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10. On January 1, 2018, Sunland Company sold property to Blossom Company. There was no established...
On January 1, 2018, Vaughn Manufacturing sold property to Cullumber Company. There was no established exchange...
On January 1, 2018, Vaughn Manufacturing sold property to
Cullumber Company. There was no established exchange price for the
property, and Cullumber gave Vaughn a $6300000
zero-interest-bearing note payable in 5 equal annual installments
of $1260000, with the first payment due December 31, 2018. The
prevailing rate of interest for a note of this type is 9%. The
present value of the note at 9% was $4901022 at January 1, 2018.
What should be the balance of the Discount on...
On January 1, 2017, Crown Company sold property to Leary Company. There was no established exchange...
On January 1, 2017, Crown Company sold property to Leary Company. There was no established exchange price for the property, and Leary gave Crown a $400,000 zero-interest-bearing note payable, promising 5 equal annual installments of $80,000, with the first payment due December 31, 2017. The prevailing rate of interest for a note of this type is 8%. What is the carrying value of the notes payable at 12/31/17, after the first payment is made (assuming that the effective-interest method is...
Answer was wrong. Please provide the correct answer with a brief explanation. NEED TO BE ANSWERED...
Answer was wrong. Please provide the correct answer with a brief
explanation. NEED TO BE ANSWERED TODAY.
) On January 1, 2016, Bertram Co. sold property to King Company. There was no established exchange price for the property, and King gave Bertram a $3,000,000, zero-interest bearing note payable in 5 equal annual installments of $600,000, with the first payment due December 31, 2016. The prevailing rate of interest for a note of this type is 9%. The present value of...
Sunland Company issues $5,000,000, 10-year, 10% bonds at 96, with interest payable annually on January 1....
Sunland Company issues $5,000,000, 10-year, 10% bonds at 96, with interest payable annually on January 1. The straight-line method is used to amortize bond discount. A) Prepare the journal entry to record the sale of these bonds on January 1, 2020. B) Prepare the adjusting journal entry to record interest expense and bond discount amortization on December 31, 2020.
Sunland Company issued $696,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is...
Sunland Company issued $696,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and January 1. Sunland Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account...
XY Merchandising Company was established on January 1, 2018. As of December 31, 2018, the following...
XY Merchandising Company was established on January 1, 2018. As
of December 31, 2018, the following additional information is
available:
$5.000 of Office Supplies has been used.
Accrued interest revenue is $10.000.
$15.000 of prepaid rent has expired as of December 31, 2018.
As of December 31, 2016, $20.000 of the Unearned Service Revenue is
earned.
Question:
1) Find the Marketing Expense for the year of 2018 (Write all
the accounts to debit or credit sides while considering their
nature....
At January 1, 2018, Sunland Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts:...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
The 8% bonds payable of Sunland Company had a net carrying amount of $3010000 on December...
The 8% bonds payable of Sunland Company had a net carrying
amount of $3010000 on December 31, 2017. The bonds, which had a
face value of $3160000, were issued at a discount to yield 10%. The
amortization of the bond discount was recorded under the
effective-interest method. Interest was paid on January 1 and July
1 of each year. On July 2, 2018, several years before their
maturity, Sunland retired the bonds at 102. The interest payment on
July 1,...
On January 1, 2020, Sunland Company makes the two following acquisitions. 1. Purchases land having a...
On January 1, 2020, Sunland Company makes the two following acquisitions. 1. Purchases land having a fair value of $360,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $606,621. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $560,000 (interest payable annually). The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Sunland Company for the two...
On January 1, 2018, Vaughn Manufacturing sold property to
Cullumber Company. There was no established exchange price for the
property, and Cullumber gave Vaughn a $6300000
zero-interest-bearing note payable in 5 equal annual installments
of $1260000, with the first payment due December 31, 2018. The
prevailing rate of interest for a note of this type is 9%. The
present value of the note at 9% was $4901022 at January 1, 2018.
What should be the balance of the Discount on...
Answer was wrong. Please provide the correct answer with a brief
explanation. NEED TO BE ANSWERED TODAY.
) On January 1, 2016, Bertram Co. sold property to King Company. There was no established exchange price for the property, and King gave Bertram a $3,000,000, zero-interest bearing note payable in 5 equal annual installments of $600,000, with the first payment due December 31, 2016. The prevailing rate of interest for a note of this type is 9%. The present value of...
XY Merchandising Company was established on January 1, 2018. As
of December 31, 2018, the following additional information is
available:
$5.000 of Office Supplies has been used.
Accrued interest revenue is $10.000.
$15.000 of prepaid rent has expired as of December 31, 2018.
As of December 31, 2016, $20.000 of the Unearned Service Revenue is
earned.
Question:
1) Find the Marketing Expense for the year of 2018 (Write all
the accounts to debit or credit sides while considering their
nature....
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
The 8% bonds payable of Sunland Company had a net carrying
amount of $3010000 on December 31, 2017. The bonds, which had a
face value of $3160000, were issued at a discount to yield 10%. The
amortization of the bond discount was recorded under the
effective-interest method. Interest was paid on January 1 and July
1 of each year. On July 2, 2018, several years before their
maturity, Sunland retired the bonds at 102. The interest payment on
July 1,...
On January 1, 2020, Sunland Company makes the two following acquisitions. 1. Purchases land having a fair value of $360,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $606,621. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $560,000 (interest payable annually). The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Sunland Company for the two...
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