On June 30, 2021, Crane, Inc. exchanged 5900 shares of Cullumber Corp. $30 par value common stock for a patent owned by IvanhoeCo. The Cullumber stock was acquired in 2021 at a cost of $164000. At the exchange date, Cullumber common stock had a fair value of $47 per share, and the patent had a net carrying value of $309000 on Ivanhoe's books. Crane should record the patent at

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Marigold Corp.'s transactions for the year ended December 31, 2021 included the following: • Acquired 50% of Ivanhoe Company's common stock for $305000 cash which was borrowed from a bank. • Issued 5300 shares of its preferred stock for land having a fair value of $483000. • Issued 570 of its 11% debenture bonds, due 2026, for $594000 cash. • Purchased a patent for $334000 cash. • Paid $188000 toward a bank loan. • Sold available-for-sale securities for $1201000. • Had a net increase in returnable customer deposits (long-term) of $128000. Marigold’s net cash provided by investing activities for 2021 was $409500. $562000. $867000. $896000.

On January 1, 2021, Access IT Company exchanged $1,000,000 for 40 percent of the outstanding voting stock of Net Connect. Especially attractive to Access IT was a research project underway at Net Connect that would enhance both the speed and quantity of client-accessible data. Although not recorded in Net Connect’s financial records, the fair value of the research project was considered to be $1,960,000.   In contractual agreements with the sole owner of the remaining 60 percent of Net Connect, Access IT was granted (1) various decision-making rights over Net Connect’s operating decisions and (2) special service purchase provisions at below-market rates. As a result of these contractual agreements, Access IT established itself as the primary beneficiary of Net Connect. Immediately after the purchase, Access IT and Net Connect presented the following balance sheets:   (Note: Parentheses indicate credit balances.) Each of the above amounts represents a fair value at January 1, 2021. The…

S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $884,000 and sold the bonds on January 3, 2022, for $ 890,000. At December 31, the bonds had a fair value of $881,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022, including recognition of any unrealized gains in 2022 prior to sale and reclassification of amounts out of OCI.

Belize Biltmore Plaza acquires a patent from Camino Real in exchange for 3,000 shares of Belize Biltmore Plaza’s $6 par value common stock and $85,000 cash. When the patent was initially issued to Camino Real, Belize Biltmore Plaza’s stock was selling at $8.25 per share. When Belize Biltmore Plaza acquired the patent, its stock was selling for $9.50 per share. Belize Biltmore should record the patent at what amount?

On July 1, 2022, Burrough Company acquired 136,000 of the outstanding shares of Carter Company for $15 per share. This acquisition gave Burrough a 25 percent ownership of Carter and allowed Burrough to significantly influence the investee's decisions. As of July 1, 2022, the investee had assets with a book value of $7 million and liabilities of $456,800. At the time, Carter held equipment appraised at $319,200 more than book value; it was considered to have a seven-year remaining life with no salvage value. Carter also held a copyright with a five-year remaining life on its books that was undervalued by $980,000. Any remaining excess cost was attributable to an indefinite-lived trademark. Depreciation and amortization are computed using the straight-line method. Burrough applies the equity method for its investment in Carter. Carter's policy is to declare and pay a $1 per share cash dividend every April 1 and October 1. Carter's income, earned evenly throughout each year, was $579,000…

On January 1, 2025, Sunland Company makes the two following acquisitions. 1.   Purchases land having a fair market value of $860,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $1,263,622. 2.   Purchases equipment by issuing a 5%, 9-year promissory note having a maturity value of $350,000 (Interest payable annually on January 1). The company has to pay 9% interest for funds from its bank. (a)   Record the two journal entries that should be recorded by Sarasota Company for the two purchases on January 1, 2025. (b)   Record the interest at the end of the first year on both notes using the effective-interest method.

On September 1, FAITH Inc issued 120,000 shares of its P50 par value ordinary share in exchange for land. On the date of the transaction, the fair value of the ordinary shares, evidenced by its quoted market price in the stock exchange, was P120 per share. The fair value of the land on the same date was valued at P10,000,000. The journal entry to record this transaction includes a debit to Land for how much?

please print the journal entries