Tabares Corporation had these transactions during 2017.
(a) Issued $50,000 par value common stock for cash.
(b) Purchased a machine for $30,000, giving a long-term note in exchange.
(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d) Declared and paid a cash dividend of $18,000.
(e) Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f) Collected $16,000 of accounts receivable.
(g) Paid $18,000 on accounts payable.
Instructions
Analyze the transactions and indicate whether each transaction resulted in a
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- Classify transactions by type of activity. E12.1 (LO 1), C Kiley Corporation had these transactions during 2022. a. Purchased a machine for $30,000, giving a long-term note in exchange. b. Issued $50,000 par value common stock for cash. c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. d. Declared and paid a cash dividend of $13,000. e. Sold a long-term investment with a cost of $15,000 for $15,000 cash. f. Collected $16,000 from sale of goods. g. Paid $18,000 to suppliers. Instructions Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.arrow_forwardOn January 1, 2017, Roosevelt Company purchased 12% bonds, having a maturity value of $500,000, for $537,907.40.The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received January 1 of each year. Roosevelt’s business model is to hold these bonds to collect contractual cash flows.Instructions(a) Prepare the journal entry at the date of the bond purchase.(b) Prepare a bond amortization schedule.(c) Prepare the journal entry to record the interest revenue and the amortization for 2017.(d) Prepare the journal entry to record the interest revenue and the amortization for 2018.arrow_forwardFollowing is a portion of the investments footnote from Redfield Inc.'s 2017 annual report. (in millions) 2017 Amortized cost of marketable equity $546,673 Gross unrealized gains 13,114 Gross unrealized losses $ 38,983 What amount does Redfield report for its passive investments in marketable equity securities on it 2017 balance sheet?arrow_forward
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- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning