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.

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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.)

On January 1, 2017, Grouper Company has the following defined benefit pension plan balances. Projected benefit obligation $4,464,000 Fair value of plan assets 4,190,000 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 $504,000 are created. Other data related to the pension plan are as follows. 2017 2018 Service cost $148,000 $181,000 Prior service cost amortization 0 89,000 Contributions (funding) to the plan 242,000 279,000 Benefits paid 198,000 274,000 Actual return on plan assets 251,400 264,000 Expected rate of return on assets 6 % 8 % Prepare a pension worksheet for the pension plan for 2017 and 2018. (Enter all amounts as positive.)

ABC Company reported accounts receivable of $225,000 and an allowance for doubtful accounts with a $28,000 credit balance on January 1, 2017. ABC Company records bad debt expense using the net credit sales method. The following information was available for ABC Company for the years 2017 and 2018:

Calculate the percentage of sales estimated to be uncollectible in 2018.

Please only attempt if you can solve the question with a proper explanation. Please do not copy from Chegg.

On January 1, 2018, NFB Visual Aids issued $740,000 of its 20-year, 8% bonds. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. NFB Visual Aids records interest expense at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2018, the fair value of the bonds was $620,000 as determined by their market value in the over-the-counter market. General (risk-free) interest rates did not change during 2021. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:

1-a. Determine the price of the bonds at January 1, 2018.
1-b to 4. Prepare the necessary Journal entries.