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Buttercup Corporation issued 280 shares of $13 par value common stock for $5,460. Prepare Buttercup' journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Description/Account Debit Credit ABE153 Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par value Treasury stock Retained earnings Paidin capital in excess of par $514,950 90,410 2,411,540 1,336,330 Prepare Wilco's December 31, 2012, stockholders' equity section. WILCO CORPORATION Stockholders' Equity December 31, 2012 $ Total paidin capital Less: $ Total stockholders' equity ABE1510 Woolford Inc. declared a cash dividend of $1.17 per share on its 2.18 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates. (If no entry is required, enter No Entry as the Description and 0 as the amount.) Date Description/Account Debit Credit Aug. 1 Aug. 15 Sep. 9 AE1521 (Preferred Dividends) The outstanding capital stock of Pennington Corporation consists of 2,400 shares of $101 par value, 6% preferred, and 5,900 shares of $52 par value common. Assuming that the company has retained earnings of $86,000, 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. Preferred Common $ $ (b) The preferred stock is cumulative and nonparticipating. Preferred Common $ $ (c) The preferred stock is cumulative and participating. (Round rate of participation to 4 decimal places, e.g. 5.1234. Round final answer to 0 decimal places, e.g. 25,320.) Preferred Common $ $ AE1522 (Preferred Dividends) Martinez Company's ledger shows the following balances on December 31, 2012. 5% Preferred stock$10 par value, outstanding 24,520 shares Common stock$100 par value, outstanding 36,780 shares Retained earnings $245,200 3,678,000 772,380 Assuming that the directors decide to declare total dividends in the amount of $326,116, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. (a) The preferred stock is cumulative and fully participating. Preferred Common $ $ (b) The preferred stock is noncumulative and nonparticipating. Preferred Common $ $ (c) The preferred stock is noncumulative and is participating in distributions in excess of a 7% dividend rate on the common stock. (Note: Do not round rate of participation. Round final answers to zero decimal places, e.g. 12,310.) Preferred Common $ $ ABE166 On January 1, 2012, Barwood Corporation granted 5,140 options to executives. Each option entitles the holder to purchase one share of Barwood's $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $69 per share on the date of grant. The fair value of the options at the grant date is $160,600. The period of benefit is 2 years. Prepare Barwood's journal entries for January 1, 2012, and December 31, 2012 and 2013. (If no entry is required, enter No Entry as the description and 0 as the amount.) Date 1/1/12 12/31/12 12/31/13 Description/Account Debit Credit ABE1612 Rockland Corporation earned net income of $439,500 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $1,172,000 of 10% bonds, which are convertible into 23,440 shares of common. Rockland's tax rate is 40 percent. Compute Rockland's 2012 diluted earnings per share. (Round answer to 2 decimal places, e.g. 2.13.) $ ABE1613 DiCenta Corporation reported net income of $281,000 in 2012 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. DiCenta' tax rate is 40%. Compute DiCenta' 2012 diluted earnings per share. (Round answer to 2 decimal places, e.g. 5.23.) $ ABE1616 Ferraro, Inc. established a stock appreciation rights (SAR) program on January 1, 2012, which entitles executives to receive cash at the date of exercise for the difference between the market price of the stock and the preestablished price of $21 on 5,210 SARs. The required service period is 2 years. The fair value of the SAR's are determined to be $3 on December 31, 2012, and $10 on December 31, 2013. Compute Perkins' compensation expense for 2012. $ Compute Perkins' compensation expense for 2013. $ ABE1710 Hillsborough Co. has an availableforsale investment in the bonds of Schuyler with a carrying (and fair) value of $86,980. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $59,390. It is determined that this loss in value is otherthan temporary. Prepare the journal entry, if any, to record the reduction in value. Description/Account Debit Credit AE1711 (Equity Securities Entries) Capriati Corporation made the following cash purchases of securities during 2012, which is the first year in which Arantxa invested in securities. 1. On January 15, purchased 12,600 shares of Gonzalez Company's common stock at $46.90 per share plus commission $2,772. 2. On April 1, purchased 7,000 shares of Belmont Co.'s common stock at $72.80 per share plus commission $4,718. 3. On September 10, purchased 9,800 shares of Thep Co.'s preferred stock at $37.10 per share plus commission $6,874. On May 20, 2012, Capriati sold 4,200 shares of Gonzalez Company's common stock at a market price of $49.00 per share less brokerage commissions, taxes, and fees of $3,990. The yearend fair values per share were: Gonzalez $42.00, Belmont $77.00, and Thep $39.20. In addition, the chief accountant of Capriati told you that Capriati Corporation plans to hold these securities for the long term but may sell them in order to earn profits from appreciation in prices. Prepare the journal entries to record the above three security purchases. (a) Description/Account January 15, 2012 April 1, 2012 September 10, 2012 Prepare the journal entry for the security sale on May 20. (List multiple debit/credit entries from largest to smallest amou (b) Description/Account (c) Compute the unrealized gains or losses and prepare the adjusting entries for Capriati on December 31, 2012. Unrealized gain or loss (For negative numbers use either a negative sign preceding the number, e.g. 45 or parenthesi $ Description/Account (Journal Entries for Fair Value and Equity Methods) Presented below are two independent situations. Prepare all necessary journal entries in 2012 for each situation. Situation 1 Hatcher Cosmetics acquired 10% of the 205,700 shares of common stock of Ramirez Fashion at a total cost of $16 per share on March 18, 2012. On June 30, Ramirez declared and paid a $78,300 cash dividend. On December 31, Ramirez reported net income of $131,700 for the year. At December 31, the market price of Ramirez Fashion was $19 per share. The securities are classified as availableforsale. Date Mar. 18 Jun. 30 Dec. 31 Description/Account Debit Credit Situation 2 Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal's 30,900 outstanding shares of common stock at a total cost of $10 per share on January 1, 2012. On June 15, Nadal declared and paid a cash dividend of $45,900. On December 31, Nadal reported a net income of $89,900 for the year. Date Jan. 1 Jun. 15 Dec. 31 Description/Account Debit Credit AE1713 (Equity Method) Gator Co. invested $1,360,000 in Demo Co. for 25% of its outstanding stock. Demo Co. pays out 40% of net income in dividends each year. Use the information in the following Taccount for the investment in Demo to answer the following questions. Investment in Demo Co. 1,360,000 180,000 72,000 (a) How much was Gator Co.'s share of Demo Co.'s net income for the year? $ (b) How much was Gator Co.'s share of Demo Co.'s dividends for the year? $ (c) What was Demo Co.'s total net income for the year? $ (d) What was Demo Co.'s total dividends for the year? $ AE1716 (Fair Value and Equity Method Compared) Gregory Inc. acquired 20% of the outstanding common stock of Handerson Inc. on December 31, 2012. The purchase price was $1,310,000 for 50,000 shares. Handerson Inc. declared and paid an $0.94 per share cash dividend on June 30 and on December 31, 2013. Handerson reported net income of $731,000 for 2013. The fair value of Handerson's stock was $30 per share at December 31, 2013. (a) Date 12/31/12 06/30/13 12/31/13 (b) Date 12/31/12 06/30/13 Prepare the journal entries for Gregory Inc. for 2012 and 2013, assuming tha availableforsale. Description/Account (To record dividend) Prepare the journal entries for Gregory Inc. for 2012 and 2013, assuming tha Description/Account 12/31/13 (c) (To record dividend) At what amount is the investment in securities reported on the balance sheet under each of these methods at December 31, 2 is zero, please enter a 0 do not leave any fields blank.) Fair Value Method Investment amount(bal. sheet) Dividend rev.(inc. statement) Revenue from investment (inc. statement) AE1722 (Call Option) On January 2, 2012, Jones Company purchases a call option for $470 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of $50 per share. The market price of a Merchant share is $50 on January 2, 2012 (the intrinsic value is therefore $0). On March 31, 2012, the market price for Merchant stock is $58 per share, and the time value of the option is $200. Prepare the journal entry to record the purchase of the call option on January 2, 2012. (a) Description/Account Prepare the journal entry(ies) to recognize the change in the fair value of the call option as of March 31, 2012. (b) Description/Account (To record the time value change) (c) What was the effect on net income of entering into the derivative transaction for the period January 2 to March 31, 2012? Unrealized Holding Gain: $ ABE191 In 2012, Amirante Corporation had pretax financial income of $199,400 and taxable income of $158,500. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2012. $ ABE1911 At December 31, 2012, Fell Corporation had a deferred tax liability of $691,492, resulting from future taxable amounts of $2,033,800 and an enacted tax rate of 34%. In May 2013, a new income tax act is signed into law that raises the tax rate to 42% for 2013 and future years. Prepare the journal entry for Fell to adjust the deferred tax liability. Description/Account Debit ABE201 AMR Corporation (parent company of American Airlines) reported the following for 2009 (in millions). Service cost Interest cost on P.B.O Return on plan assets Amortization of service cost Amortization of loss Compute AMR Corporation's 2009 pension expense (in millions). $ million ABE202 $403 734 794 38 67 Credit For Warren Corporation, yearend plan assets were $2,053,100. At the beginning of the year, plan assets were $1,721,800. During the year, contributions to the pension fund were $120,000, and benefits paid were $200,000. Compute Warren's actual return on plan assets. $ ABE204 For 2010, Campbell Soup Company had pension expense of $32 million and contributed $286 million to the pension fund. Prepare Campbell Soup Company's journal entry to record pension expense and funding. Description/Account Debit Credit ABE2010 Lahey Corp. has three definedbenefit pension plans as follows. Pension Assets Projected Benefit (at Fair Value) Obligation Plan X Plan Y Plan Z $617,900 945,100 571,200 $505,200 728,100 730,700 How will Lahey report these multiple plans in its financial statements? Pension Asset Pension Liability $ $ ABE2012 For 2012, Sampsell Inc. computed its annual postretirement expense as $276,220. Sampsell's contribution to the plan during 2012 was $188,450. Prepare Sampsell's 2012 entry to record postretirement expense. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Description/Account Debit Credit ABE221 Wertz Corporation decided at the beginning of 2012 to change from the completedcontract method to the percentageofcompletion method for financial reporting purposes. The company will continue to use completed contract method for tax purposes. For years prior to 2012, pretax income under the two methods was as follows: percentageofcompletion $137,200, and completedcontract $50,400. The tax rate is 35%. Prepare Wertz's 2012 journal entry to record the change in accounting principle. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description Debit Credit $ $ $ ABE226 In 2012, Bailey Corporation discovered that equipment purchased on January 1, 2010, for $40,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Prepare Hiatt's 2012 journal entry to correct the error. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description Debit Credit $ $ $ $ ABE227 At January 1, 2012, Beilder Company reported retained earnings of $1,992,500. In 2012, Beilder discovered that 2011 depreciation expense was understated by $367,800. In 2012, net income was $897,930 and dividends declared were $266,560. The tax rate is 40%. Complete the 2012 retained earnings statement for Beilder Company. (List amounts from largest to smallest eg 10, 5, 3, 2.) BEIDLER COMPANY Retained Earnings Statement $ : : : $ ABE2211 Simmons Corporation owns stock of Armstrong, Inc. Prior to 2012, the investment was accounted for using the equity method. In early 2012, Simmons sold part of its investment in Armstrong, and began using the fair value method. In 2012, Armstrong earned net income of $75,700 and paid dividends of $99,000. Prepare Simmons's entries related to Armstrong's net income and dividends, assuming Simmons now owns 11% of Armstrong's stock. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description Debit Credit $ ABE2011 Manno Corporation has the following information available concerning its postretirement benefit plan for 2012. Service cost Interest cost Actual return on plan assets Compute Manno's 2012 postretirement expense. $ ABE154 $58,200 62,370 35,400 $ $ Ravonette Corporation issued 310 shares of $13 par value common stock and 130 shares of $47 par value preferred stock for a lump sum of $17,500. The common stock has a market price of $22 per share, and the preferred stock has a market price of $99 per share. Prepare the journal entry to record the issuance. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round answers to zero decimal places, e.g. 16,210.) Description/Account Debit Credit ABE171 Garfield Company purchased, as a heldtomaturity investment, $98,600 of the 9%, 8year bonds of Chester Corporation for $83,905, which provides an 12% return. Prepare Garfield'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 zero decimal places, e.g. 25,000. List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) (a) (b) Description/Account Debit Credit ABE1910 Clydesdale Corporation has a cumulative temporary difference related to depreciation of $615,700 at December 31, 2012. This difference will reverse as follows: 2013, $45,300; 2014, $263,300; and 2015, $307,100. Enacted tax rates are 34% for 2013 and 2014, and 40% for 2015. Compute the amount Clydesdale should report as a deferred tax liability at December 31, 2012. $