Prepare all adjusting entries at December 31 to record amortization required by the events. (List all debit entries before credit entries. 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.) Swifty Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g. 15,000 or parenthesis, e.g. (15,000).) On January 2, 2021, Bramble Company purchased a patent for $200,000. The patent has an 8 -year estimated useful life and a legal life of 20 years. Prepare the journal entry to record patent amortization. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Penner and Torres decide to merge their proprietorships into a partnership called Carla Vista Company. The balance sheet of Torres Co. shows: The partners agree that the net realizable value of the receivables is $21,000 and that the fair value of the equipment is $19,800. Indicate how the accounts should appear in the opening balance sheet of the partnership. Nabb \& Fry Co. reports net income of $25,000. Interest allowances are Nabb $7,800 and Fry $5,900, salary allowances are Nabb $15,300 and Fry $10,900, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. 15,000 or parenthesis e.g. (15,000). After liquidating noncash assets and paying creditors, account balances in the Crane Co. are Cash $18,400;A,Capital(Cr)$8,400;.B, Capital (Cr.) $5,800; and C, Capital (Cr.) $4,200. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) ill Parsons purchases for $93,600 Jamar's interest in the Tholen-Jamar partnership. Assuming that Jamar has a $88,400 capital olance in the partnership, what journal entry is made by the partnership to record this transaction? (Credit account titles are Iutomatically indented when the amount is entered. Do not indent manually.) Rod Dall Co. reports net income of $30,000. The income ratios are Rod 56% and Dall 44%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Cullumber Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash \$64,900; Oakley, Capital (Cr.) \$50,200; Quaney, Capital (Dr.) \$13,860; and Ellis, Capital (Cr.) $28,560. The income ratios of the three partners are 2:4:4, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Sheridan Company has the following selected transactions during March. Mar. Purchased equipment costing $7,000 from Bole Company on account. 2 5 Received credit of $550 from Carwell Company for merchandise damaged in shipment to Sheridan. 7 Issued credit of $440 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $235. Sheridan Company uses a one-column purchases journal, a sales journal, the columnar cash journal used in the text, and a general journal. (a) Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem statement. List all debit entries before credit entries.) Whispering Winds Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,900 (cost $61,900 less accumulated depreciation $30,000 ). Its fair value is $38,500, and cash of $7,300 is paid. Prepare the entry to record the exchange. (List all debit entries before credit entries. 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 O for the amounts. Include in your journal entry separate account entries for both the new and old equipment.) Ayayai Manufacturing has old equipment that cost $55,000. The equipment has accumulated depreciation of $28,700. Ayayai has decided to sell the equipment. (List all debit entries before credit entries. 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 O for the amounts.) (a) What entry would Ayayai make to record the sale of the equipment for $37,000 cash? (b) What entry would Ayayai make to record the sale of the equipment for $15,000 cash? Prepare all adjusting entries at December 31 to record amortization required by the events. (List all debit entries before credit entries. 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.) Swifty Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g. 15,000 or parenthesis, e.g. (15,000).) On January 2, 2021, Bramble Company purchased a patent for $200,000. The patent has an 8 -year estimated useful life and a legal life of 20 years. Prepare the journal entry to record patent amortization. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Penner and Torres decide to merge their proprietorships into a partnership called Carla Vista Company. The balance sheet of Torres Co. shows: The partners agree that the net realizable value of the receivables is $21,000 and that the fair value of the equipment is $19,800. Indicate how the accounts should appear in the opening balance sheet of the partnership. Nabb \& Fry Co. reports net income of $25,000. Interest allowances are Nabb $7,800 and Fry $5,900, salary allowances are Nabb $15,300 and Fry $10,900, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. 15,000 or parenthesis e.g. (15,000). After liquidating noncash assets and paying creditors, account balances in the Crane Co. are Cash $18,400;A,Capital(Cr)$8,400;.B, Capital (Cr.) $5,800; and C, Capital (Cr.) $4,200. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) ill Parsons purchases for $93,600 Jamar's interest in the Tholen-Jamar partnership. Assuming that Jamar has a $88,400 capital olance in the partnership, what journal entry is made by the partnership to record this transaction? (Credit account titles are Iutomatically indented when the amount is entered. Do not indent manually.) Rod Dall Co. reports net income of $30,000. The income ratios are Rod 56% and Dall 44%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Cullumber Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash \$64,900; Oakley, Capital (Cr.) \$50,200; Quaney, Capital (Dr.) \$13,860; and Ellis, Capital (Cr.) $28,560. The income ratios of the three partners are 2:4:4, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Sheridan Company has the following selected transactions during March. Mar. Purchased equipment costing $7,000 from Bole Company on account. 2 5 Received credit of $550 from Carwell Company for merchandise damaged in shipment to Sheridan. 7 Issued credit of $440 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $235. Sheridan Company uses a one-column purchases journal, a sales journal, the columnar cash journal used in the text, and a general journal. (a) Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem statement. List all debit entries before credit entries.) Whispering Winds Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,900 (cost $61,900 less accumulated depreciation $30,000 ). Its fair value is $38,500, and cash of $7,300 is paid. Prepare the entry to record the exchange. (List all debit entries before credit entries. 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 O for the amounts. Include in your journal entry separate account entries for both the new and old equipment.) Ayayai Manufacturing has old equipment that cost $55,000. The equipment has accumulated depreciation of $28,700. Ayayai has decided to sell the equipment. (List all debit entries before credit entries. 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 O for the amounts.) (a) What entry would Ayayai make to record the sale of the equipment for $37,000 cash? (b) What entry would Ayayai make to record the sale of the equipment for $15,000 cash