Andrea purchased raw materials for her factory and received an invoice for $16,000 dated May 17, 2018, with terms 3/10, 2.3/15, n/30. She made a partial payment of $10,000 on June 1, 2018, and the balance on June 16, 2018. What was the total Andrea paid for the invoice?

Kessel Company purchased a building and land with a fair market value of $550,000 (building, $350,000 and​ land, $200,000​) on January​ 1, 2018. Kessel signed a 20​-year, 6​% mortgage payable. Kessel will make monthly payments of $3,940.37. Round to two decimal places. Explanations are not required for journal entries.

Requirements

1. Journalize the mortgage payable issuance on January​ 1, 2018.
2. Prepare an amortization schedule for the first two payments
3. Journalize the first payment on January​ 31, 2018.
4. Journalize the second payment on February​ 28, 2018.

Angela, Inc., holds a 90 percent interest in Corby Company. During 2017, Corby sold inventory costing $114,750 to Angela for $153,000. Of this inventory, $44,000 worth was not sold to outsiders until 2018. During 2018, Corby sold inventory costing $127,400 to Angela for $196,000. A total of $60,600 of this inventory was not sold to outsiders until 2019. In 2018, Angela reported separate net income of $170,000 while Corby's net income was $96,500 after excess amortizations. What is the noncontrolling interest in the 2018 income of the subsidiary?

leo purchased 600 shares of stock on December 20, 2017 for $5,200. Leo died on January 8, 2018 and less son, sal inherited the 600 shares. the fair market value of the shares on January 8, 2018. was $6,000. the fair market value of the shares on July , 2018 was $5,000. Leos estate properly made an alternative valuation date election. Sal sold the 600 shares on September 22, 2018 for 5,800. what is the amount and character (short term or long term) of sals gain?

At December 31, 2018, the financial statements of Hollingsworth Industries included the following:

Additional data:
The bonds payable were issued at par in 2016. The tax rate for 2018 was 40%.

Required:
Compute basic and diluted EPS for the year ended December 31, 2018.

Agee Corporation acquired a 35% interest in Trent Company on January 1, 2018, for $500,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2018, Trent paid cash dividends of $168,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Trent's net income for 2018 was $360,000. What is the balance in Agee's equity investment account at the end of 2018? Balance in equity investment account

On January 1, 2018, the Marjlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in 2019. Construction expenditures for 2018, which were incurred evenly throughout the year, totaled $7,200,000. Marjlee had the following debt obligations which were outstanding during all of 2018:

Construction loan, 11% $ 1,800,000

Long-term note, 10% 2,400,000

Long-term note, 7% 4,800,000

Calculate the amount of interest capitalized in 2018 for the building using the specific interest method.

On January 1, 2018 ABC Corporation issued a five-year $1,000,000, 7%, at $1,050,000. Interest is paid annually on December 31. The market rate of interest is 6%.

1. Using the effective interest rate method, what is the interest expense at December 31, 2018

Interest Expense at December 31,2018 = $___________________________

2. What is the carrying value of the bond at December 31, 2018?

Carrying value of bond on December 31, 2018 = $ ________________________

3.   What is the carrying value of the bond at January 1, 2023?             

            Carrying value of the bond at January 1, 2023 =$_________________________

XYZ Inc. began 2018 with a balance in the firm’s Investments in Trading Securities account. The original cost of this investment, made in 2017, was $398,000. An account had been established at the end of 2017 to reflect the purchase and the fact that market value of this investment at that time was $366,400. During 2018, a block of shares with an original cost of $45,000 was sold for $54,500 and a second block with an original cost of $30,000 was sold for $27,300. At the end of 2018, the market value of the remaining shares was $341,800. Show the opening balances in any relevant accounts and the required transactions for 2018.

University Inc reported $84,000 in net income in 2018. On 1/1/18 company had 80,000 shares of common stock. On May 1, 2018, 23,000 new shares of common stock were sold for cash. On July 1, 2018, the company declared and distributed 20% of common stock dividend. On October 1, 2018, 7,000 shares of common stock were reacquired as treasury stock. Compute Centrals weighted average common shares outstanding

A 116,150

B 112,300

C 112,650

D 109,150