On July 1, 2016, Gissel Corporation purchased Mills Company by paying $525,000 cash. At July 1, 2016, the balance sheet of Mills Company was as follows.

Cash $50,000 Accounts Payable $200,000

Accounts Receivable $90,000 Stockholder’s Equity $225,000

Inventory $100,000

Land $40,000

Buildiings 75,000

Equipment $70,000

Total $425,000 Total $425,000

The recorded amounts all approximate current values except for land (fair value of $60,000) and inventory (fair value of $110,000). They also acquired a patent from Mills company with a fair value of $15,000. What amount of goodwill should be recognized by Gissel Corporation?

Several years ago Brant, Inc., sold $960,000 in bonds to the public. Annual cash interest of 9 percent ($86,400) was to be paid on this debt. The bonds were issued at a discount to yield 12 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidiary of Brant) purchased $160,000 of these bonds on the open market for $181,000, a price based on an effective interest rate of 7 percent. The bond liability had a carrying amount on that date of $930,000. Assume Brant uses the equity method to account internally for its investment in Zack.

1. a. & b. What consolidation entry would be required for these bonds on December 31, 2016 and December 31, 2018?

Belgium Co. is constructing a tunnel for 800 million. Construction began in 2011 and is estimated to be completed in 2016. At December 31, 2013, Belgium has incurred costs totaling 356 million with 85 million of that incurred in 2013, 143 in 2012, and 128 in 2011. Belgium received 356 million in total progress payments to date but future activity is tenuous and its cost numbers are highly uncertain. What amount of revenue should Belgium Co. recognize for the year ended December 31, 2013?

A. No revenue should be recognized until the contract is completed in 2016.
B. 356 million.
C. 271 million.
D. 85 million.

2-Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2016.

Stanford incurred the following expenses:

If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar.

What is the maximum amount Stanford can deduct in 2016 for investigation expenses?

2. On December 31, 2014, Franklin Company performed consulting services for Hensley Corporation. Hensley was short on cash, so Franklin Company agreed to accept a $200,000 zero-interest bearing note due on December 31, 2016 as payment in full. Hensley is somewhat of a credit risk and typically borrows funds at a rate of 10%.

Prepare the journal entry to record the transaction of December 31, 2014 for Franklin Company.

Assume Franklin’s fiscal year end is December 31, prepare the journal entry for December 31, 2015.

Assume Franklin’s fiscal year end is December 31, prepare the journal entry for December 31, 2016.

On October 30, 2016, Sanchez Company acquired a piece of machinery and signed a 12-month note for $24,000. The face value of the note includes the price of the machinery and interest. The note is to be paid in four $6,000 quarterly installments. The value of the machinery is the present value of the four quarterly payments discounted at an annual interest rate of 16%. Required: 1. Prepare all the journal entries required to record the preceding information including the year-end adjusting entry and any payments. Present value techniques should be used. 2. Show how the preceding items would be reported on the December 31, 2016, balance sheet.

In 2013, Fabulous Fruit expanded its operations in Georgia to includegrowing peaches for commercial canning companies. Land was prepared, irrigation systems installed and 3,000 “whips” (baby trees)were planted. It is expected that the trees will be ready for commercial production by 2016. At that time, Fabulous will begin selling the entire crop for canning. The trees will not produce a large enough crop for commercial canning before 2016. In 2014 and 2015,small quantities of fruit will be harvested and sold at local farmers’markets. Fabulous wants to know how to properly account for thosesales.

Required: Use FASB. Submit only one paragraph containing your recommendation (no excerpts). Include in-text citation.

Using relevant ideas and concepts from the texts, write a 1500 word essay that explains how learning about conflict management can help improve professional relationships in the workplace. Reading list 1. Gardiner, J and Barefoot, B., 2019. Step by step – Chapter 5 p. 145-151 2. Thompson, N., 2015. People skills – Chapter 19 p. 162-171 3. Bratton, J., 2016. Introduction to work and organisational behaviour - Chapter 10 p. 275-276 4. Cross, C. and Carbery, R., 2016. Organisational behaviour: an introduction –– Chapter 9 p. 219-227

On January 5, 2012, Mountain View Company purchased construction equipment for $698,400, with a useful life of six years and an estimated salvage value of $87,000. The company uses the straight-line method of depreciation. On July 3, 2016, this equipment was traded for new similar construction equipment that has a value of $800,000. The company paid $595,000 in cash and was given a trade-in allowance of $205,000 for the old equipment.

Prepare the general journal entries needed on July 3, 2016, to record the trade-in.

Please do not copy from Chegg otherwise I have to report the answer. Explain the answer thoroughly by showing each step of the calculation.