Prepare the adjusting entry to record the estimated uncollectible accounts expense in 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation. Debit Credit
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- On December 31, 2019, Nash Inc. borrowed $3,300,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $396,000: June 1, $660,000: July 1, $1,650,000: December 1, $1.650,000. The building was completed in February 2021. Additional information is provided as follows 1. 2. 3. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually 6-year, 11% note, dated December 31, 2017, interest payable annually March 1, 2020, expenditure included land costs of $165,000 Interest revenue earned in 2020 Your answer is incorrect. $4,400,000 $1,760,000 The amount of interest $ $53.900 Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building.Pharoah Corporation issued $420,000 of 5-year bonds on April 1, 2023. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Semi-Annual Interest Period Apr 1, 2023 Oct. 1, 2023 Apr. 1.2024 Oct 1, 2024 Apr. 1.2025 Oct. 1, 2025 Apr. 1, 2026 Interest Payment $8,400 $6,591 8,400 6,563 6,536 6,508 6,479 6,451 8,400 Interest Expense 8,400 8,400 8,400 Amortization. $1,809 1,837 1,864 1,892 1,921 1,949 Carrying Amount of Bonds $439,367 437,558 435,721 433,857 431.965 430,044 428,095please answer, thanks
- Exercise 9-14 On July 1, 2020, Blue Spruce Aggregates Ltd. purchased 5% bonds having a maturity value of $55,000 for $57,014. The bonds provide the bondholders with a 4% yield. The bonds mature four years later, on July 1, 2024, with interest receivable June 30 and December 31 of each year. Blue Spruce uses the effective interest method to allocate unamortized discount or premium. The bonds are accounted for using the FV-OCI model with recycling. Blue Spruce has a calendar year end. The fair value of the bonds at December 31, 2020 and 2021, was $57,017 and $56,205, respectively. Assume fair value adjustments are recorded at year end only. Immediately after collecting interest on December 31, 2021, the bonds were sold for $56,205. Prepare the journal entry at the date of the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.…Exercise 12-06 Pharoah Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (7-year life) $304,500 4/1/20 Purchase goodwill (indefinite life) 345,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 425,000 8/1/20 9/1/20 Payment of copyright (5-year life) 150,000 Research and development costs 215,000 $1,439,500 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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 0 for the amounts.) Account Titles and Explanation Debit CreditShow Attempt History Current Attempt in Progress On May 1, 2020, Christina Fashions borrowed $106,000 at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $26,500 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows: Current assets $137,800 Current liabilities $53,000 Non-current assets 163,200 Loan payable 106,000 Common shares 72,000 Retained earnings 70,000 Total liabilities and Total assets $301,000 shareholders' equity $301,000 Your answer is partially correct. Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan? (Round answer to 1 decimal place, e.g. 1.2.) Current ratio 2.6 Christina Fashions…
- The following transactions involving intangible assets of Oriole Corporation occurred on or near December 31, 2020. 1. Minton paid Grand Company $440,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Oriole is in business. Oriole spent $600,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. 2. In January, 2021, Oriole's application for a patent (#2 above) was granted. Legal and registration costs incurred were $249,900. The patent runs for 20 years. The manufacturing process will be useful to Minton for 10 years. Oriole incurred $180,800 in successfully defending one of its patents in an infringement suit. The patent expires during 3. 4. December, 2024. Oriole incurred $470,400 in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $241,920, is…On January 1, 2022, Oriole Company issued $430,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. (a)Please don't give image format
- Current Attempt in Progress Cullumber Tailors 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. 1. 2. (a) Cullumber 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 $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber 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 $587. Cullumber Tailors provides the 3-year tablet service plan as a separate…please and thank youPrepare the journal entries for Oriole for this revenue arrangement on June 1, 2025 and September 30, 2025, assuming Oriole receives payment when the equiptment is delivered. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)