Can you please help with the problems in these word documents? Thank you

AC301 Unit 3 Problem 12-2 Your answer is incorrect. Try again. Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Fields patent number 758-6002-1A is as follows. Date 2005-2006 Jan. 2007 March 2007 Jan. 2008 Nov. 2009 Dec. 2010 April 2011 July 2015 Activity Research conducted to develop precipitator Design and construction of a prototype Testing of models Fees paid engineers and lawyers to prepare patent application; patent granted June 30, 2008 Engineering activity necessary to advance the design of the precipitator to the manufacturing stage Legal fees paid to successfully defend precipitator patent Research aimed at modifying the design of the patented precipitator Legal fees paid in unsuccessful patent infringement suit against a competitor Cost $382,970 87,500 59,640 64,090 82,830 59,640 61,830 50,660 Fields assumed a useful life of 17 years when it received the initial precipitator patent. On January 1, 2013, it revised its useful life estimate downward to 5 remaining years. Amortization is computed for a full year if the cost is incurred prior to July 1, and no amortization for the year if the cost is incurred after June 30. The company's year ends December 31. Compute the carrying value of patent No. 758-6002-1A on each of the following dates: $ (a) December 31, 2008 530110 $ (b) December 31, 2012 679220 $ (c) December 31, 2015 628560 Unit 5 Exercise 14-13 Your answer is incorrect. Try again. Matt Perry, Inc. had outstanding $6,120,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,163,000 of 9%, 15-year bonds (interest payable July 1 and January 1) at 98. A portion of the proceeds was used to call the 12% bonds at 103 on August 1. Unamortized bond discount and issue cost applicable to the 12% bonds were $123,000 and $31,000, respectively. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Bond Issue Ex July 1 Debit Credit 9163000 (To record issuance of 9% bonds.) August 1 Problem 14-2 Venezuela Co. is building a new hockey arena at a cost of $2,800,000. It received a downpayment of $505,500 from local businesses to support the project, and now needs to borrow $2,294,500 to complete the project. It therefore decides to issue $2,294,500 of 11%, 10 year bonds. These bonds were issued on January 1, 2013, and pay interest annually on each January 1. The bonds yield 10%. Venezuela paid $60,000 in bond issue costs related to the bond sale. (a) Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2013. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit January 1, 2013 (b) Prepare a bond amortization schedule up to and including January 1, 2017, using the effective interest method. (Round answers to 0 decimal places, e.g. 38,548.) Date Cash Paid Premium Amortizatio n Interest Expense $ $ 1/1/13 $ Carrying Amount of Bonds $ 1/1/14 1/1/15 1/1/16 1/1/17 (c) Assume that on July 1, 2016, Venezuela Co. redeems half of the bonds at a cost of $1,204,000 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date July 1, 2016 Account Titles and Explanation Debit Credit (To record entry for accrued interest (Bonds Reacquired) July 1, 2016 (To record entry for bond issue costs (Bonds Reacquired) July 1, 2016 (To record reacquisition) AC301 Unit 6 Brief Exercise 15-13 Green Day Corporation has outstanding 440,900 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $70 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution. (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 Credit Declaration Date. Distribution Date. Brief Exercise 15-2 Swarten Corporation issued 700 shares of no-par common stock for $9,900. Prepare Swarten's journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $5 per share. (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.) No Account Titles and . Explanation (a) (b) Debit Credit Exercise 15-21 The outstanding capital stock of Edna Millay Corporation consists of 2,200 shares of $103 par value, 7% preferred, and 5,500 shares of $57 par value common. Assuming that the company has retained earnings of $110,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. (a) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred $ Common $ (b) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred $ Common $ (c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.) Preferred $ Common $ Unit 7 Brief Exercise 16-4 Your answer is partially correct. Eisler Corporation issued 2,190 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 99, and the warrants had a market price of $42. Use the proportional method to record the issuance of the bonds and warrants. (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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. $2,575.) Account Titles and Explanation cash Discount on B Debit Credit 2190000 91980 Bonds Payable 2190000 Paid-in Capital 91980 Exercise 16-2 Aubrey Inc. issued $4,000,200 of 9%, 10-year convertible bonds on June 1, 2014, at 97 plus accrued interest. The bonds were dated April 1, 2014, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2015, $1,500,075 of these bonds were converted into 39,400 shares of $19 par value common stock. Accrued interest was paid in cash at the time of conversion. (a) Prepare the entry to record the interest expense at October 1, 2014. Assume that accrued interest payable was credited when the bonds were issued. (b) Prepare the entry to record the conversion on April 1, 2015. