(Solution Download) ACC202 CHAPTERS 14 through 26 1. (5%) On the first day of the current fiscal year, $1,500,000 of...


ACC202 CHAPTERS 14 through 26 1. (5%) On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year: (a) (b) (c) Issuance of the bonds. First semiannual interest payment. Amortization of bond discount for the year, using the straight-line method of amortization. 2. (5%)On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000. Required: Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire. 3. (10%)On the basis of the following data for Larson Co. for 2010 and the preceding year ended December 31, 2010, prepare a statement of cash flows. Use the indirect method of reporting cash flows from operating activities. Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of

 







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