The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017:

Transactions during 2018 were as follows:

1. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $345,000, which included a $7,200 charge for freight. Installation costs of $44,000 were incurred.
2. On March 31, 2018, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $36,000. The fair value of the building on the day of the donation was $23,000.
3. On May 1, 2018, expenditures of $67,000 were made to repave parking lots at Pell’s plant location. The work was necessitated by damage caused by severe winter weather.
4. On November 1, 2018, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $39 per share. Pell paid legal fees and title insurance totaling $40,000. Shortly after acquisition, the building was razed at a cost of $52,000 in anticipation of new building construction in 2019.
5. On December 31, 2018, Pell purchased a small storage building by giving $16,950 cash and an old automobile purchased for $26,500 in 2014. Depreciation on the old automobile recorded through December 31, 2018, totaled $15,200. The fair value of the old automobile was $5,450.

Excerpts from Dowling Company's December 31, 2018 and 2017, financial statements and key ratios are presented below (all numbers are in millions):

Dowling's return on equity for 2018 is (rounded):

False Value Hardware began 2018 with a credit balance of $31,800 in the allowance for sales returns account. Sales and cash collections from customers during the year were $730,000 and $690,000, respectively. False Value estimates that 6% of all sales will be returned. During 2018, customers returned merchandise for credit of $21,000 to their accounts.

False Value Hardwares 2018 income statement would report net sales of :

A) 709,000

B) 686,200

C) 719,200

D) 698,200

Astro Corporation was started with the issue of 5,300 shares of $11 par stock for cash on January 1, 2018. The stock was issued at a market price of $20 per share. During 2018, the company earned $58,050 in cash revenues and paid $38,894 for cash expenses. Also, a $3,300 cash dividend was paid to the stockholders.

Required:

Prepare an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Astro Corporation’s 2018 fiscal year.

On January 1, 2018, Ras Alhd Corporation purchased 12% bonds dated January 1, 2018, with a principal amount of OMR 120,000. The bonds mature in 2028 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. What is the price of the bonds at January 1, 2018 Select one:

a. OMR 120,000

b. OMR 138,694

c. OMR 108,000

d. OMR 101,306

Assuming Kristi corporation issued a 10%, $1M bond due in 5 years. The bond sold on January 1, 2018, to yield 8%. The company pays interest on June 30th and December 31st

1. Determine the issue price of the bond.

2. Record the necessary journal entries for 2018 assuming the company's fiscal year end is 12/31.

3. Record the necessary journal entries for 2018 assuming the company's fiscal year end is 10/31.

Benn, Incorporated, has 6,000,000 shares of common stock outstanding on December 31, 2017. An additional 1,000,000 shares of common stock were issued on April 1, 2018, and 500,000 more on July 1, 2018. On October 1, 2018, Benn declared a 10% stock dividend. On November 1, Benn purchased 120,000 of its own stock. What was the number of shares to be used in computing basic earnings per share?

SHOW ALL COMPUTATIONS.

Suppose a closed economy has a consumption-output ratio of 0.8. Total output is 1 Billion in 2018 and the capital stock equals 5 Billion. It's depreciation rate and population growth rate are both equal to 2%. What is true in 2019?

income will have grown

consumption will take an even larger share of output

we do not have enough information to calculate changes from 2018 to 2019

the capital stock must be smaller than in 2018