Need help with the attached file, please do not leave any unanswered. At the bottom I put the list of accounts since that is something that is never answered correct.

Brief Exercise 16-2 Skysong Corporation has outstanding 1,900 $1,000 bonds, each convertible into 60 shares of $10 par value common stock. The bonds are converted on December 31, 2017, when the unamortized discount is $37,000 and the market price of the stock is $21 per share. Record the conversion using the book value approach. (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 Brief Exercise 16-7 On January 1, 2017, Grouper Corporation granted 2,000 shares of restricted $5 par value common stock to executives. The market price (fair value) of the stock is $65 per share on the date of grant. The period of benefit is 2 years. Prepare Grouper's journal entries for January 1, 2017, and December 31, 2017 and 2018. (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 Brief Exercise 17-1 Bonita Company purchased, on January 1, 2017, as a held-to-maturity investment, $69,000 of the 8%, 5-year bonds of Chester Corporation for $63,768, which provides an 10% return. Prepare Bonita's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. 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 Debit Credit (a) (b) Exercise 17-3 On January 1, 2017, Pina Company purchased 10% bonds having a maturity value of $220,000, for $237,567.22. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Pina Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. Don't show me this message again for the assignment Prepare the journal entry at the date of the bond purchase. (Enter answers to 2 decimal places, e.g. 2,525.25. 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 Jan. 1, 2017 Don't show me this message again for the assignment Show List of Accounts Prepare a bond amortization schedule. (Round answers to 2 decimal places, e.g. 2,525.25.) Schedule of Interest Revenue and Bond Premium Amortization Effective-Interest Method Carrying Cash Interest Premium Amount Date Received Revenue Amortized of Bonds $ $ $ 1/1/17 1/1/18 1/1/19 1/1/20 1/1/21 1/1/22 Don't show me this message again for the assignment $ Show List of Accounts Prepare the journal entry to record the interest revenue and the amortization at December 31, 2017. (Round answers to 2 decimal places, e.g. 2,525.25. 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, 2017 Don't show me this message again for the assignment Show List of Accounts Prepare the journal entry to record the interest revenue and the amortization at December 31, 2018. (Round answers to 2 decimal places, e.g. 2,525.25. 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 Dec. 31, 2018 Account Titles and Explanation Debit Credit Exercise 17-10 At December 31, 2017, the available-for-sale debt portfolio for Indigo, Inc. is as follows. Security A Cost Fair Value Unrealized Gain (Loss) $219,625 $188,250 B 156,875 175,700 18,825 C 288,650 320,025 31,375 $665,150 $683,975 18,825 Total $(31,375 ) Previous fair value adjustment balanceDr. Fair value adjustmentDr. 5,020 $13,805 On January 20, 2018, Indigo, Inc. sold security A for $189,505. The sale proceeds are net of brokerage fees. IndigoInc. reports net income in 2017 of $1,506,000 and in 2018 of $1,757,000. Total holding gains (including any realized holding gain or loss) equal $502,000 in 2018. Don't show me this message again for the assignment Prepare a statement of comprehensive income for 2017, starting with net income. INDIGO, INC Statement of Comprehensive Income For the Year Ended December 31, 2017 $ $ Don't show me this message again for the assignment Prepare a statement of comprehensive income for 2018, starting with net income. INDIGO, INC Statement of Comprehensive Income For the Year Ended December 31, 2018 $ $ : $ $ $ $ Brief Exercise 19-3 Martinez Corporation began operations in 2017 and reported pretax financial income of $213,000 for the year. Martinez's tax depreciation exceeded its book depreciation by $43,000. Martinez's tax rate for 2017 and years thereafter is 30%. Assume this is the only difference between Martinez's pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. (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 Show how the deferred tax liability will be classified on the December 31, 2017, balance sheet. Deferred tax liability should be classified as a on the December 31, 2017, balance sheet. Brief Exercise 19-12 Indigo Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $294,000 35% $102,900 2016 332,000 30% 99,600 2017 399,000 30% 119,700 In 2018, Indigo suffered a net operating loss of $476,000, which it elected to carry back. The 2018 enacted tax rate is 29%. Prepare Indigo's entry to record the effect of the loss carryback. (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 Exercise 19-2 The following information is available for Blossom Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $38,000. This $38,000 difference will reverse equally over the years 2017-2020. 2. Deferral, for book purposes, of $19,800 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $276,800. 4. Tax rate for all years, 30%. Don't show me this message again for the assignment Compute taxable income for 2016. Taxable income $ Don't show me this message again for the assignment Show List of Accounts Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016. (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 Don't show me this message again for the assignment Show List of Accounts Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming taxable income of $348,600. (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 Brief Exercise 20-8 Indigo Corporation has the following balances at December 31, 2017. Projected benefit obligation Plan assets at fair value Accumulated OCI (PSC) $2,654,000 2,045,000 1,110,000 What is the amount for pension liability that should be reported on Indigo's balance sheet at December 31, 2017? $ Pension liability balance at December 31, 2017 Exercise 20-1 The following information is available for the pension plan of Sandhill Company for the year 2017. Actual and expected return on plan assets $ 14,000 Benefits paid to retirees 41,500 Contributions (funding) 94,400 Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 10 % 7,800 479,000 Service cost 62,500 Don't show me this message again for the assignment Compute pension expense for the year 2017. $ Pension expense for 2017 Don't show me this message again for the assignment Show List of Accounts Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017. (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 Exercise 20-5 Debit Credit Sheridan Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2017 are as follows. Employee Future Years of Service Jim Paul Nancy Dave Kathy 3 4 5 6 6 On January 1, 2017, the company amended its pension plan, increasing its projected benefit obligation by $83,520. Compute the amount of prior service cost amortization for the years 2017 through 2022 using the years-of-service method, setting up appropriate schedules. Year Annual Amortization 2017 $ 2018 2019 2020 2021 2022 Exercise 20-12 Teal Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017. January 1, 2017 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)Net gain December 31, 2017 $1,515,000 $1,541,000 816,000 1,152,600 1,631,000 1,751,000 0 (201,500 ) The service cost component of pension expense for employee services rendered in the current year amounted to $76,000 and the amortization of prior service cost was $120,000. The company's actual funding (contributions) of the plan in 2017 amounted to $255,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,200,000 on January 1, 2017. Assume no benefits paid in 2017. Don't show me this message again for the assignment Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Components of Pension Expense $ Exercise 22-19 A partial trial balance of Larkspur Corporation is as follows on December 31, 2018. Dr. Supplies $2,900 Salaries and wages payable Interest Receivable Prepaid Insurance Unearned Rent Interest Payable Additional adjusting data: Cr. $1,500 4,900 93,200 0 15,300 1 . 2 . A physical count of supplies on hand on December 31, 2018, totaled $1,200. 3 . The Interest Receivable account was also left unchanged during 2018. Accrued interest on investments amounts to $4,000 on December 31, 2018. 4 . The unexpired portions of the insurance policies totaled $63,400 as of December 31, 2018. 5 . $28,100 was received on January 1, 2018, for the rent of a building for both 2018 and 2019. The entire amount was credited to rent revenue. 6 . Depreciation on equipment for the year was erroneously recorded as $5,400 rather than the correct figure of $54,000. 7 . A further review of depreciation calculations of prior years revealed that equipment depreciation of $6,400 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment. Through oversight, the Salaries and Wages Payable account was not changed during 2018. Accrued salaries and wages on December 31, 2018, amounted to $4,400. Don't show me this message again for the assignment Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2018? (Ignore income tax considerations.) (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 . 1. 2. 3. Debit Credit 4. 5. 6. 7. Don't show me this message again for the assignment Show List of Accounts Assuming that the books have been closed, what are the adjusting entries necessary at December 31, 2018? (Ignore income tax considerations.) (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 Debit Credit . 1. 2. 3. 4. 5. 6. 7. Explanation Don't show me this message again for the assignment Show List of Accounts Pass the necessary adjusting entries for the following taking into account income tax effects (40% tax rate) and assuming that the books have been closed. (Round answers to 0 decimal places, e.g. 5,275. 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.) 1 . Depreciation on equipment for the year was erroneously recorded as $5,400 rather than the correct figure of $54,000. 2 . A further review of depreciation calculations of prior years revealed that equipment depreciation of $6,400 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment. No Account Titles and . Explanation 1. 