On January 1, 2020, Coronado Company purchased at face value, a $1300, 9% bond that pays interest on January 1. Coronado Company has a calendar year end.
The entry for the receipt of interest on January 1, 2021 is

Outstanding stock of the Sheridan Corporation included 20800 shares of $5 par common stock and 5100 shares of 6%, $10 par noncumulative preferred stock. In 2019, Sheridan declared and paid dividends of $1900. In 2020, Sheridan declared and paid dividends of $6400. How much of the 2020 dividend was distributed to preferred shareholders?

Marigold, Inc. has 3100 shares of 4%, $50 par value, cumulative preferred stock and 62000 shares of $1 par value common stock outstanding at December 31, 2019. The board of directors declared and paid a $2700 dividend in 2019. In 2020, $18100 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2020?

Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:

CHENARD, JENNINGS, AND BLAIR PARTNERSHIP
Balance Sheet
December 31, 2020
Assets      Liabilities and Owners' Equity
Cash   $ 37700      Liabilities   $141000
Noncash assets   283000      Chenard, Capital   59500
          Jennings, Capital   89400
           Blair, Capital   30800
Total  
$320700
    Total  
$320700

If the partnership is liquidated by selling the noncash assets for $384000, and creditors are paid in full, what is the total amount of cash that Chenard will receive in the distribution of cash to partners?

Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows:

1. The inventory at January 1, 2019, had a retail value of $41,000 and a cost of $32,170 based on the conventional retail method.
2. Transactions during 2019 were as follows:

Sales to employees are recorded net of discounts.

3. The retail value of the December 31, 2020, inventory was $59,800, the cost-to-retail percentage for 2020 under the LIFO retail method was 74%, and the appropriate price index was 104% of the January 1, 2020, price level.
4. The retail value of the December 31, 2021, inventory was $47,080, the cost-to-retail percentage for 2021 under the LIFO retail method was 73%, and the appropriate price index was 107% of the January 1, 2020, price level.

1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicated with a minus sign.)

2. Estimate ending inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducted should be indicated with a minus sign.)

3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimating ending inventory for 2020 and 2021.

Crane Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms.
(A):Prepare any journal entries to record the revenue arrangement for Crane Bundle A on January 2, 2020, and December 31, 2020.

(B) Prepare any journal entries to record the revenue arrangement for Crane Bundle B on July 1, 2020, and December 31, 2020.

(C)Repeat the requirements for part (a), assuming that Crane Company has no reliable data with which to estimate the standalone selling price for the Internet service.

On January 1, 2020, Jordan Inc. purchased 30% of the outstanding common stock of Melody Corporation at a cost of $600,000. Melody Corporation had 800,000 shares of common stock outstanding. At the date of purchase, the book value of Melody’s net assets was $1,500,000. Book value and fair value of net assets were the same for all balance sheet items except for machinery and inventory. The fair value exceeded the book value by $200,000 for machinery and $50,000 for the Inventory.

The estimated useful life of machinery is 15 years and all inventory acquired was sold during 2020.   Both companies have a January through December fiscal year. Melody Corporation reported net income of $250,000 and paid cash dividend of $80,000 during 2020. Market value of Melody Corporation was $2.50 per share at December 31, 2020.

1- Prepare the entry to record the original investment in Mountain.

2-Compute the amount of goodwill (if any) on the acquisition.

3-Prepare the necessary entries (other than acquisition) for 2020.

4-Assume that on January 10, 2020 Jordan Inc. sold 50% of its investment in Melody Corporation for $290,000. Prepare the journal entry to record the sale of investment.

5-Assume that subsequent to selling 50% of the investment, Melody Corporation reported income of $300,000 and paid dividend of $100,000 for 2021. Market value of Melody Corporation’s common stock was $3 per share at December 31, 2021. Prepare the journal entries (if any) for Jordan Inc. for its investment in Melody Corporation for 2021.

