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business
intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

Refer to the situation described in BE 10–14. Answer the questions assuming that the fair value of the equipment was $24,000, instead of $17,000.Data from in BE 10-14Calaveras Tire exchanged
Freitas Corporation was organized early in 2024. The following expenditures were made during the first few months of the year:Required:Prepare a summary journal entry to record the $107,000 in cash
The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic
Early in 2024, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2024 at a cost of $6 million. Of this amount, $4 million was spent
On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year
At December 31, 2023, Cord Company’s plant asset and accumulated depreciation and amortization accounts had balances as follows:Depreciation is computed to the nearest month and residual values are
Whaley Distributors is a wholesale distributor of electronic components. Financial statements for the year ended December 31, 2024, reported the following amounts and subtotals ($ in millions):In
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This
On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $2,000. The company expects the
On January 1, 2024, the Allegheny Corporation purchased equipment for $115,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the
Refer to the situation described in BE 11–2. Assume the equipment was purchased on March 31, 2024, instead of January 1. Calculate depreciation expense for 2024 and 2025 using each of the following
For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2024, using the following depreciation methods and useful lives:Depreciation is computed to the
On October 1, 2024, the Allegheny Corporation purchased equipment for $115,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is
Refer to the situation described in BE 11–2. Calculate depreciation expense for 2024 and 2025 using sum-of-theyears’- digits, assuming the equipment was purchased on (1) January 1, 2024,
On April 1, 2022, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $48,000, has an eight-year useful life, and has no residual value. The company
On January 1, 2024, the Allegheny Corporation purchased equipment for $115,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is
The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2022. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented
Tristen Company purchased a five-story office building on January 1, 2022, at a cost of $5,000,000. The building has a residual value of $200,000 and a 30-year life. The straight-line depreciation
At the beginning of 2022, the Healthy Life Food Company purchased equipment for $42 million to be used in the manufacture of a new line of gourmet frozen foods. The equipment was estimated to have a
Funseth Farms Inc. purchased a tractor in 2021 at a cost of $30,000. The tractor was sold for $3,000 in 2024. Depreciation recorded through the disposal date totaled $26,000. (1) Prepare the
On March 31, 2024, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,000,000 to the various types of assets along with
On March 31, 2024, Susquehanna Insurance purchased an office building for $12,000,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to
On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and $325,000, respectively. On the date of the sale, the book value of the patent was
In 2024, the Marion Company purchased land containing a mineral mine for $1,600,000. Additional costs of $600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore
The Cummings Company charged various expenditures made during 2024 to an account called repairs and maintenance expense. You have been asked by your supervisor in the company’s internal audit
On December 31, 2024, management of Jines Construction committed to a plan for selling an office building and its related equipment. Both are available for immediate sale. The building has a book
Amgen, Inc. is an American multinational biopharmaceutical company headquartered in Thousand Oaks, California. Located in the Conejo Valley, Amgen is the world’s largest independent biotechnology
The following information concerns the intangible assets of Baez Corporation:a. On June 30, 2024, Baez completed the acquisition of the Johnstone Corporation for $2,000,000 in cash. The fair value of
On June 30, 2024, Rosetta Granite purchased equipment for $120,000. The estimated useful life of the equipment is eight years and no residual value is anticipated. An important component of the
The property, plant, and equipment section of the Jasper Company’s December 31, 2023, balance sheet contained the following:The land and building were purchased at the beginning of 2019.
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2024 totaled $425,000. The estimated residual value of the equipment was $40,000 and the group
Dower Corporation prepares its financial statements according to IFRS. On March 31, 2024, the company purchased equipment for $240,000. The equipment is expected to have a six-year useful life with
Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $2,000,000. This cost figure included the following expenditures:The company estimated an eight-year
Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2024 before any adjusting entries or closing entries are prepared.a. On December
Mercury Inc. purchased equipment in 2022 at a cost of $400,000. The equipment was expected to produce 700,000 units over the next five years and have a residual value of $50,000. The equipment was
Redline Publishers, Inc. produces various manuals ranging from computer software instructional booklets to manuals explaining the installation and use of large pieces of industrial equipment. At the
On July 1, 2019, Farm Fresh Industries purchased a specialized delivery truck for $126,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of
Early in 2024, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2024 at a cost of $6 million. Of this amount, $4 million was spent
At the beginning of 2022, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was
Imani West, CEO of West Industries, stopped by the company’s finance department with a question. “I am considering having West Industries purchase bonds of Triton Corporation as an investment.
Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2024. Company management has the positive intent and ability to hold the bonds until
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This
The following disclosure note appeared in the July 27, 2019, annual report of Cisco Systems, Inc. Note 9: Available-for-Sale Debt Investments and Equity Investments (in part) Available-for-sale
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. Assume that on December 27, 2024, S&L purchased Coca-Cola bonds at par for $875,000 and
Fuzzy Monkey Technologies, Inc., purchased as a short-term investment $80 million of 8% bonds, dated January 1, on January 1, 2024. Management intends to include the investment in a short-term,
Mills Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2024. Company management has the positive intent and ability to hold the bonds until maturity.
Microsoft’s 2020 10-K includes the following information relevant to its available-for-sale investments in Note 17—Accumulated Other Comprehensive Income (Loss):Required:1. Prepare a journal
FF&T Corporation is a confectionery wholesaler that frequently buys and sells securities to meet various investment objectives. The following selected transactions relate to FF&T’s
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF‘s financial statements and disclosure notes for the
For the Coca-Cola bonds described in BE 12–2, prepare journal entries to record (a) any unrealized gains or losses occurring in 2024 and (b) the sale of the bonds in 2025.Data from in BE
Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2024. Management intends to have the investment available for sale when
S&L Financial buys and sells securities which it classifies as available-for-sale. Assume that on December 27, 2024, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on
The following are excerpts from the 2019 financial statements of Renault, a large French automobile manufacturer.In view of this situation, Renault is considered to exercise significant influence
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys debt securities, intending to profit from short-term differences
Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2024. Management intends to have the investment available for sale when
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys debt securities, not intending to profit from short-term
General Motors invests in securities of other companies. Access GM’s 2019 10-K (which includes financial statements) using EDGAR at www.sec.gov.Required:1. What is the amount and classification of
For the Coca-Cola bonds described in BE 12–4, prepare journal entries to record (a) any unrealized gains or losses occurring in 2024 and (b) the sale of the bonds in 2025, including recognition of
Tanner-UNF Corporation acquired as an investment $240 million of 6% bonds, dated July 1, on July 1, 2024. Company management is holding the bonds in its trading portfolio. The market interest rate
S&L Financial buys and sells securities that it typically classifies as available-for-sale. Assume that on December 27, 2024, S&L purchased Coca-Cola bonds at par for $875,000 and sold the
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2024. The company buys equity securities as noncurrent investments. None of
Obtain the 2019 annual report of FCA Group (archived at www.stellantis.com), which manufactures Fiat-brand automobiles as well as other products.Required:Find FCA’s discussion of “Basis of
Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price, and holds these investments in its trading portfolio. The company’s fiscal year
Mills Corporation acquired as an investment $240 million of 6% bonds, dated July 1, on July 1, 2024. Company management is holding the bonds in its trading portfolio. The market interest rate (yield)
Assume that for several years Fister Links Products has held Microsoft bonds, considered by the company to be securities available-for-sale. The bonds were acquired at a cost of $500,000. At the end
American Surety and Fidelity buys and sells securities expecting to earn profits on short-term differences in price. For the first 11 months of 2024, gains from selling trading securities totaled $8
Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells securities. The following selected
Fowler Inc. purchased $75,000 of bonds on January 1, 2024. The bonds pay interest semiannually and mature in 20 years, at which time the $75,000 principal will be paid. The bonds do not pay any
Loreal-American Corporation purchased several marketable securities during 2024. At December 31, 2024, the company had the investments in bonds listed below. None was held at the last reporting date,
Assume the same facts as in BE 12–8, but that Fowler intends to hold the bonds until maturity. How much unrealized gain or loss would Fowler include in 2024 net income with respect to the
Assume that Adams Industries holds 40,000 shares of FedEx common stock, which is not a large enough ownership interest to allow Adams to exercise significant influence over FedEx. On December 31,