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made. (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. Round answers to 0 decimal places, e.g. $3,500.) No Account Titles and . Explanation (a) (b) Debit Credit Exercise 16-20 On January 1, 2014, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 11,000 shares Common stock, $11 par value, issued and outstanding 260,400 shares $1,100,000 2,864,400 To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 211,200 common shares. The acquisitions took place as shown below. Date of Acquisition Company A April 1, 2014 Company B July 1, 2014 Company C October 1, 2014 Shares Issued 75,600 96,000 39,600 On May 14, 2014, Lennon realized a $114,000 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2014, Lennon recorded net income of $321,600 before tax and exclusive of the gain. Assuming a 42% tax rate, compute the earnings per share data that should appear on the financial statements of Lennon Industries as of December 31, 2014. Assume that the expropriation is extraordinary. (Round answer to 2 decimal places, e.g. $2.55.) Lennon Industries Income Statement For the year ended December 31, 2014 $ $ Brief Exercise 16-11 Tomba Corporation had 573,300 shares of common stock outstanding on January 1, 2014. On May 1, Tomba issued 58,800 shares. (a) Compute the weighted-average number of shares outstanding if the 58,800 shares were issued for cash. Weighted-average number of shares outstanding $ (b) Compute the weighted-average number of shares outstanding if the 58,800 shares were issued in a stock dividend. $ Weighted-average number of shares outstanding Exercise 16-25 On January 1, 2014, Crocker Company issued 10-year, $3,987,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 22 shares of Crocker common stock. Crocker's net income in 2014 was $313,000, and its tax rate was 45%. The company had 108,000 shares of common stock outstanding throughout 2014. None of the bonds were converted in 2014. (a) Compute diluted earnings per share for 2014. (Round answer to 2 decimal places, e.g. $2.55.) $ Diluted earnings per share (b) Compute diluted earnings per share for 2014, assuming the same facts as above, except that $1,080,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Crocker common stock. (Round answer to 2 decimal places, e.g. $2.55.) $ Diluted earnings per share Exercise 16-29 On December 31, 2010, Beckford Company issues 122,600 stock-appreciation rights to its officers entitling them to receive cash for the difference between the market price of its stock and a pre-established price of $8. The fair value of the SARs is estimated to be $5 per SAR on December 31, 2011; $2 on December 31, 2012; $9 on December 31, 2013; and $7 on December 31, 2014. The service period is 4 years, and the exercise period is 7 years. (a) Prepare a schedule that shows the amount of compensation expense allocable to each year affected by the stock-appreciation rights plan. (If the compensation decreases from prior year enter the amount as a negative number in the table e.g. -25,000 or (25,000).) Date 12/31/1 1 Cumulative Compensat Compensat ion ion Fair Recognizab Percentage Accrued to Expense Expense Expense Expense Value le Accrued Date 2011 2012 2013 2014 $ $ $ $ $ $ $ % 12/31/1 2 % 12/31/1 3 % $ 12/31/1 4 % (b) Prepare the entry at December 31, 2014, to record compensation expense, if any, in 2014. (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 Credit (c) Prepare the entry on December 31, 2014, assuming that all 122,600 SARs are exercised. (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 Unit 9 Brief Exercise 17-3 Debit Credit Your answer is partially correct. Try again. Carow Corporation purchased, as a held-to-maturity investment, $72,300 of the 8%, 7-year bonds of Harrison, Inc. for $80,467, which provides a 6% return. The bonds pay interest semiannually. Prepare Carow's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 2,500. 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.) No Account Titles and . Explanation (a) Debt Investme Debit Credit 80467 Cash 80467 (b) Brief Exercise 17-4 Your answer is partially correct. Try again. Hendricks Corporation purchased trading investment bonds for $56,100 at par. At December 31, Hendricks received annual interest of $2,060, and the fair value of the bonds was $53,110. Prepare Hendricks' journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (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.) No. (a) Account Titles and Explanation Debit Debt Investme 56100 Credit 56100 cash (b) 56100 Cash 2060 Interest Reven cash (c) 2060 56100 Fair Value Adj Unit 10 Brief Exercise 17-8 Your answer is partially correct. Try again. Cleveland Company has a stock portfolio valued at $8,690 (available-for-sale). Its cost was $8,000. If the Fair Value Adjustment account has a debit balance of $270, prepare the journal entry at yearend. (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 Credit Fair Value Adj cash Exercise 17-13 Parent Co. invested $1,123,000 in Sub Co. for 25% of its outstanding stock. Sub Co. pays out 45% of net income in dividends each year. Use the information in the following T-account for the investment in Sub to answer the following questions. Investment in Sub Co. 1,123,000 147,100 66,195 (a) How much was Parent Co.'s share of Sub Co.'s net income for the year? $ Net income (b) How much was Parent Co.'s share of Sub Co.'s dividends for the year? $ Dividend s (c) What was Sub Co.'s total net income for the year? $ Total net income (d) What was Sub Co.'s total dividends for the year? $ Total Dividends Problem 17-3 Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2014 April 1 July 1 Sharapova Company common stock, $119 par, 238 shares U.S. government bonds, 10%, due April 1, 2024, interest payable April 1 and October 1, 113 bonds of $1,000 par each McGrath Company 12% bonds, par $54,800, dated March 1, 2014, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2034 $45,800 113,000 59,184 (a) Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as available-for-sale. (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 Credit (b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2014, using the straight-line method. (Round answers to 0 decimal places, e.g. 2,500. 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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2014 (c) The fair values of the investments on December 31, 2014, were: Sharapova Company common stock U.S. government bonds McGrath Company bonds $33,040 145,810 59,080 What entry, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. 2,500. 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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2014 (d) The U.S. government bonds were sold on July 1, 2015, for $120,580 plus accrued interest. Give the proper entry. (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.) Date Jul. 1, 2015 Account Titles and Explanation Debit Credit