Homework Answers
| General Journal | Debit | Credit | |
| 1 | Burks Inc. Investment (354000*39%) | 138060 | |
| Goodwill | 85940 | ||
| Cash | 224000 | ||
| 2 | Burks Inc. Investment | 32760 | |
| Gain on Investment | 32760 | ||
| 2 | Retained Earnings | 26000 | |
| Dividend Payable | 26000 | ||
| 4 | Cash | 10140 | |
| Burks Inc. Investment | 10140 | ||
| Working Note 1: | |
| Net income | 84000 |
| Share of Alamar | 39% |
| Shara of Alamar in Burks Inc. Income | 32760 |
| Working Note 2: | |
| Cash Dividends | 26000 |
| Share of Alamar | 39% |
| Shara of Alamar in Burks Inc. Dividends | 10140 |
For the Inventory no entry is needed as Bursk used the entire inventory in operations.
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On January 1 2021. Alamar Corporation acquired a 39 percent interest in Burks, Inc., for $224.000....
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variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
3. If the market interest rate is 5%, the bonds
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and December 31, 2021. (If no entry is required for a...
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On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
2. If the market interest rate is 7%, the bonds will issue at
$384,087. Record the bond issue on January 1, 2021, and the first
two semiannual interest payments on June 30, 2021, and December 31,
2021. (If no entry is required for a...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
3. If the market interest rate is 5%, the bonds
will issue at $483,971. Record the bond issue on January 1, 2021,
and the first two semiannual interest payments on June 30, 2021,
and December 31, 2021. (If no entry is required for a...
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On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $480,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $480,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (if no entry is required for...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 6%, the bonds will issue at $430,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $14,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $98,000 and were expected to have a useful life of seven years...
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