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Garcia corporation purchased a truck by issuing an

22/12/2020 Client: saad24vbs Deadline: 3 days

Garcia Corporation purchased a truck by issuing an $184,800, 5-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round answers to 0 decimal places, e.g. $45,892. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Entry field with correct answerTrucks

Entry field with incorrect answer114742

Entry field with correct answer

Entry field with correct answerDiscount on Notes Payable

Entry field with incorrect answer70058

Entry field with correct answer

Entry field with correct answerNotes Payable

Entry field with correct answer

Entry field with correct answer184800

The red is incorrect and the green is correct.

Mehta Company traded a used welding machine (cost $14,841, accumulated depreciation $4,947) for office equipment with an estimated fair value of $8,245. Mehta also paid $4,947 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

http://edugen.wiley.com/edugen/art2/common/pixel.gif

On December 31, 2011, Hurston Inc. borrowed $4,830,000 at 13% payable annually to finance the construction of a new building. In 2012, the company made the following expenditures related to this building: March 1, $579,600; June 1, $966,000; July 1, $2,415,000; December 1, $1,932,000. Additional information is provided as follows.

Other debt outstanding

10-year, 12% bond, December 31, 2005, interest payable annually

$6,440,000

6-year, 11% note, dated December 31, 2009, interest payable annually

$2,576,000

March 1, 2012, expenditure included land costs of $241,500

Interest revenue earned in 2012

$78,890

(a) Determine the amount of interest to be capitalized in 2012 in relation to the construction of the building.

The amount of interest

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

(b) Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2012. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Alatorre Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Alatorre Corporation gave the machine plus $608 to Mills Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines.

Alatorre Corp. (Old Machine)

Mills Co. (New Machine)

Machine cost

$551

$513

Accumulated depreciation

266

–0–

Fair value

162

770

For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Alatorre Corporation

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Mills Business Machine Company

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Lockard Company purchased machinery on January 1, 2012, for $133,680. The machinery is estimated to have a salvage value of $13,368 after a useful life of 8 years. (a) Compute 2012 depreciation expense using the straight-line method. (b) Compute 2012 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2012.

(a)

Depreciation expense

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

(b)

Depreciation expense

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Lockard Company purchased machinery on January 1, 2012, for $184,560. The machinery is estimated to have a salvage value of $18,456 after a useful life of 8 years. (a) Compute 2012 depreciation expense using the double-declining-balance method. (b) Compute 2012 depreciation expense using the double-declining-balance method assuming the machinery was purchased on October 1, 2012. (Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 2,520.)

(a)

Depreciation expense

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

(b)

Depreciation expense

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Agazzi Company purchased equipment for $409,840 on October 1, 2012. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $32,640. Estimated production is 41,000 units and estimated working hours are 19,900. During 2012, Agazzi uses the equipment for 570 hours and the equipment produces 1,100 units. Compute depreciation expense under each of the following methods. Agazzi is on a calendar-year basis ending December 31.

(a)

Straight-line method for 2012 (Round answer to 0 decimal places, e.g. $45,892.)

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

(b)

Activity method (units of output) for 2012 (Round rate per unit to 2 decimal places, e.g. $5.35 and final answer to 0 decimal places, e.g. $45,892.)

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

(c)

Activity method (working hours) for 2012 (Round rate per hour to 2 decimal places, e.g. $5.35 and final answer to 0 decimal places, e.g. $45,892.)

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

(d)

Sum-of-the-years’-digits method for 2014 (Round answer to 0 decimal places, e.g. $45,892.)

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

(e)

Double-declining-balance method for 2013 (Round answer to 0 decimal places, e.g. $45,892.)

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

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Machinery purchased for $127,400 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $9,800 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2013, it is determined that the total estimated life should be 10 years with a salvage value of $11,025 at the end of that time. Assume straight-line depreciation.

(a)

Prepare the entry to correct the prior years’ depreciation, if necessary.

(b)

Prepare the entry to record depreciation for 2013.

(If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Machinery related account.)

No.

Account Titles and Explanation

Debit

Credit

(a)

http://edugen.wiley.com/edugen/art2/common/pixel.gif

(b)

http://edugen.wiley.com/edugen/art2/common/pixel.gif

On September 1, 2012, Winans Corporation acquired Aumont Enterprises for a cash payment of $720,110. At the time of purchase, Aumont’s balance sheet showed assets of $603,200, liabilities of $196,660, and owners’ equity of $406,540. The fair value of Aumont’s assets is estimated to be $803,340. Compute the amount of goodwill acquired by Winans.

