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fx Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. This is M D E F C B Activity For The Month of January JE # Mason Automotive sells 5,000,000 shares at $4 par for $22 on January 1st, 2021. Ed Mason, the CEO, hires 3,500 employees, whom will receive a combined salary of $5.6 Million on a monthly basis. The employees started on January 1st and will be paid for the month of January on 2 February 4th. Employee's withholdings are as follows: 11% for federal income taxes 5.6% for state income taxes and 7.65% for FICA. Record the necessary entry as of the date of hire, January 1st, 2021. 3 Mason Automotive pre-pays for rent Expense for the next three years of $22 Million on January 1st, 2021. Mason Automotive purchased $175 Million dollars worth of inventory on January 3rd, 2021. $85 Million was paid with cash with the remaining balance on account. Mason notes that it will use a perpetual inventory system to track inventory. 5 Mason Automotive purchased $8 Million dollars worth of supplies on account on January 4th, 2021. Mason Automotive purchases fixed assets of $155 Million that will have a useful life of 15 years and a salvage value of $40 million on January 5th, 2021. $55 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method. 15 16 Mason Automotive issues a bond payable on January 7th, 2021 with a face value of $115 Million at 97 The bond will have a useful life of 15 years with an interest payment of 7.5% (Annual Percentage Rate) due at the end of the month. Record the necessary journal entry as of January 8th, 2021. Note: When considering the amortization of the discount or premium, assume the straight line method is 17 used. Interest will be accrued on a monthly basis. 18 8 On January 8th, Mason Automotive receives $49 Million advance payment from a customer, Highland Inc., 19 to manufacture 7,000 cars 20 Mason Automotive buys a patent from Apple for $13.75 Million on January 10th, 2021. The patent has a 9 legal life of 27 years and useful life of 18 years. Record the necessary entry as of January 10th, 2021. 21 Assume the patent was purchased using cash. 22 On January 11th, Mason Automotive shipped an order to Panther Paws Corporation. The shipping terms 10 were FOB shipping point. The sales value of the order was $185 Million and the inventory cost was $95 23 Million. Assume that this sale was made on account. 24 25 11 On January 21st, Mason Automotive decides to purchase 135,000 shares of Treasury stock at $26 per share 26 = Information Journal Entries T-Accounts Trial Balance Income Statement Balance Sheet + Calculation Mode: Automatic Workbook Statistics