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intermediate accounting volume 2

Questions and Answers of Intermediate Accounting Volume 2

Refer to the information for Darby Corporation in E13.2.Instructionsa. Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since
In each of the following independent cases, the company closes its books on December 31.1. Sanford Co. sells $500,000 of 10% bonds on March 1, 2023. The bonds pay interest on September 1 and March 1.
Falkon Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2022 SFP:During 2023, the company had the following transactions that affect shareholders’
Oregano Inc. was formed on July 1, 2020. It was authorized to issue an unlimited number of common shares and 100,000 cumulative and non-participating preferred shares carrying a $2 dividend. The
Access the financial statements and accompanying notes of Brookfield Asset Management Inc. for the year ended December 31, 2020, through SEDAR (www.sedar.com) or the company’s website and then
Manitoba Deck System Corporation is a public company whose shares are actively traded on the Toronto Stock Exchange. The following transactions occurred in 2023:Jan. 1 The company was granted a
As at December 31, 2022, Cayenne Ltd., a public company, had 40,000 common shares outstanding. During 2023, Cayenne had the following transactions:1. Issued 6,000 common shares at $29 per share, less
Stellar Corp. had the following shareholders’ equity on January 1, 2023:The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar
Original Octave Inc. (OOI) is a widely held, publicly traded company that designs equipment for tuning musical instruments. Information about its shareholders’ equity is as follows.The preferred
The following is the shareholders’ equity section of Suozzi Corp. at December 31, 2023:aThe preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a
Dubois Steel Corporation, as lessee, signed a lease agreement for equipment for five years, beginning January 31, 2023. Annual rental payments of $41,000 are to be made at the beginning of each lease
Castle Leasing Corporation, which uses IFRS, signs a lease agreement on January 1, 2023, to lease electronic equipment to Wai Corporation, which also uses IFRS. The term of the non-cancellable lease
The books of Binkerton Corporation carried the following account balances as at December 1, 2023:The preferred shares have dividends in arrears for the past year (2022). On December 21, 2023, the
Secord Limited has two classes of shares outstanding: preferred ($6 dividend) and common. At December 31, 2022, the following accounts and balances were included in shareholders’ equity:The
On January 1, 2023, Copeland Ltd. (a public company) had the following shareholders’ equity accounts:The following selected transactions occurred during 2023:Jan. 2 Issued 100,000 preferred shares
Some of the account balances of Vos Limited at December 31, 2022, are as follows:The price of the company’s common shares has been increasing steadily on the market; it was $21 on January 1, 2023,
Gateway Corporation has outstanding 200,000 common shares that were issued at $10 per share. The balances at January 1, 2023, were $21 million in its Retained Earnings account; $4.3 million in its
Lasson Corp. has 5,000 preferred shares outstanding ($2 dividend), which were issued for $150,000, and 30,000 common shares, which were issued for $550,000.InstructionsThe following schedule shows
Brondon Corp. purchased a put option on Mykia common shares on July 7, 2023, for $480. The put option is for 350 shares, and the strike price is $50. The option expires on January 31, 2024. The
Mallard Inc. owns shares of Oakwood Corporation that are classified as Mallard’s fair value through net income (FV-NI) investment portfolio and accounted for using the FV-NI model. At December 31,
The shareholders’ equity accounts of Abbasi Inc. have the following balances on December 31, 2023:Common shares are currently trading on the Toronto Stock Exchange at $59.InstructionsPrepare the
Perfect Ponds Inc. (PPI) is a backyard pond design and installation company. PPI was incorporated during 2023, with an unlimited number of common shares, and 50,000 preferred shares with a $3
Cornwall Inc., a publicly accountable enterprise that reports in accordance with IFRS, issued convertible bonds for the first time on January 1, 2023. The $1 million of six-year, 10% (payable
Brubacher Corporation’s post-closing trial balance at December 31, 2023, was as follows:At December 31, 2023, Brubacher had the following numbers for its common and preferred shares:The dividends
The treasurer of Hing Wa Corp. has read that the stock price of Ewing Inc. is about to take off. To profit from this potential development, Hing Wa purchased a call option on Ewing common shares on
Miss M’s Dance Studios Ltd. is a public company, and accordingly uses IFRS for financial reporting. The corporate charter authorizes the issuance of an unlimited number of common shares and 50,000
On January 1, 2023, Roper Inc. agrees to buy 3 kg of gold at $40,000 per kilogram from Golden Corp. on April 1, 2023, but does not intend to take delivery of the gold. On the day that the contract
