Lake Ltd. was incorporated on July 1, 2013. The company is authorized to issue an unlimited number of preferred and common shares. The company entered into the following transactions during its fiscal year ending June 30, 2014:

Jul 10 Issued 100,000 common shares for $12.50 per share.

Jul 15 Issued 400,000 common shares for $13 per share.

Sep 30 Issued 30,000 common shares in return for a warehouse. The common shares were trading for $15.50 on the date the warehouse was acquired.

Mar 16 Issued 1,000 preferred shares for $95 per share.

Instructions

1. Record the above transactions on the general journal template.

The Case for Humble Executives.

Taking the blame for the consumer-products company’s weak performance, the departing CEO told investors “the buck stops with me” and assured them his successor would do better. Mr. Lafley was responding to investor criticism of P&G’s strategy and recent stock-price performance. He will stay on as executive chairman after David Taylor becomes CEO Nov. 1.

Among executives, humility “is the flavor du jour,” says Fred Hassan, a former CEO of Schering-Plough Corp. and author of a book on leadership. Companies increasingly prize humble leaders because they listen well, admit mistakes and share the limelight, recruiters and coaches say. “The servant leadership model promotes collaboration,” says Dale E. Jones, chief executive of recruiters Diversified Search Inc. That’s easier said than done for corporate climbers. At a seminar for aspiring CEOs this year, Mr. Hassan described how they could promote themselves but remain humble, warning them against aggressive self-promotion. For instance, he advises, don’t circumvent the boss and brag about your work to the boss’s boss. Krispy Kreme Doughnuts Inc. sought a CEO with humble servant leadership during a hunt completed by Mr. Jones last year. Anthony “Tony” N. Thompson, hired to head the chain, “exhibited those two characteristics strongly,” remembers his predecessor, James H. Morgan. Humility represents “an important trait in our company,” adds Mr. Morgan, who remains chairman. Some may wonder if it is just as good to seem humble. Faux humility annoys people, explains Francesca Gino, a Harvard Business School professor of business administration who co-wrote a research paper about the shortcomings of “humblebragging,” boasts masquerading as self-deprecating complaints. Consider the job candidate who says “I work too hard” when asked to describe their shortcomings. Researchers found that opening up about real weaknesses “leads to a better likelihood of getting a job,” she says. “If you have to act humble, it won’t work. You either are or you’re not,” concurs Mr Morgan.

Oscar Munoz, the new chief of United Continental Holdings Inc., started his tenure last month with an apology to customers and employees and a vow to spend his first 90 days on a listening tour with staff. Mr. Munoz suffered a heart attack on Oct. 15, the day he was due to meet with union leaders, and has remained hospitalized. Frank Blake, a retired chairman and CEO of Home Depot Inc., says he stressed his limited retail-industry experience when directors of the do-it-yourself chain wanted to promote him to the top job in 2007. A General Electric Co. alumnus, he had worked at Home Depot for five years. “I don’t think I am the right guy,” Mr. Blake recalls warning board members. Mr. Blake believes his scant retail know-how made it easier to be a humble leader of Home Depot. During his nearly eight-year command, he also favored colleagues with a similar style. “You were better off acknowledging what you needed to work on” than being boastful, he observes. A Bausch & Lomb division head in “self-promotion mode” wound up getting ousted a few years ago, recollects Mr. Hassan, its then-chairman.

Recruited from a much bigger employer, the division head at the eye-products concern pushed to expand into product areas that would impress the board, but his division needed a turnaround, Mr. Hassan says. Subordinates complained that he ignored their problems, such as repairing ties with certain customers. “Had he been humble,” Mr. Hassan notes, “he would have set the right priorities.” Some executives spend years developing humble listening skills—as William M. Lambert did before and after his 2008 advancement to CEO of MSA Safety Inc., a maker and supplier of safety products. Bob Rogers, president of Development Dimensions International, a leadership consultancy, began coaching him when he took charge of MSA’s North American unit in 2003. Mr. Rogers counted how often Mr. Lambert told his management team what to do rather than request their input. He issued orders a lot.

