Ch 9 #1). Pryce Company owns equipment that cost $75,000 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Pryce Companyâs journal entries to record the sale of the equipment in these four independent situations. (a) Sold for $30,000 on January 1, 2015. (b) Sold for $30,000 on May 1, 2015. (c) Sold for $10,000 on January 1, 2015. (d) Sold for $10,000 on October 1, 2015.
Ch 9 #2). The following are selected 2015 transactions of Pedigo Corporation. Jan. 1 Purchased a small company and recorded goodwill of $160,000. Its useful life is indefinite. May 1 Purchased for $100,000 a patent with an estimated useful life of 5 years and a legal life of 20 years. Instructions Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
Ch 10, #1). On January 1, Forrester Company issued $500,000, 10%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Instructions Prepare journal entries to record the following events. (a) The issuance of the bonds. (b) The payment of interest on July 1, assuming no previous accrual of interest. (c) The accrual of interest on December 31.
Ch 10, #2. The adjusted trial balance for Karr Farm Corporation at the end of the current year contained the following accounts. Interest Payable $ 9,000 Bonds Payable, due 2019 170,000 Premium on Bonds Payable 30,000 Instructions Prepare the long-term liabilities section of the balance sheet.
Ch 9, #1). Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Farnsworth Company in 2015. Farnsworth developed a new manufacturing process, incurring research and development costs of $120,000. The company also purchased a patent for $60,000. In early January, Farnsworth capitalized $180,000 as the cost of the patents. Patent amortization expense of $18,000 was recorded based on a 10-year useful life. 2. On July 1, 2015, Farnsworth purchased a small company and as a result acquired goodwill of $300,000. Farnsworth recorded a half-yearâs amortization in 2015, based on a 50-year life ($3,000 amortization). The goodwill has an indefinite life. Instructions Prepare all journal entries necessary to correct any errors made during 2015. Assume the books have not yet been closed for 2015.
h 10, #1). The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $50,000, terms 2/10, n/30. (Blanco uses the perpetual inventory system.) Feb 1 Issued a 9%, 2-month, $60,000 note to Nunez in payment of account. Mar.31 Accrued interest for 2 months on Nunez note. Apr 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,000 in cash and signing a 10%, 3-month, $50,000 note. Sept.30 Accrued interest for 3 months on Marson note. Oct.1 Paid face value and interest on Marson note. Dec.1 Borrowed $54,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $54,000. Dec.31 Recognized interest expense for 1 month on Paola Bank note. Instructions (a) Prepare journal entries for the listed transactions and events. (b) Post to the accounts Notes Payable, Interest Payable, and Interest Expense. (c) Show the balance sheet presentation of notes and interest payable at December 31. (d) What is total interest expense for the year?The assignment should be done in excel.Client\’s message:\”Let the writer know that the values within these problems are highly specific and to this class\”The assignment needs to have explanations of how the writer arrived at their answers?
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