Abourawes Services Inc. issued 1,000 $2 convertible preferred shares at $75 and 5,000 common shares at $25 each in 2022. Each preferred share is convertible into three common shares. On March 15,
Daisy Inc. issued $6 million of 10-year, 9% convertible bonds on June 1, 2023, at 98 plus accrued interest. The bonds were dated April 1, 2023, with interest payable April 1 and October 1. Bond
On September 30, 2023, Gargiola Inc. issued $4 million of 10-year, 8% convertible bonds for $4.6 million. The bonds pay interest on March 31 and September 30 and mature on September 30, 2033. Each
Oakridge Leasing Corporation signs an agreement on January 1, 2023, to lease equipment to LeBlanc Limited. Oakridge and LeBlanc follow ASPE. The following information relates to the agreement:1. The
On January 1, 2023, Ginseng Inc. entered into a forward contract to purchase U.S. $6,000 for CAD $6,336 in 30 days. On January 15, the fair value of the contract was $40 (reflecting the present value
On January 1, 2023, Salem Corp. issued $1.1 million of five-year, zero-interest-bearing notes along with warrants to buy 1 million common shares at $22 per share. On January 1, 2023, Salem had 9.3
Martinez Ltd. has the following equity accounts at January 1, 2023.Preferred shares outstanding: 2,500 shares $ 62,500Common shares outstanding: 4,000 shares 400,000(a) What was the average issue
The following are unrelated transactions.1. On March 1, 2023, Loma Corporation issued $300,000 of 8% non-convertible bonds at 104, which are due on February 28, 2043. In addition, each $1,000 bond
Radford Corporation’s charter authorized 1 million $11 par value common shares, and 300,000 6% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation
The following account balances are available from the ledger of Yutao Shui Corporation on December 31, 2022:On January 2, 2023, the corporation put into effect a shareholder-approved reorganization
Nadra Corporation reported the following information for the years ended December 31, 2022 and 2023:Prepare a dashboard in Excel highlighting the year-over-year comparison and including movement
CopMin Inc. is a private enterprise that is involved in copper mining operations. The company currently owns two operating mines. It is January 1, 2023, and CopMin has recently entered into two types
On January 1, 2023, when the fair value of its common shares was $80 per share, Hammond Corp. issued $10 million of 8% convertible debentures due in 20 years. The conversion option allowed the holder
On February 1, 2023, Daily Produce Ltd. entered into a purchase commitment contract to buy apples from Farmers Corporation. According to the contract, Daily Produce could settle the contact on a net
On April 1, 2023, Petey Ltd. paid $175 for a call to buy 700 shares of NorthernTel at a strike price of $27 per share any time during the next six months. The market price of NorthernTel’s shares
Hanover Corporation has 750,000 shares outstanding. The shares have an average cost of $45 per share. On September 5, 2023, the company repurchases 1,500 of its own shares at $75 per share and does
On January 1, 2023, MacGregor Ltd. issued 1,000 five-year, 10% convertible bonds at par of $1,000, with interest payable each December 31. Each bond is convertible into 100 common shares, and the
On January 2, 2023, Jackson Corporation purchased a call option for $500 on Walter Inc.’s common shares. The call option gives Jackson the option to buy 1,000 shares of Walter at a strike price of
On January 1, 2023, Olson Corporation issued $6 million of 10-year, 7% convertible debentures at 104. Investment bankers believe that the debenture would have sold at 102 without the conversion
Vanstone Corp., a public company, adopted a stock option plan on November 30, 2023, that designated 70,000 common shares as available for the granting of options to officers of the corporation at an
RIT Co. has an investment of 5,000 shares in a public company, SIT Ltd. In October 2023, RIT purchased 5,000 put options for SIT shares at a price of $2 per put option. The strike price associated
On January 2, 2023, Thompson Corp. issued a $100,000, four-year note at prime plus 1% variable interest, with interest payable semi-annually. On the same date, Thompson entered into an interest rate
On January 1, 2023, Fresh Juice Ltd. entered into a purchase commitment contract to buy 10,000 oranges from a local company at a price of $0.50 per orange any time during the next year. The contract
Dadayeva Inc. has $5 million of 6% convertible bonds outstanding. Each $1,000 bond is convertible into 50 no par value common shares. The bonds pay interest on January 31 and July 31. On July 31,
On January 1, 2023, Wolfgang Ltd. paid $1,000 for the option to buy 5,000 of its common shares for $25 each. The contract stipulates that it may be settled only by exercising the option and buying
On September 1, 2023, Oxford Corp. sold at 102 (plus accrued interest) 5,200 of its $1,000 face value, 10-year, 9% non-convertible bonds with detachable stock warrants. Each bond carried two
On January 1, 2023, Tiamund Corp. sold at 103, 100 of its $1,000 face value, five-year, 9% non-convertible, retractable bonds. The retraction feature allows the holder to redeem the bonds at an
