Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $28,000 cash payment and issuing a noninterset-bearing note for $96,000 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the straight-line method to estimate depreciation expense. a. Prepare the entry to record the purchase on January 1, 2020. b. Prepare the entry on December 31, 2020, to record (1) interest expense and (2) depreciation expense. c. Indicate the balance sheet presentation related to this transaction as of December 31, 2020. d. Prepare the entry on December 31, 2021, to record (1) interest expense and payment of the note and (2) depreciation expense. e. Assume instead that Sidelines exchanged 2,000 shares of its own $10 par value common stock along with $28,000 cash for the equipment. At the date of the exchange, the stock was trading on the market at $40 per share. Prepare the entry to record the purchase of equipment. Purchase of Equipment with Debt Purchase of Equipment through Equity a. Prepare the entry to record the purchase on January 1, 2020. Date Account Name Dr. Cr. Jan. 1, 2020 Equipment Answer Answer Answer Answer Answer Cash Answer Answer Answer Answer Answer b. Prepare the entry on December 31, 2020, to record (1) interest expense and (2) depreciation expense. Date Account Name Dr. Cr. Dec. 31, 2020 Answer Answer Answer Answer Answer Answer To record interest. Dec. 31, 2020 Answer Answer Answer Answer Answer Answer To record depreciation. c. Indicate the balance sheet presentation related to this transaction as of December 31, 2020. Balance Sheet, Dec 31 2020 Assets: Equipment, net Answer Liabilities: Note payable, net Answer d. Prepare the entry on December 31, 2021, to record (1) interest expense and payment of the note and (2) depreciation expense. Date Account Name Dr. Cr. Dec. 31, 2021 Answer Answer Answer Answer Answer Answer To record interest. Dec. 31, 2021 Answer Answer Answer Answer Answer Answer To record payment on note. Dec. 31, 2021 Answer Answer Answer Answer Answer Answer To record depreciation.

Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Kingbird Company. The following information relates to this agreement.

Click here to view factor tables.

Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee’s annual accounting period ends on December 31. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answers to 2 decimal places, e.g. 5,265.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

1. Offer some reasons that a company might choose to merge with or acquire another company.

2. Discuss some of the implications of overpaying for an acquired company?

F owned 51% of the voting common stock of S. the parent’s interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition price. On January 1, 2017 S sold $1,400,000 in ten-year bonds to the public at 106. The bonds pay a 10% interest rate every December 31. F acquired 40% of these bonds on the open January 1, 2018, for 96% of the face value. Both companies utilize the straight-line method of amortization. Prepare the consolidation entry in connection with these intra-entity bonds on December 31, 2018.

In February 2015, Arctic Cat Inc., acquired the assets and liabilities of MotorFist, LLC, a privately owned company based in Idaho Falls, Idaho, in exchance for $9.118 million in cash and contingent consideration. Referring to Arctic Cats's 2015 annual 10-K report, answer the following questions regarding the MotorFist acquisition. 1. Why did Arctic Cat acquire MotorFist? 2. How was the cosideration transferred allocated between cash paid and the contingent consideration? 3. Provide a schedule showing Arctic Cat's allocations of the consideration transferred to the identifiable assets acquired and liabilities assumed with the remainder going to goodwill.

6 Rembrandt Artist Supplies Company had 10 easels in inventory on January 1, 2019 that cost $10 per easel. On February 1, 2019 it acquired 20 additional easels valued at $12 per easel and acquired an additional 30 easels at $14 an easel on March 1, 2019. On June 1, 2019 Rembrandt made its only sale of easels for the year amounting to 40 easels.

What was the value of Rembrandt's ending inventory and cost of goods sold for the easels at the end of 2019 using the
a. average cost, b. FIFO and c. LIFO methods?

(law question). Fred Maxson owned Canadian Equipment Company. To operate the business, Maxson borrowed funds from Cross Town Bank & Trust. For each loan, Cross Town filed a financing statement that included Maxson’s signature and address, the bank’s name and address, and a description of the collateral. The first loan covered all of Maxson’s equipment, including “any after-acquired property.” The second loan covered a truck crane “whether owned now or acquired later.” The third loan covered a “Bobcat mini-excavator.” Did these financing statements perfect Cross Town’s security interests? Explain.

Jean’s Vegetable Market had the following transactions during 2017: 1. Issued $50,000 of par value common stock for cash. 2. Repaid a 6-year note payable in the amount of $22,000. 3. Acquired land by issuing common stock of par value $100,000. 4. Declared and paid a cash dividend of $2,000. 5. Sold a long-term investment (cost $3,000) for cash of $8,000. 6. Acquired an investment in IBM stock for cash of $15,000. What is the net cash provided used by investing activities? Question 17 options: $15,000 $33,000 ($7,000) $8,000

Depletion

A coal mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 100,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense. If an amount box does not require an entry, leave it blank.

A silver mine was acquired at a cost of $3,000,000 and estimated to contain 750,000 tons of ore. During the year, 125,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense. If an amount box does not require an entry, leave it blank.

Prepare the entries using a general journal.

there are 2 entries per journal

What is the difference between the physician assistant and the medical assistant? List three types of technologists and technician who provide diagnostic testing. What types of services are provided by physical, occupational, and respiratory therapists? What professionals provide care in emergency situations? What services are provided by dentists, optometrists, chiropractors, podiatrists, and dietitians/nutritionists? What activities are performed by the health information manager? List three activities performed by billing and coding specialists. Define health administration. Differentiate among a general practitioner, a nurse practitioner, and a physician assistant. What accounts for the difference in their compensation? Do you believe the use of assistants and aides impacts the quality of care? Differentiate among the MBA, MPH, and MHA. What accounts for the differences in these degrees? Should clinical and non-clinical professionals be cross trained? Would this improve either the level of patient care of the efficiency of the business?