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A. On January 1, 2014, Robin Wright Inc. purchased land that had an assessed value of $354,000 at the time of purchase. A $690,000, zero-interest-bearing note due January 1, 2017, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 11%. Determine at what amount the land should be recorded at January 1, 2014, and the interest expense to be reported in 2014 related to this transaction.
B. On January 1, 2014, Field Furniture Co. borrowed $4,229,000 (face value) from Gary Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Field Furniture agreed to sell furniture to this customer at lower than market price. A 9% rate of interest is normally charged on this type of loan. Prepare the journal entry to record this transaction.
Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. This schedule should include columns for beginning balance, increase, decrease, and ending balance for each of the plants asset accounts.
Suppose that you purchase for 7 dollars each three call options with a strike price of 105 dollars, and purchase for 8 dollars each two put options with a strike price of 110 dollars. If the effective interest rate is 0, options all have the same exp..
Complete a production cost report for the cutting department and the sewing department. what is the cost of one basic shirt?
Compute the NPV and IRR for the proposed plant. Would your answer be affected if you were told that the furniture and equipment could be sold for their book values? If so repeat the analysis with this effect considered.
Prepare a consolidated income statement for Chee Co. for the year ended December 31, 20X8. Be sure to show your supporting calculations.
Calculate the cost of Job 845 using ABC to assign the overhead costs-Calculate the cost of Job 845 using the plant wide overhead rate based on machine-hours.
Create a spreadsheet to calculate the below financial ratios. Complete a comparison between the two years for this company and remember to use Excel formulas and link cells when possible.
Calculate the net present value, ignoring the additional benefits described by Rick. Should the tow truck be purchased? Calculate the net present value, incorporating the additional benefits suggested by Rick. Should the tow truck be purchased?
Given current economic conditions and individual operating results, companies may not comply fully with lender restrictions on debt and, thus, fail to meet one of the debt covenant requirements. What audit procedures are needed for Sunshine, CPA, to ..
The following data relate to direct materials costs for August: Standard costs 4,600 pounds at $5.60 Actual costs 4,700 pounds at $5.50 What is the direct materials price variance.
abc inc purchased new machinery in order to improve its production process. classify each of the following expenditures
During the year, his net share of the corporate taxable income is $11,000. At the end of the year Jeff receives a $15000 distribution. Discuss the tax effects of the distribution.
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