Accounting Equation Interest Revenue Homework Help
- December 1, 2017
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1. Keefer Inc. uses leases as a means of selling its equipment. On January 1, 2014, the company leased a machine to Jeremy Manufacturing Inc. The cost of the machine to Keefer was $78,450. The fair market value was $101,184 at the time of the lease. Annual lease payments are $13,500 and are payable in advance for 12 years. At the end of the lease term, title to the machine will pass to Jeremy Manufacturing.
(1) Provide the entries required on Keefer’s books to record the lease and the first payment.
(2) Compute the manufacturer’s profit to be recognized by Keefer in the first year of the lease.
(3) Provide the entry required on Keefer’s books to recognize intrest revenue at the end of the first year.
2. On January 1, 2005, Del Rio Corporation has the following bonds outstanding:
800, 4.5%, semi-annual, $1,000 par bonds with detachable stock warrants. Each warrant authorizes the holder to purchase 6 shares of $1 par common stock at $12 per share.
700, 3.8%, semi-annual, $1,000 par, convertible bonds; each bond is convertible into 25 shares of $1 par common stock.
On October 1, 2005, 30% of the bond warrants are exercised and 60% of the convertible bonds are converted to common stock. The company already has properly accrued its semi-annual interest and amortization and paid the interest that was due on July 1.
Review of the companyA????1s ledger on October 1 shows the following information relating to the bonds:
Bonds with detachable warrants:
Bonds Payable $ 800,000
Unamortized Discount on Bonds Payable 36,000
Unamortized Bond Issue Cost 14,000
Paid-in Capital from Stock Warrants 18,000
Bonds Payable 700,000
Unamortized Premium on Bonds Payable 31,000
Unamortized Bond Issue Cost 11,000
Show the journal entry to record the exercise of the warrants.
3. Harper acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2014, for $210,000 in cash. The book value of KinmanAc€?cs net assets on that date was $400,000, although one of the companyAc€?cs buildings, with a $60,000 carrying amount, was actually worth $100,000. This building had a 10-year remaining life that was undervalued by $85,000.
Kinman sold inventory with an original cost of $60,000 to Harper during 2014 at a piece of $90,000. Harper still held $15,000(transfer price) of this amount in inventory as of December 31,2014. These goods are to be sold to outside parties during 2015.
Kinman reported a $40,000 net loss and a $20,000 other comprehensive loss for 2014. The company still manages to declare and pay a $10,000 cash dividend during the year.
During 2015, Kinman reported a $40,000 net income and declared and paid a cash dividend of $12,000. It made additional inventory sales of $80,000 to Harper during the period. The original cost of the merchandise was $50,000. All but 30 percent of this inventory had been resold to outside parties by the end of the 2015 fiscal year.
Prepare all journal entries for Harper for 2014 and 2015 in connection with this investment. Assume the equity method is applied.
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4. George is single and age 56, has AGI of $265,000, and incurs the following expenditures in 2014.
Medical expenses (before 10% floor) $27,000
Interest on home mortgage 15,500
State income tax 7,500
State sales tax 4,500
Real estate tax 8,600
Charitable contribution 6,500
What is the amount of itemized deductions George may claim?
5. Espinosa Corporation had $1,046,064.00 in invested assets, sales of $1,211,123.00, income from operations amounting to $236,310.00, and a desired minimum rate of return of 13%.
What is the rate of return on investment for Espinosa?
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