. On July 1, 2020 Turnage Corporation issued $2,000,000, 10%, 10-year bonds for $2,271,813. This price was calculated using an 8% effective interest rate on the bonds. Turnage uses the effective interest method to amortize a bond premium or discount. The bonds pay semiannual interest on July 1 and January 1. Instructions (Round all calculations to the nearest dollar) a. Prepare the journal entry to record the issuance of the bonds on July 1, 2020. b. Prepare an amortization table...
need help with this retained earnings for kingbird corporation 1,134,200 Brief Exercise 4-10 Statement of retained...
need help with this retained earnings for kingbird corporation
1,134,200 Brief Exercise 4-10 Statement of retained earnings with PPA Kingbird Corporation has retained earnings of $706,100 at January 1, 2020. Net Income during 2020 was $1,638,400, and cash dividends declared and paid during 2020 totaled $83,100. In 2020, an error pertaining to 2019 was discovered: land costing $89,000 was charged to maintenance and repairs expense. The applicable tax rate for 2019 was 20%. Instructions: Prepare a statement of retained earnings....
4- (Valor 10 puntos) On January 1, 2007, Pennington Corporation purchased 50% of the common shares of Edwards Company for $780,000. During the year, Edwards earned net income of $2490,000 and paid dividends of $65,000. Instructions Prepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2007. GENERAL JOURNAL PAGE 1 DESCRIPTION PR. DEBIT DEBITI C
4- (Valor 10 puntos) On January 1, 2007, Pennington Corporation purchased 427 of the common shares of Edwards Company for $580.500. During the year. Edwards earned net income of $298.000 and paid dividends of $63.000 Instructions Prepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2007 GENERAL JOURNAL PAGE 1 DATE DESCRIPTION CREDIT PR DEBIT
P15-8B Gabriel Corporation sold $4,000,000, 8 % , 10- year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on July 1 and January 1. Gabriel Corporation uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30. Instructions (a) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2012, assuming that the bonds sold at 103. (b)...
2- (Valor 10 puntos) On January 1, 2017, XYZ Company signed an 10-year case agreement for equipment. Annual payments are $48.500, to be made at the beginning of each year. At the end of the lease, the equipment will revert to the lessor. The equipment has a useful life of 8 years and has no residual value. At the time of the lease agreement, the equipment has a fair value of $266,000. An interest rate of ($24,332) and straight- line...
Exercise 14-12 On January 2, 2012, Martinez Corporation issued $1,550,000 of 10 % bonds at 98 due December 31, 2021. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method") The bonds are callable at 101 (.e., at 101 % of face amount), and on January 2, 2017, Martinez called $930,000...
2- (Valor 10 puntos) On January 1, 2017, XYZ Company signed an 8 year case agreement for equipment Annualments are $2R 500, to be made at the beginning of cach year. At the end of the lease the squirment will revent to the lessor. The equipment has a useful life of 8 years and has no al value At the time of the lease agreement, the equipment has a fair value of $166.000. An interest rate of 10.5% ($14,332) and...
3- (Valor 10 puntos) On January 1, 2017, Papo's Company signed an 2-year lea agreement for equipment. Annual payments are $38,500, to be made at the beginning each year. At the end of the lease, the equipment will revert to the lessor. The equipme has a useful life of 18 years and has no residual value. At the time of the lease agreeme the equipment has a fair value of $166,000. An interest rate of 14.5% ($18,332) and straight-line depreciation...
3- (Valor 10 puntos) On January 1, 2017, Papa's Company signed an 1-year agreement for equipment Annual payments are $38,300, to be made at the beginnin cach year. At the end of the lease, the equipment will revert to the lessor. The equipe has a useful life of 8 years and has no residual value. At the time of the lease agreemen the equipment has a fair value of $166.000. An interest rate of 14.5% ($18,332) and straight-line depreciation are...
2. On July 1, 2020 Turnage Corporation issued $2,000,000, 10%, 10-year bonds for $2,271,813. This price was calculated using an 8% effective interest rate on the bonds. Turnage uses the effective interest method to amortize a bond premium or discount. The bonds pay semiannual interest on July 1 and January 1. Instructions (Round all calculations to the nearest dollar) a. Prepare the journal entry to record the issuance of the bonds on July 1, 2020. b. Prepare an amortization table...
need help with this retained earnings for kingbird corporation
1,134,200 Brief Exercise 4-10 Statement of retained earnings with PPA Kingbird Corporation has retained earnings of $706,100 at January 1, 2020. Net Income during 2020 was $1,638,400, and cash dividends declared and paid during 2020 totaled $83,100. In 2020, an error pertaining to 2019 was discovered: land costing $89,000 was charged to maintenance and repairs expense. The applicable tax rate for 2019 was 20%. Instructions: Prepare a statement of retained earnings....
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