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* Question 2 On January 1, 2020, AMI Corporation purchased the non-cash net assets of Cullumber...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a $110,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51.300 $204,000 Cash Accounts payable 89,800 Stockholders' equity 239,000 Accounts receivable $443,000 Inventory 104,000 Land 40,100 Buildings (net) 76,200 Equipment (net) 69,800 11,800 Trademarks $443,000 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $126,600), and...
On July 1, 2020, Bramble Corporation purchased Young Company by paying $256,600 cash and issuing a...
On July 1, 2020, Bramble Corporation purchased Young Company by paying $256,600 cash and issuing a $102,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,800 Accounts payable $202,000 Accounts receivable 91,200 Stockholders' equity 248,900 Inventory 110,000 $450,900 Land 41,200 Buildings (net) 75,400 Equipment (net) 69,700 Trademarks 11,600 $450,900 The recorded amounts all approximate current values except for land (fair value of $64,600), inventory (fair value of $125,700), and...
On July 1, 2020, Ayayai Corporation purchased Young Company by paying $251,000 cash and issuing a...
On July 1, 2020, Ayayai Corporation purchased Young Company by paying $251,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $202,000 Accounts receivable 89,500 Stockholders' equity 232,500 Inventory 100,000 $434,500 Land 40,000 Buildings (net) 74,500 Equipment (net) 69,500 Trademarks 11,000 $434,500 The recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $124,000), and...
On July 1, 2020, Blue Corporation purchased Young Company by paying $257,700 cash and issuing a...
On July 1, 2020, Blue Corporation purchased Young Company by paying $257,700 cash and issuing a $123,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,800 Accounts payable $204,000 Accounts receivable 89,900 Stockholders' equity 235,800 Inventory 102,000 $439,800 Land 40,200 Buildings (net) 75,000 Equipment (net) 70,300 Trademarks 11,600 $439,800 The recorded amounts all approximate current values except for land (fair value of $63,100), inventory (fair value of $125,300), and...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payab...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable 1,2020, the balance sheet of Young Company was as follows. Steve Young. At July $50,000 Accounts payable $208,000 Cash Stockholders' equity Accounts receivable 91,000 238,700 $446,700 Inventory 108,000 Land 41,100 Buildings (net) 74,800 Equipment (net) 70,500 11,300 Trademarks $446,700 The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and trademarks (fair...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
* Question 2 Blossom Ltd. acquired the rights to use 2,500 hectares of land in northern...
* Question 2 Blossom Ltd. acquired the rights to use 2,500 hectares of land in northern Alberta to mine for uranium. The cout of the land was $114,000, exploration costs were $214,000, and the development costs incurred were $628,250. All of these costs were capitalized. The company estimated that the mine would produce about 225,000 ounces of uranium. In the first year, 28,800 ounces were extracted from the mine, of which 11,800 were sold. Asume all purchases were cash. Prepare...
On July 1, 2020, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a...
On July 1, 2020, Pronghorn Corporation purchased Young Company
by paying $252,100 cash and issuing a $146,000 note payable to
Steve Young. At July 1, 2020, the balance sheet of Young Company
was as follows.
Cash
$50,900
Accounts payable
$205,000
Accounts receivable
91,600
Stockholders’ equity
243,200
Inventory
107,000
$448,200
Land
41,600
Buildings (net)
75,600
Equipment (net)
69,900
Trademarks
11,600
$448,200
The recorded amounts all approximate current values except for land
(fair value of $60,100), inventory (fair value of $124,500), and...
Question 14 --/1 View Policies Current Attempt in Progress On July 1, 2020, Indigo Corporation purchased...
Question 14 --/1 View Policies Current Attempt in Progress On July 1, 2020, Indigo Corporation purchased Young Company by paying $254,800 cash and issuing a $120,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $205,000 Accounts receivable 89,700 Stockholders' equity 237,200 Inventory 105,000 $442,200 Land 41,100 Buildings (net) 75,100 Equipment (net) 69,600 Trademarks 11,700 $442,200 The recorded amounts all approximate current values except for land (fair...
On July 1, 2020, Monty Corporation purchased Young Company by paying $257,000 cash and issuing a $110,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51.300 $204,000 Cash Accounts payable 89,800 Stockholders' equity 239,000 Accounts receivable $443,000 Inventory 104,000 Land 40,100 Buildings (net) 76,200 Equipment (net) 69,800 11,800 Trademarks $443,000 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $126,600), and...
On July 1, 2020, Bramble Corporation purchased Young Company by paying $256,600 cash and issuing a $102,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,800 Accounts payable $202,000 Accounts receivable 91,200 Stockholders' equity 248,900 Inventory 110,000 $450,900 Land 41,200 Buildings (net) 75,400 Equipment (net) 69,700 Trademarks 11,600 $450,900 The recorded amounts all approximate current values except for land (fair value of $64,600), inventory (fair value of $125,700), and...
On July 1, 2020, Ayayai Corporation purchased Young Company by paying $251,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $202,000 Accounts receivable 89,500 Stockholders' equity 232,500 Inventory 100,000 $434,500 Land 40,000 Buildings (net) 74,500 Equipment (net) 69,500 Trademarks 11,000 $434,500 The recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $124,000), and...
On July 1, 2020, Blue Corporation purchased Young Company by paying $257,700 cash and issuing a $123,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,800 Accounts payable $204,000 Accounts receivable 89,900 Stockholders' equity 235,800 Inventory 102,000 $439,800 Land 40,200 Buildings (net) 75,000 Equipment (net) 70,300 Trademarks 11,600 $439,800 The recorded amounts all approximate current values except for land (fair value of $63,100), inventory (fair value of $125,300), and...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable 1,2020, the balance sheet of Young Company was as follows. Steve Young. At July $50,000 Accounts payable $208,000 Cash Stockholders' equity Accounts receivable 91,000 238,700 $446,700 Inventory 108,000 Land 41,100 Buildings (net) 74,800 Equipment (net) 70,500 11,300 Trademarks $446,700 The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and trademarks (fair...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
* Question 2 Blossom Ltd. acquired the rights to use 2,500 hectares of land in northern Alberta to mine for uranium. The cout of the land was $114,000, exploration costs were $214,000, and the development costs incurred were $628,250. All of these costs were capitalized. The company estimated that the mine would produce about 225,000 ounces of uranium. In the first year, 28,800 ounces were extracted from the mine, of which 11,800 were sold. Asume all purchases were cash. Prepare...
On July 1, 2020, Pronghorn Corporation purchased Young Company
by paying $252,100 cash and issuing a $146,000 note payable to
Steve Young. At July 1, 2020, the balance sheet of Young Company
was as follows.
Cash
$50,900
Accounts payable
$205,000
Accounts receivable
91,600
Stockholders’ equity
243,200
Inventory
107,000
$448,200
Land
41,600
Buildings (net)
75,600
Equipment (net)
69,900
Trademarks
11,600
$448,200
The recorded amounts all approximate current values except for land
(fair value of $60,100), inventory (fair value of $124,500), and...
Question 14 --/1 View Policies Current Attempt in Progress On July 1, 2020, Indigo Corporation purchased Young Company by paying $254,800 cash and issuing a $120,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $205,000 Accounts receivable 89,700 Stockholders' equity 237,200 Inventory 105,000 $442,200 Land 41,100 Buildings (net) 75,100 Equipment (net) 69,600 Trademarks 11,700 $442,200 The recorded amounts all approximate current values except for land (fair...
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