on january 1 2020 Liu corporation paid $250007 to aquire bonds of Singh investment Corp. with a par value of $254000. The annual contract rate on the bonds is 8%. and interest is paid semiannually on June 30 and Dec. 31. The bonds mature after three years. The market rate of interest was 7.7 %. Liu Corporation intends to hold the bonds untill maturnity.
1. prepare an anortization schedule for the investment showing only 2020
2 prepare Liu's entries to record the purchase of the bonds
3. prepare the Liu's entries to prepare to record the reciept of the first two interest payments.
4. show how the investment will appear on dec. 31, 2020 balance sheet

Ariel owns 70% of Sabastian. During 2019, Sabastian sold 1000 units of Inventory to Ariel for $70 each. The units cost $50 to produce. A 12/31/2019 inventory count indicates that 300 units remained in Ariel's inventory. Sabastian reported a $50,000 net income in 2019 and a $70,000 net income in 2020. No internal sales were made in 2020. Ariel should recognize investment income in 2020 for which of the following amounts?

Investment in Sabastian $44,800

...Investment Income $44,800

Investment in Sabastian $49,000

...Investment Income $49,000

Investment in Sabastian $53,200

...Investment Income $53,200

Investment in Sabastian $63,000

...Investment Income $63,000

The following is the income statement for Daisy’s Day Care Limited for the month ended March 31, 2020: Daisy’s Day Care Limited Income Statement Month Ended March 31, 2020

Revenue $ 20,000

Expenses: Food 6,000

Heat and lights 800

Office Supplies 200

Childcare supplies 1,000

Wages 8,000

Total expenses 16,000

Operating income $ 4,000

20% of the childcare supplies and 25% of the wages are fixed while the remaining amounts are variable. 100% of the food expense is variable.

Required: Based on the above information what would the operating income for the month ended March 31, 2020 be if the income statement was prepared using the contribution margin approach?

Marimarsh Corporation reported the following pretax financial income (loss) for the years 2019 to 2021.

Pretax financial income (loss) and taxable income (loss) were the same for all years. The applicable tax rates are 30% for 2019, and 20% for 2020 and 2021.

Instructions:

a) Prepare the journal entry in 2019 to record income tax expense.

b) Prepare the journal entries in 2020 for the tax effects of the loss carryforward, assuming that based on the weight of evidence it is more likely than not that one-quarter of the benefits of the loss carryforward will not be realized.

c) Prepare the journal entry in 2021 to record income tax expense.

Referring to information in Brief Exercise 14-18, assume that Henry Inc. sold its holdings of Container Corpora-tion bonds on July 2, 2020, for $4,800. Record the sale of the debt investment, eliminating the Fair Value Adjust-ment account upon sale.

brief 14-18 Henry Inc. purchased $5,000 of Container Corporation’s 5% bonds at par. The purchase is made on January 1,

2020, and the investment is classified as a trading security. At June 30, 2020, Henry Inc. received semiannual

interest of $125, and the fair value of the bonds was $4,800. Prepare Henry’s journal entries for (a) the purchase

of the investment, (b) the interest received, and (c) the fair value adjustment.

Problem 9-5A Calculating depreciation—partial periods LO2, 3

West Coast Tours runs boat tours along the west coast of British Columbia. On March 5, 2020, it purchased, with cash, a cruising boat for $936,000, having a useful life of 10 years or 13,800 hours, with a residual value of $246,000. The company’s year-end is December 31.

Required:
Calculate depreciation expense for the fiscal years 2020, 2021, and 2022 by completing a schedule. (Note: Depreciation is calculated to the nearest month. Assume actual hours of service were: 2020, 900; 2021, 1,960; 2022, 1,715.)
Depreciation MethodYearStraight-LineDouble-Declining BalanceUnits-of-Production202020212022

QUESTION 2
The government of Ghana through the Minister of Finance presented the 2020 Budget statement to Parliament in November 2019.The Coronavirus Disease 2019 (COVID -19) pandemic that has hit the world has impacted on global economy including Ghana, thus affecting our macroeconomic targets in the budget statement presented in November 2019. The Minister of Finance presented a statement to Parliament on the economic impact of COVID – 19 pandemic on the economy of Ghana and the way forward at the end of March, 2020.
Discuss five (5) key impact of the COVID-19 on the achievement of our fiscal policy targets for the year 2020 by comparing the original budget statement to the one presented after COVID- 19.   

The government of Ghana through the Minister of Finance presented the 2020 Budget statement to Parliament in November 2019.The Coronavirus Disease 2019 (COVID -19) pandemic that has hit the world has impacted on global economy including Ghana, thus affecting our macroeconomic targets in the budget statement presented in November 2019. The Minister of Finance presented a statement to Parliament on the economic impact of COVID – 19 pandemic on the economy of Ghana and the way forward at the end of March, 2020.
Discuss five (5) key impact of the COVID-19 on the achievement of our fiscal policy targets for the year 2020 by comparing the original budget statement to the one presented after COVID- 19.

The government of Ghana through the Minister of Finance presented the 2020 Budget statement to Parliament in November 2019.The Coronavirus Disease 2019 (COVID -19) pandemic that has hit the world has impacted on global economy including Ghana, thus affecting our macroeconomic targets in the budget statement presented in November 2019. The Minister of Finance presented a statement to Parliament on the economic impact of COVID – 19 pandemic on the economy of Ghana and the way forward at the end of March, 2020. Discuss five (5) key impact of the COVID-19 on the achievement of our fiscal policy targets for the year 2020 by comparing the original budget statement to the one presented after COVID- 19.