Somerton Corporation had two issues of securities outstanding: common shares and a 6% convertible bond issue in the face amount of $6 million. Interest payment dates of the bond issue are June 30 and
During 2023, Genoa Limited issued retractable preferred shares. The shares may be presented to the company by the holder for redemption after 2026. Explain how these should be presented in the
Synergetics Inc. leased a new crane to Gumo Construction Inc. under a six-year, non-cancellable contract starting February 1, 2023. The lease terms require payments of $21,500 each February 1,
On November 1, 2022, Aymar Corp. adopted a stock option plan that granted options to key executives to purchase 45,000 common shares. The options were granted on January 2, 2023, and were exercisable
On January 1, 2023, Waldorf Corporation granted 40,000 options to key executives. Each option allows the executive to purchase one share of Waldorf’s common shares at a price of $30 per share. The
In January 2023, Parker Inc. issued preferred shares that must be redeemed by Parker if the fair value of the company’s common shares exceeds $100 per share. At time of issuance of the preferred
At January 1, 2023, Baker Corp. reported retained earnings of $2 million. In 2023, Baker discovered that 2022 depreciation expense was understated in error by $500,000. In 2023, net income was
Presented below are four independent situations. All the companies involved use ASPE, unless otherwise noted.1. On December 31, 2023, Zarle Inc. sold equipment to Orfanakos Corp. and immediately
Golden Properties Corporation purchased a parcel of land in March 2022 for $1 million with the intent to construct a building on the property in the near future. At the time of purchase, Golden
Indicate the effect—understated (U), overstated (O), or no effect (NE)—that each of the following errors has on 2022 net income and 2023 net income: Wages payable were not recorded at Dec. 31,
Melanie Corporation reported net income of $550,000 in 2023 and had 900,000 common shares outstanding throughout the year. On May 1, 2023, Melanie issued 5% convertible bonds. Each $1,000 bond is
Bryce Corporation is preparing the comparative financial statements for the annual report to its shareholders for the fiscal years ended May 31, 2023, and May 31, 2024. The income from operations was
On January 2, 2023, Yellowknife Corp. issues a $10-million, five-year note at LIBOR, with interest paid annually. To protect against the cash flow uncertainty related to interest payments that are
Anchovy Corp. issued a $1-million, four-year, 7.5% fixed-rate interest only, non-prepayable bond on December 31, 2022. Anchovy later decided to hedge the interest rate and change from a fixed rate to
On January 1, 2023, Trigson Ltd. had 580,000 common shares outstanding. During 2023, it had the following transactions that affected the common share account:Feb. 1 Issued 180,000 sharesMar. 1 Issued
On June 1, 2021, Gustav Corp. and Gabby Limited merged to form Fallon Inc. A total of 800,000 shares were issued to complete the merger. The new corporation uses the calendar year as its fiscal
In 2022, Capstone Ltd. issued $50,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $75,000 and expenses of $40,000 for 2023, not
Spencer Ltd. established a SARs program on January 1, 2023, that entitles executives to receive cash at the date of exercise (any time in the next three years) for the difference between the
On January 1, 2023, Blaine Corporation granted 6,000 options to executives. Each option entitles the holder to purchase one share of Blaine’s common shares at $35 per share at any time after
Sayaka Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company won a contract to build a road for the municipality of Cochrane West. It is estimated
Allen Corporation reports the following amounts in its first three years of operations.The difference between taxable income and accounting income is due to one reversing difference. The tax rate is
Zak Corp. purchased depreciable assets costing $600,000 on January 2, 2023. For tax purposes, the company uses CCA in a class that has a 40% rate. Assume these assets are considered “eligible
At January 1, 2023, Ming Limited’s outstanding shares included the following:280,000 $50 par value, 7%, cumulative preferred shares 900,000 common sharesNet income for 2023 was $2,130,000. No cash
On January 1, 2023, Draper Inc. issued $4 million of face value, five-year, 6% bonds at par. Each $1,000 bond is convertible into 20 common shares. Draper’s net income in 2023 was $200,000, and its
Christina Inc. follows IFRS. Christina holds a variety of investments, some of which are accounted for at fair value through net income and some of which are accounted for at fair value through other
Applegate Inc. established a SARs program on January 1, 2023, that entitles executives to receive cash at the date of exercise for the difference between the shares’ fair value and the
Dencil Corporation had 600,000 common shares outstanding on January 1, 2023. On March 1, 2023, Dencil issued 150,000 shares. On September 1, 2023, Dencil repurchased and cancelled 50,000 shares.
