The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions): Information Provided by Pension Plan Actuary: Projected benefit obligation as of December 31, 2017 = $3,500. Prior service cost from plan amendment on January 2, 2018 = $700 (straight-line amortization for 10-year average remaining service period). Service cost for 2018 = $660. Service cost for 2019 = $710. Discount rate used by actuary on projected benefit obligation for 2018 and 2019 = 10%. Payments to retirees in 2018 = $520. Payments to retirees in 2019 = $590. No changes in actuarial assumptions or estimates. Net gain—AOCI on January 1, 2018 = $380. Net gains and losses are amortized for 10 years in 2018 and 2019. Information Provided by Pension Fund Trustee: Plan asset balance at fair value on January 1, 2018 = $2,500. 2018 contributions = $680. 2019 contributions = $730. Expected long-term rate of return on plan assets = 12%. 2018 actual return on plan assets = $230. 2019 actual return on plan assets = $280. Required: 1. Calculate pension expense for 2018 and 2019. 2. Prepare the journal entries for 2018 and 2019 to record pension expense. 3. Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. 4. Prepare the journal entries for 2018 and 2019 to record the cash contribution to plan assets and benefit payments to retirees.

The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions):

Information Provided by Pension Plan Actuary:

1. Projected benefit obligation as of December 31, 2017 = $1,800.
2. Prior service cost from plan amendment on January 2, 2018 = $400 (straight-line amortization for 10-year average remaining service period).
3. Service cost for 2018 = $520.
4. Service cost for 2019 = $570.
5. Discount rate used by actuary on projected benefit obligation for 2018 and 2019 = 10%.
6. Payments to retirees in 2018 = $380.
7. Payments to retirees in 2019 = $450.
8. No changes in actuarial assumptions or estimates.
9. Net gain—AOCI on January 1, 2018 = $230.
10. Net gains and losses are amortized for 10 years in 2018 and 2019.

Information Provided by Pension Fund Trustee:

1. Plan asset balance at fair value on January 1, 2018 = $1,600.
2. 2018 contributions = $540.
3. 2019 contributions = $590.
4. Expected long-term rate of return on plan assets = 12%.
5. 2018 actual return on plan assets = $180.
6. 2019 actual return on plan assets = $210.

Required:
1. Calculate pension expense for 2018 and 2019.
2. Prepare the journal entries for 2018 and 2019 to record pension expense.
3. Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost.
4. Prepare the journal entries for 2018 and 2019 to record the cash contribution to plan assets and benefit payments to retirees.

Penny Investment:

On July 1, 2018, you were awarded a penny. If this penny is doubled every day for 31 days;

1. what will be the value of your investment on July 8, 2018?

2. what will be the value of your investment on July 15, 2018?

3. what will be the value of your investment on July 18, 2018?

4. what will be the value of your investment on July 28, 2018?

5. what will be the value of your investment on July 31, 2018?

Lisa’s Darwin Home

Lisa sold her home in Darwin (contract date September 2019, settlement December 2019), receiving $1,220,000 at settlement. This is after legal fees ($12,000), advertising ($2,000) and real estate commissions ($25,000) were deducted. Records indicate that Lisa purchased the property in 2002 (contract date January, settlement March) for $653,000. Legal fees, commissions and advertising of $8,000 were also incurred. Lisa moved in within 6 months, selling her former residence during that time. Over the ownership period, Lisa rented the property for three years beginning December 2010, with $65,000 of $120,000 in non-capital costs claimed against rental income. The property was valued at $890,000 at the time it began being rented. Sculpture Lisa gave a sculpture, valued at $18,900, to her friend in June 2020.

The sculpture was purchased for $480 in December 2000 and repaired in March 2016 for $1,250.

Vase

When Lisa was playing with her cat in September 2019, the cat accidentally knocked over and broke a vase given to her by her grandmother in September 2018 (worth $6,100 at that time). The vase dated back to the Australian gold rush (circa 1850's) and, after undertaking some research, she discovered it was currently worth approximately $27,000. Lisa did not have insurance for the item. Cryptocurrency Lisa converted cryptocurrency into $27,200 Australian dollars in October 2019. To complete the transaction, she incurred $950 in transaction fees. Therefore, Lisa received $26,250 in cash. Lisa had acquired the cryptocurrency in September 2018 for $9,200 Australian dollars.

