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Problem: On February 18, 2020, Union Corporation purchased 10,000 shares of IBM bonds as a long-term investment for $600,000. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31, 2020, and December 31, 2021, the market value of the bonds was $580,000 and $610,000, respectively.
Required
Question 1: What is the appropriate reporting category for this investment? Why?
Question 2: Prepare the adjusting entry for December 31, 2020.
Question 3: Prepare the adjusting entry for December 31, 2021.
Prepare the journal entry to record the sale of machine for $35,000 after 6 years of ownership. Issue 80,000 shares of common stock for cash at $4 per share.
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Atlantic Animation Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands). What bad debt expense should the company report for the current period?
Describe general characteristics in an internal control structure that would increase an auditor’s assessment of control risk. Is there a quick list of some of these somewhere?
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as the manager of the marketing department you are being asked for the first time to develop a department budget. the
Last year Art charged $1,504,160 Depreciation on the Income Statement of Andrews. If early this year Art sold all its depreicable assets for their book value, the effect on Andrews's financial statements would be (all other items remaining equal):
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $3,200,000. The county estimated that 5% of the taxes levied would be uncollectible. At the end of the fiscal year the county had collected $48,..
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $30,000; accounts receivable, $25,000; inventories, $39,000; equipment (net), $94,000; accounts payable, $28,00..
Journalize the transactions.- Record adjusting entries for depreciation for 2015.- Prepare the plant assets section of Navaro's balance sheet at December 31, 2015.
how would you summarize the effect of the retention ratio vs. the dividend payout ratio on that goal? What changes should Bob make to Statement C?
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