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

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. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

Tan Company acquires a new machine (10-year property) on January 15, 2020, at a cost of $200,000. Tan also acquires another new machine (7-year property) on November 5, 2020, at a cost of $40,000. No election is made to use the straight-line method. The company does not make the § 179 election and elects to not take additional first-year depreciation. Determine the total deductions in calculating taxable income related to the machines for 2020.

a.$102,000

b.$24,000

c.$25,716

d.$132,858

Barry purchased a used business asset (seven-year property) on September 30, 2020, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under § 179, did not claim additional first-year depreciation, and did not elect straight-line cost recovery. Barry sold the asset on July 17, 2021. Determine the cost recovery deduction for 2021.

a.$19,133

b.$34,438

c.$55,100

d.$24,490

White Company acquires a new machine (seven-year property) on January 10, 2020, at a cost of $620,000. White makes the election to expense the maximum amount under § 179, and wants to take any additional first-year depreciation allowed. No election is made to use the straight-line method. Determine the total deductions in calculating taxable income related to the machine for 2020, assuming that White reports taxable income of $800,000.

a.$568,574

b.$88,598

c.$620,000

d.$301,159

On 1/1/2016, California Corporation purchased 75% of the outstanding voting stock of San Diego Corporation for $2,400,000 paid in cash. On the date of the acquisition, San Diego’s shareholders’ equity consisted of the following:

Common stock, $10 par                 $1,000,000

APIC                                                   600,000

Retained Earnings                               800,000

Total SE                                         $2,400,000

The excess fair value of the net assets acquired was assigned 10% to undervalued Inventory (sold in 2016), 40% to undervalued PPE assets with a remaining useful life of 8 years, and 50% to Goodwill.

Comparative trial balances of California Corporation and San Diego Corporation at December 31, 2020, are as follows:

Required:

Determine the amounts that would appear in the consolidated financial statements of California Corporation and its subsidiary for each of the following items:

1. Goodwill at December 31, 2020. (2 points)
2. Income to Non-controlling interest for 2020. (3 points)
3. Consolidated retained earnings at December 31, 2019. (2 points)
4. Consolidated retained earnings at December 31, 2020. (2 points)
5. Controlling share of consolidated Net Income for 2020. (3 points)
6. Non-controlling interest at December 31, 2020. (3 points)

On January 1, 2020, Perfection Company issued $400,000 of 10%, 6-year bonds dated January 1, 2020, with interest payments every June 30 and December 31. The bonds were issued at $382,762 when the market rate was 11%. Perfection Company amortizes any premium or discount using the EFFECTIVE-INTEREST-RATE method. Round all numbers to the nearest whole number.  

1-Using proper formatting (eliminating the date), prepare the journal entry on January 1, 2020 to record the issuance of the bonds.

2-Using proper formatting (eliminating the date), prepare the journal entry on June 30, 2020 to record the first interest payment

3-Determine the amount of interest expense that will be recorded on December 31, 2020. Show your work for full credit and clearly label your answer.

4-Determine the amount of total interest expense that Perfection Company will recognize over the life of the bonds if the bonds are not redeemed until maturity. Show your work for full credit and clearly label your answer. ( IS THE ANSWER FOR THIS PART IS THIS

20,000x12= 240,000

+ 17,238= 257,238 OR 17,238 AND WHY )

5. Determine the amount of interest expense Perfection Company would have recorded on June 30, 2020 (first interest payment) if they had used the STRAIGHT-LINE METHOD to amortize any premium or discount, instead of the effective-interest-rate method, as described above. Show your work for full credit and clearly label your answer.

Except for the earnings per share statistics, the 2019, 2020, and 2021 income statements for Ace Group Inc. were originally presented as follows:


Required:
1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.)

Answer is complete and correct.

Use the following charts to answer the questions below:

1. For each country, report the stock index values and ex-rates for February, 2019 and February, 2020.

2. Calculate the annual percentage return for each stock market from February, 2019 - February, 2020, measured in local currency. Use the standard percentage return formula: [(P2 - P1)/P1] x 100.

3. For each currency, calculate the annual percentage change from February, 2019 to February, 2020 using the exchange rate exactly as quoted, and for each currency separately, clearly explain in a full sentence or two whether each of the foreign currencies appreciated or depreciated versus the dollar.

4. Calculate the effective, annual US dollar return for a U.S. investor who had invested money in the stock markets of each of the five countries last year (February 2019 - February 2020), using the formula: Effective dollar return = % foreign stock market return +/- %CHG in the foreign currency.