HW8

Question 1: The entry to correct the interest income for 2022 includes a debit tothe investment account of how much?  Question 2: How much is the amortization for 2023? Question 3: how much is the gain or loss on sale as of December 31, 2022?

Hi, I am running into issues on part two of this question... Please walk me through how to find each individual section.    Thank you,

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List down short term and long term investments of the company.

make journal entries for recording interest income and interest received and recognition of FV at dec31, 2023, 2024, and 2025.  the entries should be: to record interest collected (3 lines) to record Fair value adjustment to record interest collected (3 lines) to record Fair value adjustment to record interest collected (3 lines) to record gain or loss  Dont use AI Tools. Thank you

Exercise 10 – Accrued Expenses Entity D acquired a piece of land on April 1, 2020. The purchase price was reduced by a creditfor the real property taxes accrued during the year. Entity D records real property taxes at eachmonth-end by adjusting the prepaid tax or tax payable account as appropriate. On May 1, 2020,Entity D paid the first of two equal installments of P72,000 for real property taxes. Required:What is the entry to record the payment on May 1?

Question 1 For a multifamily acquisition, the seller credit for property tax is $54,356.20. The property tax bill for 2023 is $124,000. What date is the closing set for in 2023? O 6/8/2023 O 6/7/2023 O 6/10/2023 O 6/9/2023 O6/11/2023

Ellis Company issues 8.0%, five-year bonds dated January 1, 2021, with a $530,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $575,210. The annual market rate is 6% on the issue date. Required: 1. Calculate the total bond interest expense over the bonds' life. 2. Prepare a straight-line amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the total bond interest expense over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense

Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31,2022

#6 answer only SUB PARTS Recording Entries for TS—Effective Interest Method Adjust FVA at Year-End On July 1, 2020, West Company purchased for cash, twelve $10,000 bonds of North Corporation at a market rate of 6%. The bonds pay 5% interest, payable on a semiannual basis each July 1 and January 1, and mature on July 1, 2023. The bonds are classified as trading securities. The annual reporting period ends December 31. Assume the effective interest method of amortization of any discounts or premiums. Ignore income taxes.  a. Prepare a bond amortization schedule for the life of the bonds using the effective interest method. Note: Round each amount entered into the schedule to the nearest whole dollar. Use the rounded amount for later calculations in the schedule. Adjust market interest in the final year of the bond term for any net rounding difference. Date StatedInterest MarketInterest DiscountAmortization BondAmortized Cost Jul. 1, 2020       Answer Jan. 1, 2021 Answer Answer…

On December 12th 2021 an equity investment costing $81000 was sold for a $102000 the investment was carried in the balance sheet at $76000 what accounted for under the equity method an error was made in which the total of the sale proceeds was called credit's called credited to the investment account 1 and 2 prepare the following journal entries

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АССТ 3113 Supplemental Homework 10 Chapter 12 Accounting for accrued interest on bonds In 2021 and 2022, Norman Company had the following transactions related to investments in bonds. 2021 Purchased $400,000 of 8% bonds issued by JS, Inc. at face value. Interest is payable semiannually on September 30 and March 31. Purchased $500,000 of 12% bonds issued by Okla Co. at face value. Interest is payable semiannually on November 30 and May 31. Received semiannual interest payment from JS, Inc. Received semiannual interest payment from Okla Co. Recorded any necessary adjusting entries relating to the investments. Apr. 1 June 1 Sept. 30 Nov. 30 Dec. 31 2022 Received semiannual interest payment from JS, Inc. Received semiannual interest payment from Okla Co. Received semiannual interest payment from JS, Inc. Received semiannual interest payment from Okla Co. Recorded any necessary adjusting entries relating to the investments. Mar 31 May 31 Sept. 30 Nov. 30 Dec. 31 Requirement 1: a. Record the…

Subject  :- Accounting

g 2021 Question 6 of 17 -/1 View Policies Current Attempt in Progress On October 1, 2020 Swifty Corporation issued 4%, 10-year bonds with a face value of $6000000 at 104. Interest is paid on October 1 and April 1, with any premiums or discounts amortized on a straight-line basis. The entry to record the issuance of the bonds would include a credit of O $120000 to Interest Payable. O $240000 to Discount on Bonds Payable. O $240000 to Premium on Bonds Payable. O $5760000 to Bonds Payable. Save for Later Attempts: 0 of 1 used Submit Answer MacBook Air

Question 1Ahmed Al Balushi SAOG is planning to acquire Abdullah SAOG at a Purchase consideration of OMR 350,000. Below is the Extract of the Statement of Financial Position as at 31st December 2019; Non – Current Assets OMR Intangible Non - Current Asset   Patent 21,000 Tangible Non- Current Asset   Property, plant, and Equipment 215,500 Current Assets   Inventories 89,750 Trade Receivable 42,750 Cash 22,500 Current Liabilities   Trade Payable 53,750 Bank over draft 12,000     Non – Current Liabilities   8% bank loan 85,000                     Based on the above information,A. You are required to calculate the value of goodwill for Abdullah SAOG as at 31st Dec 2019? In the year 2020, Ahmed Al Balushi has identified the implied goodwill is OMR 85,000.B. Calculate the value of good will to be impaired? C. Discuss the 2 types of Intangible assets with suitable examples?

Problem No. 8  Use the following information for the next four (4) questions:  AACA Corp. is in the process of preparing its financial statements for the year ended Dec. 31, 2022.  The following represent various information about the entity’s intangible assets.   On May 1, 2022, AACA sold a patent in exchange for a P5,000,000 non-interest bearing note due on May 1, 2025. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at May 1, 2022 was 14%. The collection of the note receivable is reasonably assured. The patent was purchased for P3,150,000 on Sept. 1, 2018. On that date, the remaining legal life was fifteen years, which was also determined to be the useful life.  In 2022, AACA developed a new machine and secured a patent for it. The following expenses were incurred in developing and patenting the machine:    Research and development laboratory expenses  P1,500,000…

Prepare a schedule of interest expense and bond amortization for 2025-2027. (Round answer to 2 decimal places, e.g. 38,548.25.) Date 1/1/25 $ 12/31/25 12/31/26 12/31/27 Cash Paid Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method $ Interest Expense $ Premium Amortized $ Carry Value of

Oa. $119,42 Ob. $123,434 Oc. $159,374 Od. $138,273 48 6 A building with an appraisal value of $138,273 is made available at an offer price of $159,374. The purchaser acquires the property for $35,940 in cash, a 90- day note payable for $24,302, and a mortgage amounting to $59,197. The cost of the building to be reported on the balance sheet is Y H Q Search & 1- 7 U ra 8 L 1914 K IAA ( 9 fio ▶11 O O J L 99+ Std... PAI P MLA Formatting an... ins prt sc General Format // P.... ← delete Previous backspace ENG INTL home InterpreterDetails enter Next > num lock 5:11 PM 2/19/2023 end 7 home C