Shares Lisa sold

shares she held in a construction company in March 2020 for $182,000. She had purchased the shares for $37,200 in December 1986. Lisa has indicated that she has carried forward losses from prior years of $180,000 relating to a prior disposal of shares and land. We will have a meeting first thing Monday morning, so please complete your analysis by the end of Friday so I can review her circumstances over the weekend.

Required: You are required to calculate Lisa’s Net Capital Gain (loss) for the year ending 30 June 2020 based on the above information provided. In doing so, you must present an accurate and complete analysis.

Qa) Determine the taxable capital gain (loss) on the sale of the home. Briefly justify your answer/show all workings.

Qb) Determine the taxable capital gain (loss) on the sale of the Sculpture. Briefly justify your answer/show all workings

Qc) Determine the taxable capital gain (loss) on the sale of the Vase. Briefly justify your answer/show all workings

Qd) Determine the taxable capital gain (loss) on the sale of the Cryptocurrency. Briefly justify your answer/show all workings.

Qe) Determine the capital gain on the sale of the Shares. Briefly justify your answer/show all workings A.6 Determine the Net Capital Gain and/or Loss for Lisa. Briefly justify your answer/show all workings.

Review the following information for Acco Brands relating to the year 2018.

1. Income taxes of $270,000 are due for the 2018 tax year. The tax rates are 30% for 2018.
2. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $75,000. This difference will reverse in equal amounts of $25,000 over the years 2019 thru 2021.
3. Interest received on municipal bonds was $24,000
4. Advanced rent collected on January 1, 2018 totaled $45,000 for a 3 year period. Of this amount, $30,000 was reported unearned at December 31, 2018, for book purposes.
5. No deferred taxes existed at the beginning of 2018.

A. Compute taxable income for 2018.
B. Compute pretax financial income for 2018.
C. Prepare journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2018.
D. Prepare the income tax expense section of the income statement for 2018, beginning with “Income before income taxes.”

Use this information for the following two questions.

Ship-Builders Co. began construction of a new cutter for the U.S. Coast Guard on January 1, 2018 and completed construction of the ship on March 31, 2019. To help finance construction, Ship-Builders took out an $8,200,000, 2-year, 7% loan on January 1, 2018. Interest on the loan was to be paid annually at the end of each year and the principal at the end. Ship-Builders has no other outstanding interest-bearing debt. Ship-Builders made the following expenditures in conjunction with this construction project:

A-How much interest should Ship-Builders Co. capitalize in 2018?

B-How much interest should Ship-Builders Co. expense in 2018?

(1) On January 1, 2018, Panorama Company acquired 80% of Scann Corporation for $6,400,000.

At the time of the acquisition, the book value of Scann's assets and liabilities was equal to the fair value except for equipment that was undervalued $80,000 with a four-year remaining useful life and inventories that were undervalued $20,000 and sold in 2018. Panorama separate net income in 2018 and 2019 was $1,100,000 and $1,150,000, respectively. Scann separate net income in 2018 and 2019 was $300,000 and $360,000, respectively. Dividend payments by Scann in 2018 and 2019 were $60,000 and $60,000, respectively

Required: Using equity method,

1. Calculate Investment in Scann shown on Panorama's ledger at December 31, 2018 and 2019.
2. Calculate Investment in Scann shown on the consolidated statements at December 31, 2018 and 2019.
3. Calculate consolidated net income for 2018 and 2019.
4. Calculate Noncontrolling interest balance on Panorama's ledger at December 31, 2018 and 2019.
5. Calculate Noncontrolling interest balance on the consolidated statements at December 31, 2018 and 2019.

On January 1, 2018, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $540,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.

if the market interest rate is 7%, the bonds will issue at $510,000. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" i

If the market interest rate is 8%, the bonds will issue at $503,306. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018.

If the market interest rate is 6%, the bonds will issue at $580,169. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)