On April 1, 2020, Larkspur Company sold 16,200 of its 12%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Larkspur took advantage of favorable prices of its stock to extinguish 7,500 of the bonds by issuing 247,500 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company’s stock was selling for $32 per share on March 1, 2021.

Prepare the journal entries needed on the books of Larkspur Company to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Hundar Ltd is a Japanese car manufacturer. On 1 March 2020, Vicpark Ltd, an Australian African company, purchased 50 cars from Hundar Ltd. The terms of the contract are FOB shipping, with the invoice denominated in Japanese Yen. The order was completed on 25 May 2020, shipped from Nagoya Port (the largest port in Japan) on 1 June and received by Vicpark Ltd on 25 June 2020. The total cost of the cars was 70 million Yen. Vicpark Ltd’s reporting date is 30 June. Vicpark Ltd settled the payment on 31 July 2020. Selected exchange rates were:

Required:

Prepare all journal entries required by Vicpark Ltd (the Australian company) to record the above transactions. Narrations are not required but you must show all workings and round figures to the nearest dollar. (5 Marks, 4 marks for correct journal entries, 1 mark for your workings)

The human resources department needs to forecast the number of sexual harassement investigations for the entire company. The data for several months is supplied below. Be careful since the data is listed beginning with the most recent. The forecasting method to be used here is the 4 month weighted moving average adjusting for seasonality where the weights, starting with the most recent time period, are 0.4, 0.3, 0.2, 0.1. Again, you must find the seasonality factors for the data. Please round your forecast to the nearest whole number.

Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020. As of that date, Abernethy has the following trial balance:

During 2020, Abernethy reported net income of $122,500 while declaring and paying dividends of $15,000. During 2021, Abernethy reported net income of $159,250 while declaring and paying dividends of $49,000.

Assume that Chapman Company acquired Abernethy’s common stock for $698,050 in cash. As of January 1, 2020, Abernethy’s land had a fair value of $123,900, its buildings were valued at $219,400, and its equipment was appraised at $254,500. Chapman uses the equity method for this investment.

Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021.

Exercise 23-15

Presented below are data taken from the records of Oriole Company.

Additional information:

Prepare a statement of cash flows for the year 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Exercise 9-24

Larkspur Company began operations on January 1, 2019, adopting the conventional retail inventory system. None of the company’s merchandise was marked down in 2019 and, because there was no beginning inventory, its ending inventory for 2019 of $37,700 would have been the same under either the conventional retail system or the LIFO retail system.

On December 31, 2020, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2020, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level.

Determine the cost of the 2020 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method. (Round ratios for computational purposes to 2 decimal place, e.g. 78.72% and final answers to 0 decimal places, e.g. 28,987.)

Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit Accounts payable $ 55,800 Accounts receivable $ 42,500 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 209,000 Cash and short-term investments 67,250 Common stock 250,000 Equipment (net) (5-year remaining life) 357,500 Inventory 136,000 Land 114,000 Long-term liabilities (mature 12/31/23) 168,500 Retained earnings, 1/1/20 414,650 Supplies 12,700 Totals $ 938,950 $ 938,950 During 2020, Abernethy reported net income of $104,500 while declaring and paying dividends of $13,000. During 2021, Abernethy reported net income of $137,750 while declaring and paying dividends of $34,000. Assume that Chapman Company acquired Abernethy’s common stock for $849,550 in cash. As of January 1, 2020, Abernethy’s land had a fair value of $128,300, its buildings were valued at $274,600, and its equipment was appraised at $334,750. Chapman uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021.

Thomas Consulting received the September 30th bank statement with the following monthly activity:

On 9/30/2020, the cash account ledger balance was $41,773.

Deposits in transit were as follows;

• 9/28 $3,200
• 9/29 $2,461
• 9/30 $2,757

All checks posted in the ledger cleared the bank except for those totaling $10,205. Also, a $500 deposit from a customer was mistakenly recorded as a $50 debit to cash and credit to accounts receivable.  

Required:

1. Using excel, prepare a Bank Reconciliation for Thomas Consulting as of 9/30/2020. You can use any format, just be sure your adjusted/corrected cash balance reconciles. Don't submit a Bank Reconciliation that doesn't reconcile. Please format your numbers with the thousands separator and no decimals.
2. In the same excel file, use a new sheet to record any necessary journal entries to adjust the cash account.  

The term of the non-cancelable lease is 5 years with no renewal option. The equipment has an estimated economic life of 5 years.

The cost of the asset to the lessor is $320,000. The fair value of the asset at January 1, 2020, is $320,000.

The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $34,000, none of which is guaranteed.

The agreement requires equal annual rental payments, beginning on January 1, 2020.

Collectibility of the lease payments by Sanders is probable.

can you please solve this question as soon as possible. Thank you

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 $45,000 and a cost of $27,500 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 $56,100, the cost-to-retail percentage for 2020 under the LIFO retail method was 62%, and the appropriate price index was 102% of the January 1, 2020, price level.
4. The retail value of the December 31, 2021, inventory was $48,300, the cost-to-retail percentage for 2021 under the LIFO retail method was 61%, and the appropriate price index was 105% of the January 1, 2020, price level.

Required:
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.)