Sherrod, Inc., reported pretax accounting income of $76 million for 2021. The following information relates to differences between pretax accounting income and taxable income:

1. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $3 million. The installment receivable account at year-end 2021 had a balance of $7 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022 and 2023.
2. Sherrod was assessed a penalty of $2 million by the Environmental Protection Agency for violation of a federal law in 2021. The fine is to be paid in equal amounts in 2021 and 2022.
3. Sherrod rents its operating facilities but owns one asset acquired in 2020 at a cost of $80 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the first two years but less than straight-line depreciation the next two years ($ in millions):

4. For tax purposes, warranty expense is deducted when costs are incurred. The balance of the warranty liability was $2 million at the end of 2020. Warranty expense of $4 million is recognized in the income statement in 2021. $3 million of cost is incurred in 2021, and another $3 million of cost anticipated in 2022. At December 31, 2021, the warranty liability is $3 million (after adjusting entries).
5. In 2021, Sherrod accrued an expense and related liability for estimated paid future absences of $7 million relating to the company’s new paid vacation program. Future compensation will be deductible on the tax return when actually paid during the next two years ($4 million in 2022; $3 million in 2023).
6. During 2020, accounting income included an estimated loss of $2 million from having accrued a loss contingency. The loss is paid in 2021, at which time it is tax deductible.

Balances in the deferred tax asset and deferred tax liability accounts at January 1, 2021, were $1 million and $2.5 million, respectively. The enacted tax rate is 25% each year.

Required:
1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.
2. What is the 2021 net income?
3. Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet.
  

1. Gabriel Ltd leases a siphoning filter from Logan Ltd. The terms of the lease is to commence on 1 July 2020. The lease is to last for 4 years. Lease payments are to be made annually in arrears. The first payment to be made on 30 June 2021. Each lease payment is to amount to $5,000. At the end of the lease, the expected residual value of the filter is $3000. Gabriel Ltd guarantees $2000 of the residual value. The interest rate implicit in the lease is 4%. At the start of the lease, at what amount should Gabriel Ltd record the right to use asset in their books?

a.$19,859

b.$20,585

c.$18,149

d.$20,714

2. White Ltd owned a boat that has an economic useful life of 6 years as at 1 July 2020. On 1 July 2020 the company leased one boat to River Ltd for three years. White Ltd recognised this lease as a finance lease and recorded a lease receivable valued at $61,507. In the lease agreement, River Ltd agreed to guarantee $4,000 residual value, $1,000 less than what White had estimated. The lease payment is $20,000. Lease payments are to be made annually and in advance. The interest rate implicit in the lease is the same for both companies at 5%. What is the amount of River Ltd’s lease liability on the commencement day of the lease?

a.$40,644   b.$60,644   c.$61,507    d.$41,507

3.White Ltd owns a boat that has an economic useful life of 6 years as at 1 July 2020. On 1 July 2020 the company leases the boat to River Ltd. The right to use asset recorded by River Ltd is valued at $61,507. The lease payment id $20,000 for three years. Lease payments are to be made annually and in advance. River Ltd guarantees the $5,000 residual value of the boat. What is the amount of River Ltd’s annual depreciation expense?

a.$18,836 b.$9,418    c.$13,836    d.$12,169

4.According to AASB16, which of these is NOT a valuation model which can be applied to any type of leased asset?

a. The cost model b. the fair value model c.The revaluation model d.The lower of cost and net realisable value model

5. According to AASB16, at the commencement date of a lease, how is the lessee to measure the lease liability?

a. The fair value of the leased asset

b. The present value of all lease payments over the life of the lease

c. The present value of all lease payments to be made after the commencement date

d. The present value of the cash flows to be generated by the leased asset

Sherrod, Inc., reported pretax accounting income of $86 million for 2021. The following information relates to differences between pretax accounting income and taxable income:

1. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $5 million. The installment receivable account at year-end 2021 had a balance of $6 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022 and 2023.
2. Sherrod was assessed a penalty of $2 million by the Environmental Protection Agency for violation of a federal law in 2021. The fine is to be paid in equal amounts in 2021 and 2022.
3. Sherrod rents its operating facilities but owns one asset acquired in 2020 at a cost of $92 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the first two years but less than straight-line depreciation the next two years ($ in millions):

4. For tax purposes, warranty expense is deducted when costs are incurred. The balance of the warranty liability was $1 million at the end of 2020. Warranty expense of $5 million is recognized in the income statement in 2021. $3 million of cost is incurred in 2021, and another $3 million of cost anticipated in 2022. At December 31, 2021, the warranty liability is $3 million (after adjusting entries).
5. In 2021, Sherrod accrued an expense and related liability for estimated paid future absences of $12 million relating to the company’s new paid vacation program. Future compensation will be deductible on the tax return when actually paid during the next two years ($10 million in 2022; $2 million in 2023).
6. During 2020, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss is paid in 2021, at which time it is tax deductible.

Balances in the deferred tax asset and deferred tax liability accounts at January 1, 2021, were $1.8 million and $2.0 million, respectively. The enacted tax rate is 25% each year.

Required:
1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.
2. What is the 2021 net income?
3. Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet.

