Hasher Company obtained a cool mine in January 2018, incurring cost of land 12,000,000, legal costs of $30,000, registration fees 70,000, building for the employees 250,000, heavy drilling machines 5,000,000 and trucks 1,000,000. The company estimated 5,500,000 TONS in the mine during 10 years operation. The land will cost 2,500,000 to restated at the ending of the project ( the implicit rate 6%) , and expected to sold the land at the end of extractions$ 1,100,000, all other noncurrent assets will have used through the extractions period without any expected salvage value and used the units of activities to allocate their costs. During 2018 the company extracted 700,000 tons and sold 500,000 for $10 each but in 2019 the company extracted 800,000 tons and sold 1,000,000tons for 12$. Required Prepare the necessary journal entries for the years ending December 31/2018, and 2019. Show all computations.

Part 1 AstroTech Semiconductor incurred the following costs in 2018 related to a new product design:

The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed, and the new product was patented before the end of the 2018 fiscal year.

Required:
Calculate the amount of research and development expense AstroTech should report in its 2018 U.S. GAAP income statement related to this project.

Research and development expense is what?

Part 2

Calculate the amount of research and development expense AstroTech should report in its financial statements according to International Financial Reporting Standards (IFRS).
  

What is the research development expense?

Irwin, Inc., constructed a machine at a total cost of $58 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the sum-of-the-years’-digits method. The residual value is expected to be $3 million. At the beginning of 2018, Irwin decided to change to the straight-line method. Ignoring income taxes, prepare the journal entry relating to the machine for 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

Journal entry worksheet

Record the entry relating to the machine for 2018.

Note: Enter debits before credits.

During 2018, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share.

Net income for 2018 was $135 million.

Required:

Compute basic and diluted earnings per share for the year ended December 31, 2018.

Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 $ 24,900 Beginning Raw Materials, 1/1/18 36,300 Beginning Work in Process, 1/1/18 111,100 Direct Labor for 2018 276,100 Ending Finished Goods, 12/31/18 23,200 Ending Raw Materials, 12/31/18 40,650 Ending Work in Process, 12/31/18 121,400 Material Purchases for 2018 305,000 (including $19,000 of indirect material) Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.83 (83%) of direct labor cost. 3. Compute total manufacturing cost. 4. Compute cost of goods manufactured. 5. Compute cost of goods sold.

Harrington Company was sued by an employee in late 2017. General counsel concluded that there was an 85 percent probability that the company would lose the lawsuit. The range of possible loss is estimated to be $18,000 to $61,000, with no amount in the range more likely than any other. The lawsuit was settled in 2018, with Harrington making a payment of $58,000.

Assume that a U.S.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes.

Required:

1. Prepare journal entries for this lawsuit for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS.

2. Prepare the entry(ies) that Harrington would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U.S. GAAP balances to IFRS.

On November 1, 2017, Concord Company adopted a stock-option plan that granted options to key executives to purchase 39,000 shares of the company’s $9 par value common stock. The options were granted on January 2, 2018, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $30, and the fair value option-pricing model determines the total compensation expense to be $585,000. All of the options were exercised during the year 2020: 26,000 on January 3 when the market price was $69, and 13,000 on May 1 when the market price was $80 a share.

Prepare journal entries relating to the stock option plan for the years 2018, 2019, and 2020. Assume that the employee performs services equally in 2018 and 2019

Exercise 8-13 Inventory cost flow methods; periodic system [LO8-1, 8-4] Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand—10,500 units; cost $8.40 each. 8 Purchased 29,000 units for $7.40 each. 14 Sold 20,500 units for $13.90 each. 18 Purchased 15,500 units for $6.90 each. 25 Sold 19,500 units for $12.90 each. 31 Inventory on hand—15,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods: rev: 10_27_2017_QC_CS-106810

Daniel, age 38, is single and has the following income and expenses in 2018:

Salary income $60,000

Net rent income 6,000

Dividend income 3,500

Payment of alimony in accordance with the separation agreement which was signed in 2018 12,000

Mortgage interest on residence 9,900

Property tax on residence 1,200

Contribution to traditional IRA (assume the amount is fully deductible) 5,000

Contribution to United Church 2,100

Loss on the sale of real estate (held for investment) 2,000

Medical expenses 3,250

State income tax 300

Federal income tax 7,000

1) What is Daniel's gross income?

2) What is Daniel's AGI?

3) What is Daniel's Total itemized deductions (after any limitations)? This is all for 2018.

If you could can you please explain how you got to the correct answer?

Thanks, I appreciate it much!

American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $4.3 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to be five years with no residual value. Barton and Barton’s implicit interest rate was 10%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:

1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018.

2. Prepare an amortization schedule for the four-year term of the lease.

3. & 4. Prepare the appropriate entries related to the lease on December 31, 2018 and 2020.