Q: On January 1, 2017, JWS Corporation issued $600,
On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. Prepare the company’s journal entries...
See AnswerQ: Treasure Land Corporation incurred the following costs in 2017.
Treasure Land Corporation incurred the following costs in 2017. Prepare the necessary 2017 journal entry(ies) for Treasure Land.
See AnswerQ: Assume the bonds in IFRS14-3 were issued for $644
Assume the bonds in IFRS14-3 were issued for $644,636 and the effective-interest rate is 6%. Prepare the company’s journal entries for a. the January 1 issuance, b. the July 1 interest payment, and...
See AnswerQ: Assume the same information as in IFRS14-5, except that
Assume the same information as in IFRS14-5, except that the bonds were issued at 84.95 to yield 12%. Prepare the journal entries to record a. the issuance of the bonds, b. the payment of interest an...
See AnswerQ: On December 31, 2017, Alexander Company had $1,
On December 31, 2017, Alexander Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 25,000 ordinary shares for $36 per...
See AnswerQ: Presented below are two different situations related to Mckee Corporation’s debt obligations
Presented below are two different situations related to Mckee Corporation’s debt obligations. Mckee’s next financial reporting date is December 31, 2017. The financial statements are authorized for is...
See AnswerQ: Dumars Corporation reports in the current liability section of its balance sheet
Dumars Corporation reports in the current liability section of its balance sheet at December 31, 2017 (its year-end), short-term obligations of $15,000,000, which includes the current portion of 12% l...
See AnswerQ: Brazil Group purchases a vehicle at a cost of $50,
Brazil Group purchases a vehicle at a cost of $50,000 on January 2, 2017. Individual components of the vehicle and useful lives are as follows. Assume that Pujols will continue to use this asset in...
See AnswerQ: Margaret Avery Company from time to time embarks on a research program
Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2015, the company expends $325,000 on a research project, but by the end...
See AnswerQ: Presented below is information related to equipment owned by Pujols Company at
Presented below is information related to equipment owned by Pujols Company at December 31, 2017. Cost (residual value $0)………………………..$9,000,000 Accumulated depreciation to date…………..1,000,000 Value-in...
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