Financial Accounting Cost Amortization And Journal Entries Homework Help
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1. Karen Austin Corporation has capitalized software costs of $789,600, and sales of this product the first year totaled $415,620. Karen Austin anticipates earning $969,780 in additional future revenues from this product, which is estimated to have an economic life of 4 years. Compute the amount of software cost amortization for the first year
a. Compute the amount of software cost amortization for the first year using the percent of revenue approach.
b. Compute the amount of software cost amortization for the first year using the straight-line approach.
2. Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, Roley purchased $82,000 of inventory, terms 2/10, n/30, FOB shipping point. Roley paid freight costs of $1,290. On July 3, Roley returned damaged goods and received credit of $8,200. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley. (For multiple debit/credit entries, list amounts from largest to smallest, e.g. 10, 8, 6.)
3.Takemoto Corporation borrowed $65,400 on November 1, 2012, by signing a $66,872, 3-month, zero-interest-bearing note. Prepare Takemoto’s November 1, 2012, entry; the December 31, 2012, annual adjusting entry; and the February 1, 2013, entry. (For multiple debit/credit en tries, list amounts from largest to smallest, e.g. 10, 8, 6. Round all answers to 0 decimal places, e.g. 11,150.)
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4. Whiteside Corporation issues $590,000 of 9% bonds, due in 13 years, with interest payable semiannually. At the time of issue, the annual market rate for such bonds is 10%. Compute the issue price of the bonds. (Use the present value tables in the text. Round your answer to zero decimal places, e.g. 2,510.)
5. Indiana Jones Company enters into a 6-year lease of equipment on January 1, 2012, which requires 6 annual payments of $41,170 each, beginning January 1, 2012. In addition, the lessee guarantees a residual value of $21,150 at lease-end. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the carrying amount of the machinery is $209,176. Prepare Lost Ark’s January 1, 2012, journal entries.
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