a) On January 1, 2020, Blue Inc. sold computer equipment to Larkspur Co. The sales price of the equipment was $511,000 and its carrying amount is $396,000. Record any journal entries necessary for Blue from the sale of the computer equipment in 2020.

b) Use the information from part a. Assume that, on the same day the sale occurred, Blue enters into an agreement to lease the equipment from Larkspur for 10 years with annual lease payments of $69,428.50 at the end of each year, beginning on December 31, 2020. If Blue has an incremental borrowing rate of 6% and the equipment has an economic useful life of 10 years, record any journal entries necessary for Blue from the sale and leaseback of computer equipment in 2020.

I really just need the answer for the entries for part B) I cannot figure it out, It is so confusing to me

Dean Foods is one of the largest dairy food manufacturers in US. The main problem the company is facing is that due to competition from retailers, their milk supply has decreased in revenue by a huge percentage.

List how each of Porter's 5 Forces relate to Dean Foods' situation. What solutions can you recommend Dean Foods can do based off of Porter's 5 Forces analysis?

1. Interpret the tables trend for revenue, expense & dividend year by year comparing both company?

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,800,000. Its useful life was estimated to be six years with a $220,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows:

   
Required:
2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

A local firm will give Texas State University 1.6 million in exactly 1 year from today (year 1). Each year after that, they will donate to the university an amount 5% larger than the previous donation, with their last donation occurring in 18 years (year 18). What is the present value of this donation immediately after the 7th payment is given (PV in year 7) assuming an annual interest rate of 6%?

1. 25.10 million

2. 33.52 million

3. 160.00 million

4. 22.29 million

Anna is a graduate accounting student at the local university. She is the recipient of a $1,000 scholarship from the university. In addition, Anna works as a part time teaching assistant in the school of accountancy. She is paid $3,000 per calendar year and receives a tuition waiver covering 100 percent of her tuition. If not for the waiver, Anna would have paid $8,000 for tuition. Further, she paid $400 for books and supplies related to her coursework and incurred living expenses of $6,200. How much gross income Anna must report

Bramble Company issued $432,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and January 1. Bramble Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. 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.)

(a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2020. (c) The accrual of interest and the related amortization on December 31, 2020.

On January 1, 2020, Bonita Company sold 12% bonds having a maturity value of $650,000 for $699,280, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Bonita Company allocates interest and unamortized discount or premium on the effective-interest basis.

Prepare a schedule of interest expense and bond amortization for 2020–2022. (Round answer to 0 decimal places, e.g. 38,548.)

Exercise 19-04 Wildhorse Company reports pretax financial income of $76,100 for 2020. The following items cause taxable income to be different than pretax financial income.

1. Depreciation on the tax return is greater than depreciation on the income statement by $16,700.

2. Rent collected on the tax return is greater than rent recognized on the income statement by $22,700.

3. Fines for pollution appear as an expense of $11,100 on the income statement. Wildhorse’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.

1. Compute taxable income and income taxes payable for 2020.

2. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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.)

3. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.” (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

4. Compute the effective income tax rate for 2020. (Round answer to 1 decimal places, e.g. 25.5%.)

Imagine that 30 years from now, the majority of citizens in California, Texas, Arizona, and New Mexico vote to secede from the US and create a new, mainly Spanish-speaking country. Under what conditions, if any, should the US permit these four states to secede? Under what conditions, if any, should the US determine to retain these territories through military force is necessary?

Please answer both questions. Thank you.