Homework Answers
| Date | Accounts Titles and Explanation | Debit | Credit |
| April 13, 2020 | Investment Property | $4,031,000 | |
| Advertising Expense | $2,000 | ||
| Repairs and Maintenance Expenses | $5,000 | ||
| Cash | $38,000 | ||
| Mortgage Payable | $4,000,000 | ||
| April 14, 2020 | Cash | $11,000 | |
| Tenant Deposists Liability | $11,000 | ||
| Dec 31, 2020 | Investment Property | $159,000 | |
| Gain or Loss in Value of Investment Property | $159,000 | ||
| Dec 31, 2021 | Gain or Loss in Value of Investment Property | $200,000 | |
| Investment Property | $200,000 | ||
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Cullumber purchased land and a building on April for 398,400. The company paid 123,600 in cash...
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Question 4 Shamrock Industries Limited purchased a strip mine for cash on April 1, 2020 at...
Question 4
Shamrock Industries Limited purchased a strip mine for cash on
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The company’s year-end is December 31, and Shamrock follows
ASPE.
Prepare the journal entry to record the...
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Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
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Question 4
Shamrock Industries Limited purchased a strip mine for cash on
April 1, 2020 at a cost of $5,306,000. Shamrock expects to operate
the mine for 10 years, at which it is legally required to restore
the surrounding area to its original state. It is estimated that it
will cost $461,000 to do this at the end of the mine’s useful life.
The company’s year-end is December 31, and Shamrock follows
ASPE.
Prepare the journal entry to record the...
Presented below are selected transactions on the books of Sheffield Corporation. May 1, 2020 Bonds payable with a par value of $824,400, which are dated January 1, 2020, are sold at 107 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2030. (Use interest expense account for accrued interest.) Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper...
On September 1, 2020, Tech Company purchased 1,200 shares of common stock of Eagle Inc. for $120,000, while not obtaining significant influence over Eagle Inc. On November 1, 2020, Tech Company sold 600 shares of the Eagle Inc. stock for $105 per share and incurred brokerage fees of $288 on the sale. At December 31, 2020, Eagle Inc. declared and paid dividends of $5 per share. The fair value of the remaining investment in Eagle Inc. was $66,000 on December...
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