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View Policies Current Attempt in Progress On July 1, 2025, Sheffield Inc. made two sales. It sold land having a fair value of $909, 120 in exchange for a 4- year zero - interest - bearing promissory note in the face amount of $1,430, 514. The land is carried on Sheffield's books at a cost of $597,100. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $401,050 (interest payable annually). Sheffield Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. Record the two journal entries that should be recorded by Sheffield Inc. for the sales transactions above that took place on July 1, 2025. (Round present value factor calculations to 5 decimal places, e.g 1.25124 and final answers to 0 decimal places, e.g . 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the…

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Current Attempt in Progress On January 2, 2023, Pharoah Inc. sells goods to Coronado Company in exchange for a zero-interest-bearing note with a face value of $7.920, with payment due in 12 months. The fair value of the goods at the date of sale is $7,200 (cost $4,320). Assume that the company chooses to reflect the interest component. (a)

Instructions Prepare all necessary entries in general journal form for Garfield Corp. E6.13 (LO 4) (Note Transactions at Unrealistic Interest Rates) On July 1, 2025, Agincourt Inc. made two sales. 1. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The land is carried on Agincourt's books at a cost of $590,000. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually). Agincourt Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. ធ

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Sandhill Corp. sells idle machinery to Hollis Company on July 1, 2020, for $33,000. Sandhill agrees to repurchase this equipment from Hollis on June 30, 2021, for a price of $34,320 (an imputed interest rate of 4%).   Date Account Particulars Debit ($)  Credit ($) July 1,2020 Cash 33,000       Liability to Hollis Company (To record repurchase obligation)   33,000 Dec 31,2020 Interest Expense (33,000*4%*6/12) 660        Liability to Hollis Company (To record interest expense)   660

Presented below are two independent situations. a.   On January 1, 2020, Wright Inc. purchased land that had an assessed value of $350,000 at the time of purchase. A $550,000, zero-interest-bearing note due January 1, 2023, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2020, and the interest expense to be reported in 2020 related to this transaction. b.    On January 1, 2020, Field Furniture borrowed $5,000,000 (face value) from Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Field Furniture agreed to sell furniture to this customer at lower than market price. A 10% rate of interest is normally charged on this type of loan. Prepare the journal entry to record this transaction and determine the amount of interest expense…

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Instructions Daniels Company engaged in the following transactions during 2020: a. Purchased s25,000 of merchandise from XYZ Supplies on January 26. Amount due in full on February 28. b. Paid for 40% of the purchased merchandise (Transaction a) on February 26. c. On February 28, negotiate a payment extension with XYZ for the remainder of the balance from the January 26 purchase by signing a 1-year, 8% note. d. Borrowed S500,000 on an 8-month, 9% interest-bearing note on July 31. e. Purchased $140,000 of merchandise on August 2. Amount due in full on September 30. f. Paid for the purchased merchandise (Transaction e) on September 28. g. Received from Martel Inc. on October 4, a S60,000 deposit against a total selling price of $600,000 for services to be performed for Martel. h. Paid quarterly installments of Social Security, Medicare, and individual income tax withholdings, as shown below, on October 10. The Social Security and Medicare were previously recorded as expenses during the…

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Exercise 14-17 Presented below are two independent situations:(a) On January 1, 2020, Sage Inc. purchased land that had an assessed value of $349,000 at the time of purchase. A $571,000, zero-interest-bearing note due January 1, 2023, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%.Determine at what amount the land should be recorded at January 1, 2020, and the interest expense to be reported in 2020 related to this transaction. (Round answers to 0 decimal places, e.g. 38,548.) Land to be recorded at January 1, 2020   $   Interest expense to be reported   $   (b) On January 1, 2020, Pronghorn Furniture borrowed $4,500,000 (face value) from Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Pronghorn Furniture agreed to sell furniture to this customer at lower than market…

Problem 19-07 (Part Level Submission) Pharoah Corp. sold an investment on an installment basis. The total gain of $86,400 was reported for financial reporting purposes in the period of sale. The company qualifies to use the installment-sales method for tax purposes. The installment period is 3 years; one-third of the sale price is collected in the period of sale. The tax rate was 40% in 2020, and 20% in 2021 and 2022. The 20% tax rate was not enacted in law until 2021. The accounting and tax data for the 3 years is shown below.     Financial Accounting   Tax Return 2020 (40% tax rate)         Income before temporary difference   $100,800   $100,800 Temporary difference   86,400   28,800 Income   $187,200   $129,600           2021 (20% tax rate)         Income before temporary difference   $100,800   $100,800 Temporary difference   0   28,800 Income   $100,800   $129,600           2022 (20% tax rate)         Income before temporary…

Capital Mfundo -R125,600 Current account - Mfundo R26,400 On 1 June 2023, the following transactions took place concerning the liquidation: 1. A final settlement of R201,600 was received from debtors, with the remaining balance considered a settlement discount. 2. Mfundo agreed to acquire installation equipment with a carrying amount of R52,000 for a cash value of R60,700, which was not paid immediately. 3. The leftover installation equipment was disposed of for a cash sum of R95,000. 4. The company received a settlement discount of R9,000 upon paying off all creditors' accounts. 5. All non-current loans from partners were settled in full. 6. The expenses incurred during the liquidation process totalled R62,300. Question 15 Which one of the following alternatives represents the correct amount that must be allocated to Jackie on as liquidation profit/loss of Efficient Solar Guys (SA) on 1 June 2023? a. (R 50) b. (R 150) c. (R 137,925) d. (R 15,625) e. (R 46,875) f. R 46,575 Question 16…

Exercise 14-17 Presented below are two independent situations:(a) On January 1, 2020, Wildhorse Inc. purchased land that had an assessed value of $322,000 at the time of purchase. A $517,000, zero-interest-bearing note due January 1, 2023, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%.Determine at what amount the land should be recorded at January 1, 2020, and the interest expense to be reported in 2020 related to this transaction. (Round answers to 0 decimal places, e.g. 38,548.) Land to be recorded at January 1, 2020   $   Interest expense to be reported   $   (b) On January 1, 2020, Sheffield Furniture borrowed $6,100,000 (face value) from Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Sheffield Furniture agreed to sell furniture to this customer at lower than market…

Jin Company accepted a P1,000,000, 2% interest bearing note from BTS Company on December 31, 2020, in exchange for a machine with a list price of P800,000 and a cash price of P750,000. The note is payable on December 31, 2022.    In its 2020 income statement, Jin should report the sale at A. P750,000 B. P1,040,000 C. P800,000 D. P1,000,000