On January 4, 2024, Runyan Bakery paid $324 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan
Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2024. Company management has classified the bonds as an available-for-sale investment. The
Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on its common shares. What effect did this dividend have on Turner’s
On January 4, 2024, Runyan Bakery paid $324 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan
Colah Company purchased $1 million of Jackson, Inc., 5% bonds at par on July 1, 2024, with interest paid semi-annually. Colah determined that it should account for the bonds as an available-for-sale
Mills Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2024. Company management has classified the bonds as an available-for-sale investment. The
Turner Company owns 40% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on its common shares. What effect did this dividend have on Turner’s
Companies can choose the fair value option for investments that otherwise would be accounted for under the equity method. If the fair value option is chosen, the investment is shown at fair value in
Northwest Paperboard Company, a paper and allied products manufacturer, was seeking to gain a foothold in Canada. Toward that end, the company bought 40% of the outstanding common shares of Vancouver
At December 31, 2024, Hull-Meyers Corp. had the following investments that were purchased during 2024, its first year of operations:No investments were sold during 2024. All securities except
Kim Company bought 30% of the shares of Phelps, Inc., at the start of 2024. Kim paid $10 million for the shares. Thirty percent of the book value of Phelps’s net assets is $8 million, and the
On January 1, 2024, Ithaca Corp. purchases Cortland Inc. bonds that have a face value of $150,000. The Cortland bonds have a stated interest rate of 6%. Interest is paid semiannually on June 30 and
On January 2, 2024, Miller Properties paid $19 million for 1 million shares of Marlon Company’s 6 million outstanding common shares. Miller’s CEO became a member of Marlon’s board of directors
At the beginning of 2024, Pioneer Products’ ownership interest in the common stock of LLB Co. increased to the point that it became appropriate to begin using the equity method of accounting for
On March 31, 2024, Chow Brothers, Inc., bought 10% of KT Manufacturing’s capital stock for $50 million. KT’s net income for the year ended December 31, 2024, was $80 million. The fair value of
Turner Company purchased 40% of the outstanding stock of ICA Company for $10,000,000 on January 2, 2024. Turner elects the fair value option to account for the investment. During 2024, ICA reports
Note: The loss included in NI equals the difference between the proceeds ($30 million) and the carrying value of the investment ($35 million). An additional $15 million was recognized in net income
Feherty, Inc., accounts for its investments under IFRS No. 9 and purchased the following investments during December 2024:1. Fifty of Donald Company’s $1,000 bonds. The bonds pay semiannual
Superior Company owns 40% of the outstanding stock of Bernard Company. During 2024, Bernard paid a $100,000 cash dividend on its common shares. What effect did this dividend have on Superior’s 2024
Stewart Enterprises has the following investments, all purchased prior to 2024:1. Bee Company 5% bonds, purchased at face value, with an amortized cost of $4,000,000, and classified as
On February 18, 2024, Union Corporation purchased 600 IBM bonds as a long-term investment at their face value for a total of $600,000. Union will hold the bonds indefinitely, and may sell them if
The accounting records of Jamaican Importers, Inc., at January 1, 2024, included the following:No changes occurred during 2024 in the investment portfolio.Required:Prepare appropriate adjusting
The investments of Harlon Enterprises included the following cost and fair value amounts ($ in millions):Harlon accounts for its equity investment portfolio at fair value through net income. Harlon
As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased 30% of Nursery Supplies Inc.’s 8 million shares for $56 million. The fair value and book value
Assume the same facts as in BE 12-20, except that Wickum accounts for the investment as FVOCI rather than HTM. How would Wickum record the $300,000 decrease in credit loss?Data from in BE 12-20Wickum
On December 12, 2024, an equity investment costing $80,000 was sold for $100,000. The investment was carried in the balance sheet at $75,000, and was accounted for under the equity method. An error
Fizer Pharmaceutical paid $68 million on January 2, 2024, for 4 million shares of Carne Cosmetics common stock. The investment represents a 25% interest in the net assets of Carne and gave Fizer the
On January 1, 2024, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $300 million cash, giving Cameron the ability to exercise significant influence over

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