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![On January 1, 2021, North Company acquired a machinery
with cash price of P750,000 for P1,000,000.
The entity paid P200,000 and signed a noninterest bearing
promissory note for the balance which is payable in 4 equal
installments every December 31 of each year.
Required:
Prepare journal entries for 2021.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F69b30ad6-7663-4290-846d-de111a90c5ce%2Fcc6185e2-a70d-4d01-8149-e7aff05b8a03%2Fend4q4k_processed.jpeg&w=3840&q=75)
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- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)On January 1, 2019, Boater Company issues a 20,000 non-interest-bearing, 5-year note for equipment. Neither the fair value of the note nor the equipment is determinable. Boaters incremental borrowing rate is 9%. The asset has a useful life of 7 years. Prepare the journal entry for Boater to record the issuance of the note on January 1.Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.
- Notes Receivable On January 1, 2019, Lisa Company sold machinery with a book value of 118,000 to Mark Company. Mark signed a 180,000 non-interest-bearing note, payable in three 60,000 annual installments on December 31, 2019, 2020, and 2021. The fair value of the machinery was 149,211.12 on the date of sale. The machinery had been purchased by Lisa at a cost of 160,000. Required: 1. Prepare all the journal entries on Lisas books for January 1, 2019, through December 31, 2021. 2. Prepare the notes receivable portion of Lisas balance sheet on December 31, 2019 and 2020.Kervin Company acquired three items of machinery as follows: During 2021, the entity purchased a machine for P500, 000 down and four monthly installments of P1, 250, 000. The cash price of the machine was P4, 700, 000. On January 1, 2021, the entity purchased a machine for P2, 000, 000 in exchange for a noninterest bearing note requiring four payments of P500, 000. The first payment was made on January 1, 2021. The rate of interest for this note at date of issuance was 10%. The present value of an ordinary annuity of 1 at 10% is 3.17 for four periods. The present value of an annuity of 1 in advance at 10% is 3.49 for four periods. On January 1, 2021, the entity acquired a machine by issuing a four-year, noninterest bearing note for P2, 000, 000. The note is due on January 1, 2025. The entity has a 10% interest for this type of note. The present value of 1 at 10% for 4 years is 0. 68. What is the total cost of the three machines?Marigold Cosmetics Co. purchased machinery on December 31, 2019, paying $53,800 down and agreeing to pay the balance in four equal installments of $49,600 payable each December 31. An assumed interest of 10% is implicit in the purchase price.Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round 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.) (a) December 31, 2019. (b) December 31, 2020. (c) December 31, 2021. (d) December 31, 2022. (e) December 31, 2023.
- Described below are certain transactions of Pharoah Company for 2021: On May 10, the company purchased goods from Fox Company for $74,900, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 1. On June 1, the company purchased equipment for $96,000 from Rao Company, paying $31,200 in cash and giving a one- year, 9% note for the balance. 2. On September 30, the company discounted at 11% its $220,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $198,000. 3.Marin Cosmetics Co. purchased machinery on December 31, 2019, paying $47,300 down and agreeing to pay the balance in four equal installments of $46,400 payable each December 31. An assumed interest of 8% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) December 31, 2019. (b) December 31, 2020. (c) December 31, 2021. (d) December 31, 2022. (e) December 31, 2023.At the beginning of 2021 VHF Industries acquired a machine with a fair value of 7,985,420 by issuing a five year noninterest bearing note in the face value of $10,000,000. The note is payable in five annual installments of $2,000,000 at the end of each year. Journal entries?
- You noted the following items relative to the company's intangibles assets of Pete Corporation at December 31, 2022. On January 2021, Pete signed an agreement to operate as franchisee of Clear Copy Service, Inc., for an initial franchise of P680,000. Of this amount, P200,000 was paid when the agreement was signed and the balance was payable in four annual payment of P120,000 each beginning on January 1, 2022. The agreement provides that the down payment is not refundable and no future services are required in the franchisor. The implicit rate for loan of this type is 14%. Discount factors of 14% for four years for ordinary annuity and annuity due are 2.9137 and 3.3216, respectively. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Pete's revenue from the franchise for 2022 was P8,000,000. Pete estimates the useful life of the franchise to be ten years. Pete incurred P624,000 of experimental development costs in its…Skysong Cosmetics Co. purchased machinery on December 31, 2019, paying $52,900 down and agreeing to pay the balance in four equal installments of $56,000 payable each December 31. An assumed interest of 10% is implicit in the purchase price.Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round 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.) (a) December 31, 2019. (b) December 31, 2020. (c) December 31, 2021. (d) December 31, 2022. (e) December 31, 2023.You noted the following items relative to the company's intangibles assets of Pete Corporation at December 31, 2020.• On January, 2019 Pete signed an agreement to operate as franchisee of Clear Copy Service, Inc., for an initial franchise of P680,000. Of this amount, P200,000 was paid when the agreement was signed and the balance was payable in four annual payment of P120,000 each beginning on January 1, 2020. The agreement provides that the down payment is not refundable and no future services are required in the franchisor. The implicit rate for loan of this type is 14%. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Pete's revenue from the franchise for 2020 was P8,000,000. Pete estimates the useful life of the franchise to be ten years.• Pete incurred P624,000 of experimental development costs in its laboratory to develop a patent which was granted on January 2, 2019, Legal fees and other costs associated with the…
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