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On January Ist, 2013 "ABC" Company borrowed from a local bank for 5 years. According to the loan's terms, the company is obligated to pay an amount equal to $12,329.09 every six months

Con January 14

and July 1*). The following represents a loan amortization table that had boen

prepared up to December 31st, 2014.

Date 1/7/2013 payment $12,950,46 reduction $7950.46 balance $92049.54

Date 1/1/2014 payment $12,950,46 reduction $8347.98 balance $83701.56

Date 1/7/2014 payment $12,950,46 reduction $8765.38 balance $74936.18

Date 1/1/2015 payment $12,950,46 reduction $9203.65 balance $65,732.53

first this question

What is the amount that must be presented as an interest expense for the year 2015 on the income statement for "ABC* Company?

(2 Points] Show the statement of financial position presentation of the above loan as on

31/12/2014.

Points] What is the journal entry -if any- that must be recorded of 31/12/2016?

ABC Company developed the following

reconciling infotination in preparing, its september bank reconciliation:

1. Cash balance per bank statement as of 30/9: $21,000

2. An $6,000, 12%, 6 months note receivable was collected by the trans.

3. Issued checks $20,000

4. Canceled checks $8,000

o. Deposits in transit $8.000

6. Bank service charges $200

7. NSF check $1,400

instruccions:

Based on the above given information, answer the following questions,

(1) (14 Points] What is the amount that must be added to the book balance?

(2) (4 Points! What is the adjusted cash balance per book?

3 [1 Points] What is the amount that must be subtracted from the bank balan

The intangible assets section of ABC* Company on December 31, 2016, is presented below

Patents

$55,500

Franchises

$28,800

Total

$84,300

The patent was acquired on April 1, 2016, and has a useful life of 10 years. The franchise was acquired in January 2013 and has a useful life of 10 years. On July 1, 2017, the company paid $42,000 in legal costs to successfully defend the patent against infringement by another company On April 1, 2018, the company decided to reduce the useful life by 2 years. On October 1st, 2019 the company purchased another patent with a total cost of $101,00, that had an estimated usefal life of 13 years

Instructions

Based on the above-given information, answer the following questions:

(4) (8 Points] In the space below, prepare all the required journal entries (for patents only) fot the years: 2017, 2018, and 2019.

(2) 12 Points] In the space below, prepare the intangible assets section of "ABC* Company on

December 31, 2019,

The balances for some of the equity section of ABC Corporation's statement of finaricial position on December 31, 2021, appear below:

Share capital ordinary 400000 shares authorised and 250000 shares issued and outstanding par value 777$

Balance on 31 dec 2021 = 3000000

Share premium Balance on 31 dec 2021 = 1200000

Returned earnings Balance on 31 dec 2021 = 600000

During the following share transactions occurted

january issued 70000 ordinary shares at 15$ per share.

March 20 Purchrsed 35.000 ordinary shares of its outstanding at $14 per share to be held is the treasury

April 1 declared a 1.5 $ per share cash dividends with a record and payment days of april 18th and may 2nd respectively

June: 15 Announced 2 for 1 share spit

July 5 Declared a 15% share dividends, with a record and distribution days of July 16th, and August 2nd, respectively. assume the market value per share is 11$

* August 10 Sold 40,000 Treasury shares at 8$ per share

* October 1 Declared a $1.5 per share cash dividends, with a record and payments days October 18th, and November 2nd, respectively.

December Sold 30.000 treasury shares at 5$ per share

Instructions

Based on the above given information, prepare ALL the required journal entries to record the transactions that occurred in the year 2022.

On January 1, 2021 "ABC Company accounts receivable balance

w equal to S77.000 (2021

Beginning Balance). In 2021, the company:

Recorded a total sales revente of $918,000 (See Table 1).

Collected $600,000 of the accounts receivable.

Wrote off accounts receivable with a total amount of $10.000.

The company recovered $3.000 of the receivables that had been previously written off

On December 31, 2021, the trial balance of "ABC Company contained the following amounts

before adjustment

ACCOUTES

Name

Accounts Receivable

Allowance for Doubtful Accounts

Sales Ravenue

Debit

$385,000

Credit

$3,000

3918,000

Table 1: "ABC* Company Unadjusted Trial Balance as on 31/12/2021

inscruccions:

Prepare the adjusting entry on December 31, 2021, under each of the following three independent

assumotions.

(1) [2 Points] The company estimates that 2.00% of its accounts receivable will be uncollectible.

(2) (2 Points) Based on the review and aging of its accounts receivable at the end of the year, The company estimates that $23,100 of its receivables are uncollectible.

(3) 2 Points] The company estimates that 2.00% of its sales revenue will be uncollectible.

i. [1 Point Based on your answer in the previous part (part 3), what is the accounts receivable net realizable value (NRV)?

On January 1, 2021, "ABC" Company issued ten-year bonds with a face value of $1,800,000 for $1,593,541, since the market rate was equal to 12%. The bond will pay the interest semiannually on January 1 and July 1 at a rate of 10%. On July 1, 2022, the company retired bonds of $450,000

at 110

Instructions

Based on the above given information, Answer the following questions, assuming the the company is using the effective interest method for amortization.

(a) 6 Points] Prepare all the required journal entries for the years 2022 only.

(2) (2 Points] What is the carrying value of the bond that will appear on the company's statement of financial position as on 31/12/2022?

(3) (2 Points] Is the 2028 interest expense higher or lower than 2029 interest expense? Why?