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Exerclse 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021, Athens Software began developing a...
Exercise 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021. Athens Software began developing a sof...
Exercise 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021. Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022. Development costs were incurred as follows: September 30 through December 31, 2021 January 1 through February 28, 2022 March 1 through April 30, 2022 $2,310,000 910,000 510,000 Athens expects a useful life of five years...
Exercise 10-32 Software development costs [LO10-8) On September 30, 2018, Athens Software began developing a software...
Exercise 10-32 Software development costs [LO10-8) On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,370,000 970,000 570,000 Athens expects a useful life of four years for...
Check my work 17 On September 30, 2018, Athens Software began developing a software program to...
Check my work 17 On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: 10 points September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,310,000 910,000 510,000 00:5307 eBook Athens expects a useful life of five...
Exercise 10-26 (Algo) Research and development (LO10-8] In 2021. Space Technology Company modified its model Z2...
Exercise 10-26 (Algo) Research and development (LO10-8] In 2021. Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology Engineering design work Development of a prototype device Acquisition of equipment Testing and modification of the prototype Legal and other fees for patent application on the new communication system Legal fees for successful defense of the new patent Total $2,200,000 720,000 340,000 64,000 240,000 44,000...
Cupola Fan Corporation issued 8%, $410,000, 10-year bonds for $394,000 on June 30, 2021. Debt issue...
Cupola Fan Corporation issued 8%, $410,000, 10-year bonds for $394,000 on June 30, 2021. Debt issue costs were $1,600. Interest is paid semiannually on December 31 and June 30. One year from the issue date (July 1, 2022), the corporation exercised its call privilege and retired the bonds for $405,000. The corporation uses the straight-line method both to determine interest expense and to amortize debt issue costs. Required: 1. to 4. Prepare the journal entry to record the issuance of...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $870,000. The bonds sold for $855,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight- line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31,...
Exerclse 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment...
Exerclse 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independentsituations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Usse approprlate factor(s) from the tables provided.) 1. The equipment was purchased on account for $37,000. Credit terms were 3/10. n/30. Payment was made within the discount period...
2 A company borrows $28,000 with 8% interest on October 1, 2021. This amount plus interest...
2 A company borrows $28,000 with 8% interest on October 1, 2021. This amount plus interest is due on September 30, 2022 Record the adjusting entry on December 31, 2021 (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the adjusting entry on December 31, 2021. Note: Enter debits before credits General Journal Debit Credit Date...
Saved Help av Grossman Products began operations in 2021. The following selected transactions occurred from September...
Saved Help av Grossman Products began operations in 2021. The following selected transactions occurred from September 2021 through March 2022. Grossman's fiscal year ends on December 31. 2021: (a.) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $9,700,000 at 10% interest. The company is not required to pay any commitment fees. (b.) On October 1, Grossman borrowed $7,700,000 cash and issued a 5-month promissory note with 12% Interest payable at...
3 On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with...
3
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term Investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
Exercise 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021. Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022. Development costs were incurred as follows: September 30 through December 31, 2021 January 1 through February 28, 2022 March 1 through April 30, 2022 $2,310,000 910,000 510,000 Athens expects a useful life of five years...
Exercise 10-32 Software development costs [LO10-8) On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,370,000 970,000 570,000 Athens expects a useful life of four years for...
Check my work 17 On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: 10 points September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,310,000 910,000 510,000 00:5307 eBook Athens expects a useful life of five...
Exercise 10-26 (Algo) Research and development (LO10-8] In 2021. Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology Engineering design work Development of a prototype device Acquisition of equipment Testing and modification of the prototype Legal and other fees for patent application on the new communication system Legal fees for successful defense of the new patent Total $2,200,000 720,000 340,000 64,000 240,000 44,000...
Cupola Fan Corporation issued 8%, $410,000, 10-year bonds for $394,000 on June 30, 2021. Debt issue costs were $1,600. Interest is paid semiannually on December 31 and June 30. One year from the issue date (July 1, 2022), the corporation exercised its call privilege and retired the bonds for $405,000. The corporation uses the straight-line method both to determine interest expense and to amortize debt issue costs. Required: 1. to 4. Prepare the journal entry to record the issuance of...
On March 1, 2021, Stratford Lighting issued 10% bonds, dated March 1, with a face amount of $870,000. The bonds sold for $855,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight- line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record the issuance of the bonds by Stratford Lighting on March 1, 2021, interest on August 31,...
Exerclse 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6] Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independentsituations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Usse approprlate factor(s) from the tables provided.) 1. The equipment was purchased on account for $37,000. Credit terms were 3/10. n/30. Payment was made within the discount period...
2 A company borrows $28,000 with 8% interest on October 1, 2021. This amount plus interest is due on September 30, 2022 Record the adjusting entry on December 31, 2021 (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the adjusting entry on December 31, 2021. Note: Enter debits before credits General Journal Debit Credit Date...
Saved Help av Grossman Products began operations in 2021. The following selected transactions occurred from September 2021 through March 2022. Grossman's fiscal year ends on December 31. 2021: (a.) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $9,700,000 at 10% interest. The company is not required to pay any commitment fees. (b.) On October 1, Grossman borrowed $7,700,000 cash and issued a 5-month promissory note with 12% Interest payable at...
3
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term Investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
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