Assuming Concord is a private enterprise that applies ASPE, prepare the journal entry related to a December 31, 2024 fair value of $942,000 and an adjusted carrying amount at that date of $919,500. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select

Assuming Concord is a private enterprise that applies ASPE, prepare the journal entry related to a December 31, 2024 fair value of $942,000 and an adjusted carrying amount at that date of $919,500. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sandhill Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. Sandhill Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $455. The standalone selling price of the tablet is $234 (the cost to Sandhill Company is $171). Sandhill Company sells the Internet access service independently for an upfront payment of $270. On January 2, 2020, Sandhill Company signed 90 contracts, receiving a total of $40,950 in cash. 1. Sandhill Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $551. Sandhill Company provides the 3-year tablet service plan as a separate product with a standalone selling price of…
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Ivanhoe Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $53,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 7%; Ivanhoe's incremental borrowing rate is 9%. Ivanhoe is unaware of the rate being used by the lessor. At the end of the lease, Ivanhoe has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Ivanhoe uses the straight-line method of depreciation on similar owned equipment. (a) Your answer is correct. Prepare the journal entries, that Ivanhoe should record on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round…
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