Value assigned to goodwill

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Kenoly Corporation owns a patent that has a carrying amount of $324,960. Kenoly expects future net cash flows from this patent to total $211,830. The fair value of the patent is $146,270. Prepare Kenoly’s journal entry, if necessary, to record the loss on impairment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Capriati Corporation commenced operations in early 2012. The corporation incurred $61,770 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries 1) to record the $61,770 expenditure and 2) 2012 amortization, if any. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Powerglide Company, organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012.

1/2/12

Purchased patent (8-year life)

$423,120

4/1/12

Goodwill (indefinite life)

363,500

7/1/12

Purchased franchise with 10-year life; expiration date 7/1/22

435,800

8/1/12

Payment of copyright (5-year life)

159,840

9/1/12

Research and development costs

226,300

$1,608,560

(a) Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

http://edugen.wiley.com/edugen/art2/common/pixel.gif

(b) Make the entry as of December 31, 2012, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Fontenot Corporation was organized in 2011 and began operations at the beginning of 2012. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.

Attorney’s fees in connection with organization of the company

$16,310

Purchase of drafting and design equipment

10,000

Costs of meetings of incorporators to discuss organizational activities

7,580

State filing fees to incorporate

1,090

$34,980

(a) Compute the total amount of organization costs incurred by Fontenot.

Total organization costs

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

(b) Prepare the journal entry to record organization costs for 2012. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Discount on

70058

Notes Paya

184800

Trucks

114742

Garcia Corporation purchased a truck by issuing an $184,800,

year, zero

interest

bearing note to

Equinox Inc. The market rate of interest for obligations of this nature is

10%.

Prepare the journal entry to record the purchase of this truck.

(Round answers to 0 decimal

places, e.g. $45,892. Credit account titles are automatically indented when amount is

entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Trucks

114742

Discount on

70058

Notes Paya

184800

The red is incorrect and the green is correct.

Mehta Company traded a used welding machine (cost $14,841, accumulated depreciation $4,947) for

office e

quipment with an estimated fair value of $8,245. Mehta also paid $4,947

cash in the

transaction.

Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

(Credit

account titles are automatically indented when amount is en

tered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

On December 31, 2011, Hurston Inc. borrowed $4,830,000

13% payable annually to finance the

construction of a new building. In 2012, the company made the following expenditures related to this

building: March 1, $579,600; June 1, $966,000; July 1, $2,415

,000; December 1, $1,932,000.

Additional information is provided as follows.

Other debt outstanding

year,

12% bond, December 31, 2005, interest payable annually

$6,440,000

year,

11% note, dated December 31, 2009, interest payable annually

$2,576,000

March 1, 2012, expenditure included land costs of $241,500

Interest revenue earned in 2012

$78,890

(a)

Determine the amount of interest to be capitalized in 2012 in relation to the construction of the

building.

The amount of interest

(b)

Prepare the journal entry to record the capitalization of interest and the recognition of interest

Garcia Corporation purchased a truck by issuing an $184,800, 5-year, zero-interest-bearing note to

Equinox Inc. The market rate of interest for obligations of this nature is 10%.

Prepare the journal entry to record the purchase of this truck. (Round answers to 0 decimal

places, e.g. $45,892. Credit account titles are automatically indented when amount is

entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

Trucks

114742

Discount on

70058

Notes Paya

184800

The red is incorrect and the green is correct.

Mehta Company traded a used welding machine (cost $14,841, accumulated depreciation $4,947) for

office equipment with an estimated fair value of $8,245. Mehta also paid $4,947 cash in the

transaction.

Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit

account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

On December 31, 2011, Hurston Inc. borrowed $4,830,000 at 13% payable annually to finance the

construction of a new building. In 2012, the company made the following expenditures related to this

building: March 1, $579,600; June 1, $966,000; July 1, $2,415,000; December 1, $1,932,000.

Additional information is provided as follows.

Other debt outstanding

10-year, 12% bond, December 31, 2005, interest payable annually

$6,440,000

6-year, 11% note, dated December 31, 2009, interest payable annually

$2,576,000

March 1, 2012, expenditure included land costs of $241,500

Interest revenue earned in 2012

$78,890

(a) Determine the amount of interest to be capitalized in 2012 in relation to the construction of the

building.

The amount of interest

(b) Prepare the journal entry to record the capitalization of interest and the recognition of interest

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