Laurin Limited had 42,000 common shares outstanding on January 1, 2023. On March 1, 2023, Laurin issued 20,000 shares in exchange for equipment. On July 1, Laurin repurchased and cancelled 10,000
The airline industry actively hedges risks related to fuel prices. Air Canada may expect fuel to increase in price, whereas West Jet may expect fuel to decrease in price. They may enter a forward
Ethan Corporation had 100,000 common shares outstanding on December 31, 2022. During 2023, the company issued 12,000 shares on March 1, retired 5,000 shares on July 1, issued a 20% stock dividend on
Ottey Corporation issued $4 million of 10-year, 7% callable convertible subordinated debentures on January 2, 2023. The debentures have a face value of $1,000, with interest payable annually. The
Use the same information as in BE17.7, but assume that on October 1, 2023, Laurin declared a 1-for-2 reverse stock split instead of a 10% stock dividend. Calculate the weighted average number of
Standard Corp’s net income for 2023 is $150,000. The only potentially dilutive securities outstanding were 1,000 call options issued during 2022, with each option being exercisable for one share at
Milliken Corporation reported net income of $700,000 in 2023 and had 115,000 common shares outstanding throughout the year. Also outstanding all year were 9,500 cumulative preferred shares, with each
Francine Limited was incorporated with share capital consisting of 100,000 common shares. In January 2023, it issued 20,000 mandatorily convertible preferred shares. The terms of the prospectus for
Thiessen Corporation earned net income of $300,000 in 2023 and had 100,000 common shares outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds that are convertible into
Henry Limited had investments in securities on its SFP for the first time at the end of its fiscal year ended December 31, 2023. Henry reports under IFRS and its investments in securities are to be
Bantec Corporation had 500,000 common shares outstanding on January 1, 2023. On May 1, Bantec issued 50,000 shares.(a) Calculate the weighted average number of shares outstanding for the year ended
Hang Technologies Inc. held a portfolio of shares and bonds that it accounted for using the fair value through other comprehensive income model at December 31, 2023. This was the first year that Hang
Bedard Corporation reported net income of $300,000 in 2023 and had 200,000 common shares outstanding throughout the year. Also outstanding all year were 45,000 (written) options to purchase common
Zdon Inc. reports accounting income of $105,000 for 2023, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements.1.
The following information is available for Roginski Corporation for 2023.1. CCA that was reported on the 2023 tax return exceeded depreciation reported on the income statement by $160,000. This
Use the same information as in BE17.15, but assume that the 10% bonds are convertible into 10,000 common shares. Calculate Thiessen’s 2023 diluted earnings per share. Round to the nearest
Riley Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes:The tax rates listed were all enacted by the beginning of 2021. Riley reports under
Sorpon Corporation purchased equipment very late in 2023. Based on generous capital cost allowance rates provided in the Income Tax Act, Sorpon claimed CCA on its 2023 tax return but did not record
The following are independent items.1. The excess amount of a charge to the accounting records (allowance method) over a charge to the tax return for the writedown of inventory due to obsolescence2.

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