Company A purchases a stamping press on July 1, 2020. The press cost $53,000 and management estimates its salvage value and useful life to be $3,000 and 5 years, respectively. TC recognizes depreciation on a straight-line basis and sells the equipment on January 1, 2023 for $11,000. Instructions Compute the following amounts:

1. Total depreciation expense - 2020 $

2. Total depreciation expense - 2021 $

3. Accumulated depreciation - 12/31/2022 $

4. Net book value of the stamping press - 12/31/2022 $

5. Gain (loss) on sale - 1/1/2023 $

6. Gain (loss) on sale assuming a sales price of $0 $

On January 1, 2020, Sro Company issued ten convertible bonds with a par value of $8,000 per bond in market for $82,000 in total. Each bond is convertible into 800 ordinary shares of $3 per ordinary share par value. The bonds have a four-year life and a stated interest rate of 8% payable annually. The market interest rate for similar non-convertible bonds on January 1, 2020, is 9%.

Q : Compute fair value of liability component and fair value of equity component, rounded to the nearest dollar, and prepare the journal entry. In the computations, show the figures of present value factors and round to the fifth decimal point.

At December 31, 2020, RB Company has outstanding three long-term debt issues. The first is a $2,120,000 note payable which matures June 30, 2023. The second is a $6,840,000 bond issue which matures September 30, 2024. The third is a $12,580,000 sinking fund debenture with annual sinking fund payments of $2,516,000 in each of the years 2022 through 2026.

Prepare the required note disclosure for the long-term debt at December 31, 2020.

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,900,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below:

Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.

Required:
Prepare all journal entries to record costs, billings, collections, and profit recognition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

X Company uses an activity-based costing allocation system. On January 1, 2020, its accountant budgeted the following costs and cost drivers for three of the activities that are used in the ABC system:

In May of 2020, 646 units of Product C were finished, requiring $19,600 of direct materials, 6,000 direct labor hours, 1,089 parts, and 43 purchase orders.

How much of the three activity costs was allocated to Product C [round overhead rate(s) to two decimal places]?

In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract.

Question 1: A medium-sized finance company is considering an investment portfolio of 40% of stock A and remaining 60% in stock B over the next four years (2020-2023). Given the returns of two stocks A and B in the table below over the four-year period, calculate the following: (3.5 marks)

1. Calculate the expected portfolio return, rp, for each of the four years.
2. Calculate the expected value of portfolio returns, rp, over the four-year period.
3. Calculate the standard deviation of expected portfolio returns over the four-year period.

In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract.

In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows: 2018 2019 2020 Cost incurred during the year $ 2,580,000 $ 4,042,000 $ 2,175,800 Estimated costs to complete as of year-end 6,020,000 1,978,000 0 Billings during the year 2,060,000 4,562,000 3,378,000 Cash collections during the year 1,830,000 4,200,000 3,970,000 Westgate recognizes revenue over time according to percentage of completion. rev: 09_15_2017_QC_CS-99734 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information.