3 Accounting questions.

1.

M10-7 Reporting Interest and Long-term debt, Including Current Portion [LO 10-2]

Barton Chocolates used a promissory note to borrow $1,250,000 on July 1, 2018, at an annual interest rate of 9 percent. The note is to be repaid in yearly installments of $250,000, plus accrued interest, on June 30 of every year until the note is paid in full (on June 30, 2023). Show how the results of this transaction would be reported in a classified balance sheet prepared as of December 31, 2018. (Do not round intermediate calculations.)

2. Just 4A

3. Just 3B

33 M10-7 Reporting Interest and long-term debt, including Current Portion (LO 10-2] 0.64 points Barton Chocolates used a promissory note to borrow $1,250,000 on July 1, 2018, at an annual interest rate of 9 percent. The note is to be repaid in yearly installments of $250,000, plus accrued interest, on June 30 of every year until the note is paid in full (on June 30, 2023). Show how the results of this transaction would be reported in a classified balance sheet prepared as of December 31, 2018. (Do not round intermediate calculations.) Answer is complete but not entirely correct. BARTON CHOCOLATES Balance Sheet (partial) As of December 31, 2018 Current Liabilities Interest Payable ls Current Portion of Long-term Debt olol 56,250 250,000 lolo $ Total Current Liabilities Notes Payable (long-term) 306,250 100,000 X 39 Part 4 of 4 4 Required information E4-15 Recording Adjusting Entries and Preparing an Adjusted Trial Balance [LO 4-2, 4-3] [The following information applies to the questions displayed below.) North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. 0.54 points Credit Debit $11,300 5,300 2,260 20, 300 Account Titles Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Salaries and Wages Expense Utilities Expense Rent Expense Depreciation Expense Income Tax Expense Totals $ 1,170 1,170 0 24,100 1,400 47,420 24,300 11,800 0 0 0 $75,260 $75,260 Other data not yet recorded at December 31: a. Rent expired during the year, $1,130. b. Depreciation expense for the year, $1,170. c. Utilities used and unpaid, $8,300. d. Income tax expense, $320. E4-15 Part 4 4. Compute the amount of net income using (a) the preliminary (unadjusted) numbers and (b) the final (adjusted) numbers. Had the adjusting entries not been recorded, would net income have been overstated or understated, and by what amount? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 4A Req 4B Compute the amount of net income using (a) the preliminary (unadjusted) numbers, and (b) the final (adjusted) numbers. (0) S 1,130 Preliminary Net Income Adjusted Net Income (11) s 1,130 41 E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO 9-6] 0.55 points Bluestone Company had three intangible assets at the end of the current year: eBook a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $1,600. When purchased, the patent had an estimated life of 8 years. b. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $240,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for $42,000. The rights are expected to have a six-year useful life to the company. Print . Required: References 1. Compute the acquisition cost of each intangible asset. 2. Compute the amortization of each intangible for the current year ended December 31. 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Show how these assets and any related expenses should be reported on the balance sheet for the current year. (Negative amounts should be indicated by a minus sign.) BLUESTONE COMPANY Balance sheet (partial) At December 31 Intangibles: