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Please request help solving the attached accounting questions. Thanks in advance. 1.) Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is
Please request help solving the attached accounting questions. Thanks in advance.
1.) Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $12,500 cash plus 4 percent sales tax. The clock had originally cost Heines $8,500. Assume Heines uses a perpetual inventory system ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.) Greener Pastures Corporation borrowed $1,750,000 on November 1, 2015. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2016. (a) The note issued on November 1. (b) The interest accrual on December 31. ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign. Do not round intermediate calculations.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) 3.) Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $100 bonds on January 1 at face value. Interest is payable each December 31. (a) The issuance of these bonds on January 1. (b) The first interest payment on December 31. ? Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.) ? Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 4.) Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $3,200. When purchased, the patent had an estimated life of 16 years. b. A trademark was registered with the federal government for $7,500. Management estimated that the trademark could be worth as much as $190,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for $70,000. The rights are expected to have a five-year useful life to the company. ? Compute the acquisition cost of each intangible asset. ? Compute the amortization of each intangible for the current year ended December 31. (Do not round intermediate calculations.) ? Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current yearStep by Step Solution
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