His team members told the coach that “Bill has preconceived ideas and he doesn’t allow for full discussion,” Mr. Lambert remembers. The executive asked a trusted peer to check his behavior. Nevertheless, directors told Mr. Lambert he came across as overconfident and unwilling to listen during his second year in the corner office. His reviews improved after he showed respect for board members’ ideas. “As a leader, you need to have a strong ego,” Mr. Lambert says. “But you can’t have a big ego.” It should go without saying that humble leaders don’t steal credit from colleagues. “Credit when you do well will come to you,” Krispy Kreme’s Mr. Morgan says he used to assure his executives. Not everyone listened. One lieutenant disappeared while subordinates developed new products and equipment, only to claim credit when they were unveiled to the top brass. “He took the limelight,” Mr. Morgan recalls. “He didn’t understand the humility part.” Krispy Kreme fired the man a year later

please provide two paragraphs describing:

a)  How you can use the qualities of servant leadership discussed in the article effectively within your future work teams.

b) How this example of servant leadership could backfire if the work context emphasizes individual performance over collaboration.

At the beginning of 2010, Lipstick Company has installation costs of $8,000 on new machine that were charged to Repair Expense. Other costs of this machinery of $29,000 were correctly recorded and depreciate with the straight-line method with an estimated life of 10 years and no residual value. At December 31, 2008, Lipstick Company decides that the machinery has remaining useful life of 15 years, starting with January 1, 2011. The book have not been closed for 2018 and depreciation expense has not yet been recorded for 2018. Do not take in to account the impact of taxes.

a) Show the journal entry that Lipstick Company should make in 2011 to correct for the error.
b) Calculate and present the journal entry of Lipstick Company’s depreciation expense in 2011 for machinery acquired in 2010.

At the beginning of 2010, Lipstick Company has installation costs of $8,000 on new machine that were charged to Repair Expense. Other costs of this machine of $29,000 were correctly recorded and depreciate with the straight-line method with an estimated life of 10 years and no residual value. At December 31, 2008, Lipstick Company decides that the machinery has remaining useful life of 15 years, starting with January 1, 2011. The book have not been closed for 2011 and depreciation expense has not yet been recorded for 2011. Do not take in to account the impact of taxes.

a) Show the journal entry that Lipstick Company should make in 2011 to correct for the error.
b) Calculate and present the journal entry of Lipstick Company’s depreciation expense in 2011 for machinery acquired in 2010.

According to the following article?What role does the organizational structure play in the efficiency and effectiveness of the organizational structure?explain

Both A and B are two large sales companies, and B was acquired by Company A due to poor management. Both companies have a similar organizational structure - function-based design.However, after the acquisition of the new company, it suddenly increased a lot of shops and employees.After the completion of the acquisition of the new company, get an increase of many chain stores and a new Internet sector. In order to integrate these new businesses, the post-acquisition organizational structure must change. Now, the two companies that merged together became the largest sellers. Performance is gradually increasing. Although the company's merger has challenges, most of them have great confidence in the company's managers.

According to the following article? What types of structural problems need to be resolved when the two organizations are merged?

Both A and B are two large sales companies, and B was acquired by Company A due to poor management. Both companies have a similar organizational structure - function-based design.However, after the acquisition of the new company, it suddenly increased a lot of shops and employees.After the completion of the acquisition of the new company, get an increase of many chain stores and a new Internet sector. In order to integrate these new businesses, the post-acquisition organizational structure must change. Now, the two companies that merged together became the largest sellers. Performance is gradually increasing. Although the company's merger has challenges, most of them have great confidence in the company's managers.

Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $282,000 and would yield the following annual cash flows. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

(1) Assume that the company requires a 9% return from its investments. Using net present value, determine which projects, if any, should be acquired. (Negative net present values should be indicated with a minus sign. Round your answers to the nearest whole dollar.)

Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $282,000 and would yield the following annual cash flows. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

(1) Assume that the company requires a 9% return from its investments. Using net present value, determine which projects, if any, should be acquired. (Negative net present values should be indicated with a minus sign. Round your answers to the nearest whole dollar.)

The probability that a 30-year-old male in the U.S. will die within one year is about 0.00142. An insurance company is preparing to sell a 30-year-old male a one-year, $40,000 life insurance policy. How much should it charge for its premium in order to have a positive expectation for the policy? (Round your answer to the nearest dollar.)

A marketing research company is estimating the average total compensation of full-time waitstaff in the U.S. Data were randomly collected from 38 full-time waitstaff workers, and the 99% confidence interval for the mean was calculated to be $18,360<μ<$26,950$18,360<μ<$26,950. What would happen to the confidence interval if the confidence level were changed to 95%?