Sherrod, Inc., reported pretax accounting income of $86 million for 2021. The following information relates to differences between pretax accounting income and taxable income:

1. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $5 million. The installment receivable account at year-end 2021 had a balance of $6 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022 and 2023.
2. Sherrod was assessed a penalty of $2 million by the Environmental Protection Agency for violation of a federal law in 2021. The fine is to be paid in equal amounts in 2021 and 2022.
3. Sherrod rents its operating facilities but owns one asset acquired in 2020 at a cost of $92 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the first two years but less than straight-line depreciation the next two years ($ in millions):

4. For tax purposes, warranty expense is deducted when costs are incurred. The balance of the warranty liability was $1 million at the end of 2020. Warranty expense of $5 million is recognized in the income statement in 2021. $3 million of cost is incurred in 2021, and another $3 million of cost anticipated in 2022. At December 31, 2021, the warranty liability is $3 million (after adjusting entries).
5. In 2021, Sherrod accrued an expense and related liability for estimated paid future absences of $12 million relating to the company’s new paid vacation program. Future compensation will be deductible on the tax return when actually paid during the next two years ($10 million in 2022; $2 million in 2023).
6. During 2020, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss is paid in 2021, at which time it is tax deductible.

Balances in the deferred tax asset and deferred tax liability accounts at January 1, 2021, were $1.8 million and $2.0 million, respectively. The enacted tax rate is 25% each year.

Required:
1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.
2. What is the 2021 net income?
3. Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet.

Sherrod, Inc., reported pretax accounting income of $78 million for 2021. The following information relates to differences between pretax accounting income and taxable income:

1. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $3 million. The installment receivable account at year-end 2021 had a balance of $4 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022 and 2023.
2. Sherrod was assessed a penalty of $4 million by the Environmental Protection Agency for violation of a federal law in 2021. The fine is to be paid in equal amounts in 2021 and 2022.
3. Sherrod rents its operating facilities but owns one asset acquired in 2020 at a cost of $72 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the first two years but less than straight-line depreciation the next two years ($ in millions):

4. For tax purposes, warranty expense is deducted when costs are incurred. The balance of the warranty liability was $2 million at the end of 2020. Warranty expense of $4 million is recognized in the income statement in 2021. $3 million of cost is incurred in 2021, and another $3 million of cost anticipated in 2022. At December 31, 2021, the warranty liability is $3 million (after adjusting entries).
5. In 2021, Sherrod accrued an expense and related liability for estimated paid future absences of $8 million relating to the company’s new paid vacation program. Future compensation will be deductible on the tax return when actually paid during the next two years ($5 million in 2022; $3 million in 2023).
6. During 2020, accounting income included an estimated loss of $4 million from having accrued a loss contingency. The loss is paid in 2021, at which time it is tax deductible.

Balances in the deferred tax asset and deferred tax liability accounts at January 1, 2021, were $1.5 million and $1.5 million, respectively. The enacted tax rate is 25% each year.

Required:
1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry.
2. What is the 2021 net income?
3. Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet.

Ivanhoe Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $30,992 at the beginning of each year. The first payment is received on January 1, 2020. Ivanhoe had purchased the machine during 2016 for $142,000. Collectibility of lease payments by Ivanhoe is probable. Ivanhoe set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Ivanhoe at the termination of the lease.

Compute the amount of the lease receivable.

Prepare all necessary journal entries for Ivanhoe for 2020

Suppose the collectibility of the lease payments was not probable for Ivanhoe. Prepare the necessary journal entry for the company in 2020

Easy Company bought a piece of equipment four years ago. At December 31, 2020, the company revalued the equipment to its fair value. The following information relates to the equipment

Original cost: $1,200; Residual value: $ 200; Estimated useful life from purchase date: 10 years; Years used to December 31, 2020: 4 years; Fair value at December 31, 2020: $966; Depreciation method is straight-line.

Required:

1. Determine the depreciation expense for 2020.
2. Record the journal entry adjustment for the revaluation, using the ‘asset adjustment’method.
3. Determine the depreciation expense for 2021.
4. Assume that the fair value at the end of 2022 is $468. Record the journal entry for depreciation first for 2022, and then the entry related to this new fair value for 2022.

The DeVille Company reported pretax accounting income on its income statement as follows:
   

   
Included in the income of 2018 was an installment sale of property in the amount of $68,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $27,200 in 2019, $34,000 in 2020, and $6,800 in 2021.

Included in the 2020 income was $29,000 interest from investments in municipal bonds.

The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new tax legislation was passed reducing the tax rate to 25% for the years 2020 and beyond

Prepare the year-end journal entries to record income taxes for the years 2018–2021.

Construction Ltd. had the following activity related to its shares for the year ended December 31, 2020. Common shares outstanding, January 1: 150,000 $3, cumulative preferred shares outstanding, January 1: 3,000 During 2020 April 1: Declared a 2-for-1 stock split on common shares July 1: Issued 20,000 common shares. August 1: Issued 1,000 $2, non-cumulative preferred shares. October 1: Repurchased 50,000 common shares. December 1: Declared a 15% stock dividend on common shares. Net income for the year was $476,000. No dividends were declared or paid in 2020. Required : Calculate basic earnings per share for 2020. Round to the nearest cent.

Using C programming

I have a file that contains earthquake data that I will copy and paste below. I want to use either bubble or insertion sort to sort the file by latitude in ascending order, then create a new file containing the sorted data.

example file to sort:

time,latitude,longitude,depth,mag,magType,nst,gap,dmin,rms,net
2020-10-17T17:22:03.840Z,32.877,-116.2991667,0.31,1.16,ml,21,119,0.07747,0.26,ci
2020-10-17T17:17:29.980Z,34.1611667,-116.452,2.75,0.87,ml,17,66,0.05224,0.22,ci
2020-10-17T17:03:54.460Z,33.5396667,-116.4613333,8.66,0.63,ml,18,126,0.06084,0.16,ci
2020-10-17T16:55:01.080Z,63.254,-151.5232,8,1.4,ml,,,,0.9,ak