Bramble Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes.

The tax rates listed were all enacted by the beginning of 2018.

Prepare the journal entries for the years 2018–2021 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2020 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

IFRS 15

Alignment Co. signed a contract to provide network service to Clumsy Ltd for one year from April 2018 for $100 per month. The contract required Clumsy Ltd to make a single payment to Alignment Co for all 12 months at the beginning of the contract. Alignment Co received 12,000 on the 1st of April 2018.

What amount of revenue should Alignment Co recognise in its statement of profit and loss for the year ended December 31, 2018?

A company enters into a contract to supply 4 types of products to a customer. The promise to supply each of these products is regarded as a separate performance obligation.

The stand alone prices of these four products are:

Product A $32,000

Product B $18,500

Product C $25,500

Product D $20,000

On January 1, 2018, Patriots Co. awarded restricted stock units (RSUs) representing 30 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. On the grant date, the shares had a market price of $3 per share.

Required:

Determine the total compensation cost pertaining to the RSUs.

Prepare the appropriate journal entry to record the award of RSUs on January 1, 2018.

Prepare the appropriate journal entry to record compensation expense on December 31, 2018, December 31, 2019, and December 31, 2020.

Prepare the appropriate journal entry to record the lifting of restrictions on the RSUs and issuing shares at December 31, 2020.

Arizona Inc. uses the perpetual inventory system, and recorded the following data pertaining to raw material X during January 2018:

                                                                                      Units                                 

       Date                                Received           Cost              Issued           On Hand

       Jan   1      Inventory                                $4.50                                        3,200

       Jan 11      Sale ($18)                                                      1,600                1,600

       Jan 15      Purchase           1,000            $4.70                                        2,600

       Jan 17      Sale ($18)                                                       1,100               1,500

       Jan 25      Purchase           1,500            $4.90                                       3,000         

       Round your answer to two decimals.

       Instructions:

1. Determine the cost of sales, gross profit and inventory value of raw material X inventory at January 31, 2018 using the moving-weighted average method.

2. Determine the cost of sales, gross profit and inventory value of raw material X inventory at January 31, 2018 using the average cost method.

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s):

In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $3.1 million and a gain on disposal of the component’s assets of $5.0 million. 600,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss).

Required:
Prepare a multiple-step income statement for 2018, including EPS disclosures.

Sun Corporation ( a calendar -year corporation) purchased and placed in service the following assets during 2018

Date Acquired Asset Description Cost

February 18 Warehouse Building $ 2,450,00

June 2 Used Automobile $ 30,000

August 18 New computer equipment 220,000

September 20 New machinery 1,050,000

December 15 Used office equipment $ 885,000

All assets are used 100% for business use. The warehouse building does not include the cost of the land on which it is located which was an additional $ 1,00,000 . The corporation has #3,000,000 income from operations before calculating depreciation deductions. Sun corporation made whatever election were necessary to maximize its overall for 2018. What is the maximum Section 179 Deduction San corporation can take in 2018?

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2015 for $2,750,000. Its useful life was estimated to be five years, with a $165,000 residual value. At the beginning of 2018, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: ($ in 000s) Year Straight Line Declining Balance Difference 2015 $ 517 $ 1,100 $ 583 2016 517 660 143 2017 517 396 (121 ) $ 1,551 $ 2,156 $ 605 Required: 2. Prepare any 2018 journal entry related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

(Record depreciation expense entry for 2018.)

On January 1, 2017, Larkspur Company has the following defined benefit pension plan balances. Projected benefit obligation $4,571,000 Fair value of plan assets 4,210,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service costs of $492,000 are created. Other data related to the pension plan are as follows. 2017 2018 Service cost $152,000 $179,000 Prior service cost amortization 0 89,000 Contributions (funding) to the plan 236,000 285,000 Benefits paid 198,000 275,000 Actual return on plan assets 252,600 261,000 Expected rate of return on assets 6 % 8 % Collapse question part

(a) Prepare a pension worksheet for the pension plan for 2017 and 2018.

On April 1, 2016, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $56,200, has an ten-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January 4, 2018, $14,450 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $2,800 represented ordinary repairs and annual maintenance and $11,650 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 12 years.

Required: 1. Prepare journal entries for the depreciation for 2016 and 2017. 2. Prepare journal entries for the 2018 expenditure. 3. Prepare journal entries for the depreciation for 2018.

[The following information applies to the questions displayed below.]
  
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.

Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)