2. Debit Credit Exercise 22-18 Sage Tool Company's December 31 year-end financial statements contained the following errors. Ending inventory Depreciation expense December 31, 2017 December 31, 2018 $9,100 understated $7,800 overstated $2,300 understated An insurance premium of $67,200 was prepaid in 2017 covering the years 2017, 2018, and 2019. The entire amount was charged to expense in 2017. In addition, on December 31, 2018, fully depreciated machinery was sold for $13,700 cash, but the entry was not recorded until 2019. There were no other errors during 2017 or 2018, and no corrections have been made for any of the errors. (Ignore income tax considerations.) (Enter negative amounts using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) (a) Compute the total effect of the errors on 2018 net income. $ Total effect of errors on net income (b) Compute the total effect of the errors on the amount of Sage's working capital at December 31, 2018. $ Total effect on working capital (c) Compute the total effect of the errors on the balance of Sage's retained earnings at December 31, 2018. $ Total effect on retained earnings Exercise 22-5 Presented below are income statements prepared on a LIFO and FIFO basis for Crane Company, which started operations on January 1, 2016. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2017. The FIFO income statement is computed in accordance with the requirements of GAAP. Crane's profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored. LIFO Basis Sales Cost of goods sold Operating expenses Income before profit-sharing Profit-sharing expense Net income FIFO Basis 2017 2016 2017 2016 $3,040 $3,040 $3,040 $3,040 1,070 1,000 1,050 920 970 970 970 970 1,000 1,070 1,020 1,150 100 107 110 107 $900 $963 $910 $1,043 Answer the following questions. Don't show me this message again for the assignment If comparative income statements are prepared, what net income should Crane report in 2016 and 2017? (Round answers to 0 decimal places, e.g. 125.) 2017 $ 2016 $ Net income Don't show me this message again for the assignment Assume that Crane has a beginning balance of retained earnings at January 1, 2017, of $950 using the LIFO method. The company declared and paid dividends of $480 in 2017. Prepare the retained earnings statement for 2017, assuming that Crane has switched to the FIFO method. (Round answers to 0 decimal places, e.g. 125.) CRANE COMPANY Retained Earnings Statement $ : : $ Question 18 In January 2017, installation costs of $4,500 on new machinery were charged to Maintenance and Repairs Expense. Other costs of this machinery of $22,500 were correctly recorded and have been depreciated using the straight-line method with an estimated life of 10 years and no salvage value. At December 31, 2018, it is decided that the machinery has a remaining useful life of 20 years, starting with January 1, 2018. What entries should be made in 2018 to correctly record transactions related to machinery, assuming the machinery has no salvage value? The books have not been closed for 2018 and depreciation expense has not yet been recorded for 2018. (Credit account titles are automatically indented when the 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 Dec. 31 Debit Credit (To correct for the error of expensing installation costs on machinery acquired in January, 2017) (To record depreciation on machinery for 2018 based on a 20-year useful life) Brief Exercise 22-7 Your answer is partially correct. Try again. At January 1, 2017, Stellar Company reported retained earnings of $2,094,000. In 2017, Stellar discovered that 2016 depreciation expense was understated by $437,000. In 2017, net income was $847,000 and dividends declared were $250,000. The tax rate is 35%. Prepare a 2017 retained earnings statement for Stellar Company. STELLAR COMPANY Retained Earnings Statement $ : : : $ LIST OF ACCOUNTS Accounts Payable Accounts Receivable Accumulated DepreciationBuilding Accumulated DepreciationEquipment Accumulated DepreciationMachinery Advertising Expense Amortization Expense Allowance for Doubtful Accounts Bad Debt Expense Cash Compensation Expense Consignment Out Construction in Process Copyrights Cost of Goods Sold Deferred Gross Profit Deferred Tax Liability Depreciation Expense Dividend Revenue Due to Customer Discount on Bonds Payable Equipment Equity Investments (Available-for-Sale) Equity Investments (Equity Method) Fair Value Adjustment Finance Expense Gain on Disposal of Plant Assets Income Tax Receivable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Inventory on Consignment Investment Revenue Lawsuit Liability Lawsuit Loss Loss Due to Market Decline of Inventory Machinery Maintenance and Repairs Expense No Entry Prepaid Insurance Property, Plant, and Equipment Purchases Rent Revenue Retained Earnings Revenue from Investment Salaries and Wages Expense Salaries and Wages Payable Sales Sales Commission Expense Sales Commission Payable Sales Revenue Sales Tax Expense Sales Tax Payable Share Capital Supplies Supplies Expenses Trademarks Unearned Rent Revenue Unrealized Holding Gain or Loss - Equity Unrealized Holding Gain or Loss - Income Warranty Expense Warranty Liability