Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during its first four months of operations. (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.)

1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $230,000 in cash for the property. According to appraisals, the land had a fair value of $160,000 and the building had a fair value of $90,000.
2. On September 1, Tristar signed a $53,000 noninterest-bearing note to purchase equipment. The $53,000 payment is due on September 1, 2022. Assume that 8% is a reasonable interest rate.
3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,800.
4. On September 18, the company paid its lawyer $4,000 for organizing the corporation.
5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $28,000 and $1,150 in freight charges also were paid.
6. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $6,800 normal cash price. The supplier agreed to accept 200 shares of the company's no-par common stock in exchange for the equipment. The fair value of the stock is not readily determinable.
7. On December 10, the company acquired a tract of land at a cost of $33,000. It paid $4,000 down and signed a 10% note with both principal and interest due in one year. Ten percent is an appropriate rate of interest for this note.

Required:

Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.)

Tristar Production Company began operations on September 1, 2018. Listed below are a number of transactions that occurred during its first four months of operations. (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.) On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $250,000 in cash for the property. According to appraisals, the land had a fair value of $178,200 and the building had a fair value of $91,800. On September 1, Tristar signed a $55,000 noninterest-bearing note to purchase equipment. The $55,000 payment is due on September 1, 2019. Assume that 10% is a reasonable interest rate. On September 15, a truck was donated to the corporation. Similar trucks were selling for $4,000. On September 18, the company paid its lawyer $5,000 for organizing the corporation. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $30,000 and $1,250 in freight charges also were paid. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $7,000 normal cash price. The supplier agreed to accept 200 shares of the company's nopar common stock in exchange for the equipment. The fair value of the stock is not readily determinable. On December 10, the company acquired a tract of land at a cost of $35,000. It paid $5,000 down and signed a 12% note with both principal and interest due in one year. Twelve percent is an appropriate rate of interest for this note. Required: Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.)

P20.1 (LO2,4,5) (2-Year Worksheet) On January I, 2019, Harrington SA has the following defined benefit pension' plan balances.

Defined Benefit Obligation €4,500,000

Fair Value of plan assets 4,200,000

The interest rate applicable to the plan is 10%. On January 1, 2020, the company amends its pension agreement so that past service costs of €500,000 are created. Other data related to the pension plan are as follows.

Instructions

a. Prepare a pension worksheet for the pension plan for 2019 and 2020.

b. For 2020, prepare the journal entry to record pension-related amounts.

On December 31, 2019, Ayayai Inc. borrowed $3,720,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $446,400; June 1, $744,000; July 1, $1,860,000; December 1, $1,860,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,960,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1,984,000 2. March 1, 2020, expenditure included land costs of $186,000 3. Interest revenue earned in 2020 $60,760 (a) Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building.

Metlock Company purchased machinery on January 1, 2020, for $88,000. The machinery is estimated to have a salvage value of $8,800 after a useful life of 8 years.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Compute 2020 depreciation expense using the double-declining-balance method.

eTextbook and Media

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Compute 2020 depreciation expense using the double-declining-balance method, assuming the machinery was purchased on October 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.)

The inventory of Sunland Company on December 31, 2020, consists of the following items.

^a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.

(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.

(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

On 1/04/2019, AUS Ltd enters into a binding agreement with a Canadian company to construct an item of machinery that manufactures spoons. The cost of the machinery is $400,000 Canadian Dollars. The construction of the machinery is completed on 1/06/2020 and shipped FOB Canada on that date. The debt is unpaid at 30 June 2020, which is also AUS Ltd’s end of reporting period. The exchange rates at the relevant dates are: • 01/04/2019 A$1.00 = C$1.10 • 30/06/2019 A$1.00 = C$1.05 • 01/06/2020 A$1.00 = C$1.02 • 30/06/2020 A$1.00 = C$1.00 Required: Provide the required journal entries for the above transactions. (7 marks, word limit: n/a) Please provide unique answer than others.

heffield Company purchased machinery on January 1, 2020, for $93,600. The machinery is estimated to have a salvage value of $9,360 after a useful life of 8 years.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Compute 2020 depreciation expense using the sum-of-the-years'-digits method.

eTextbook and Media

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Compute 2020 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.)

The inventory of Waterway Company on December 31, 2020, consists of the following items.

^a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.

(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.

(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

COSTS INCURRED DURING THE YEAR 2020:

SALES REVENUE DURING 2020 WAS $600K. THE TAX RATE=21%

CALCULATE:

1. COST OF RAW MATERIALS USED

2. COST OF GOODS MANUFACTURED/COMPLETED

3. COST OF GOODS SOLD

4. GROSS MARGIN

5. NET INCOME