Hansen Computer Corp. acquires $2,150,000 in new 7-year class assets (all tangible personal property) in February 2020. The company elects to take all available Sec. 179 expense and bonus first-year depreciation. Assume Hansen uses a calendar year and that Sec. 179 expense will not be limited by taxable income in 2020. What cost recovery deduction can Hansen take in 2020?
In: Accounting
A company began work in 2020 on a contract for $7,800. Other data are as follows:
| 2020 | 2021 | |
| costs incurred to due | $3,000 | 5,600 |
| estimated costs to complete | 2,000 | ---------- |
| Billings to date | 3,100 | 7,800 |
| collections to date | 1,000 | 4,400 |
If the company uses the percentage-of-completion method, for the journal entry that records construction revenue, construction expense, and gross profit for 2020, how much will be recorded for Construction in Process?
In: Accounting
On July 1, 2020, Sandhill Company purchased $3,860,000 of Duggen Company’s 8% bonds, due on July 1, 2027. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for $3,340,000 to yield 10%. These bonds are classified as available-for sale and they have a fair value at December 31, 2020, of $3,444,400, prepare the journal entry (if any) at December 31, 2020, to record this transaction.
In: Accounting
A company began work in 2020 on a contract for $7,800. Other data are as follows:
2020 2021
Costs incurred to date $3,000 $5,600
Estimated costs to complete 2,000 —
Billings to date 4,400 7,800
Collections to date 2,000 4,800
If the company uses the percentage-of-completion method, for the journal entry that records construction revenue, construction expense, and gross profit for 2020, how much will be recorded for Construction in Process?
In: Accounting
On January 4, 2020, Cutter Inc., bought 15% of Vekshyna Corporation’s common stock for $60,000. The following data concerning Vekshyna are available for the years ended December 31, 2020 and 2021:
2020 2021
Net income $30,000 $90,000
Dividends paid None 80,000
In its income statement for the year ended December 31, 2021, how much should Cutter report as income from this investment?
In: Accounting
Hansen Computer Corp. acquires $2,150,000 in new 7-year class assets (all tangible personal property) in February 2020. The company elects to take all available Sec. 179 expense and bonus first-year depreciation. Assume Hansen uses a calendar year and that Sec. 179 expense will not be limited by taxable income in 2020. What cost recovery deduction can Hansen take in 2020?
In: Accounting
solve below calculation question
Samna Resorts issued $1,000,000 of 8%, 20-year bonds on January 1, 2020, at 97.82 to yield 9%. Interest is payable semiannually on July 1 and January 1.
Prepare the journal entries to record the following.
a. The issuance of the bonds.
b. The payment of interest and the related amortization on July 1, 2020.
c. The accrual of interest and the related amortization on December 31, 2020.
In: Accounting
Consider the bond below.
A semi-annual coupon paid March 31 & September 30:
Par Value $1000 ; Coupon rate7%; Purchase date 6/30/2020; Yield to
maturity 9%; Final maturity date 3/31/2025
1. What is the clean price if the bond was purchased on June 30, 2020?
2.What is the full invoice price if the bond was purchased on June 30, 2020?
In: Finance
In: Biology
In what ways is this antibiotic resistance acquired specifically? What genetic elements does it have and what resistance mechanisms do these confer?
In: Biology