Prepare the adjusting entries for the following:

On 7/1/14, ABC purchased 7,000 shares of its own stock from existing stockholders as treasury stock. The cost of the treasury stock was $7 per share, or $49,000 in total. The effects of this transaction are already shown in the unadjusted trial balance. On 12/31/14, ABC reissued these 7,000 shares of treasury stock at $10 per share. Record the journal entry required for the reissuance of the treasury stock.

On 12/31/14, ABC issued 5,000 shares of $3 par value common stock at the closing market price of $7 per share. Prepare ABC's journal entry to reflect the issuance of the stock on 12/31/14.

On 7/1/14, ABC sold 15% bonds having a maturity value of $800,000 for $954,432, resulting in an effective yield of 10%. The bonds are dated 7/1/14, and mature 7/1/19. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method of amortization for bond premium or discount. Record the adjusting entry for the accrual of interest and the related amortization on 12/31/14. Hint: Develop an abbreviated amortization schedule to accurately determine the interest expense.

The following information is available for ABC Corporation at 12/31/14 regarding its investments in stocks of other companies. Securities: 2,200 shares of Toyota Corporation Common Stock Cost $100,000 Fair Value $116,000. Securities: 1,100 shares of G.M. Corporation Common Stock Cost $67,000 Fair Value $84,000 Total Cost $167,000 Total Fair Value $200,000 Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as trading.

On 1/1/14, ABC Corporation purchased, as a held-to-maturity investment, $190,000 of the 8%, 5-year bonds of Intuit Corporation for $168,934, which provides an 11% return. Prepare ABC's 12/31/14 journal entry to reflect the receipt of annual interest and discount amortization. Assume the bond investment pays interest annually on 12/31 each year and that effective interest amortization is used.

ABC Corporation prepares an aging schedule on 12/31/14 that estimates total uncollectible accounts at $27,500. Assuming that the allowance method is used, prepare the entry to record bad debt expense.

On 1/1/14, ABC Corporation signed a 5-year noncancelable lease for a delivery vehicle. The terms of the lease called for ABC to Corporation to make annual payments of $10,503 at the beginning of each year, starting January 1, 2014. The delivery vehicle has an estimated useful life of 6 years and a $7,000 unguaranteed residual value. The delivery vehicle reverts back to the lessor at the end of the lease term. ABC Corporation uses the straight-line method of depreciation for the delivery vehicle. ABC Corporation's incremental borrowing rate is 10%, and the Lessor's implicit rate is unknown. No entries have yet been made concerning this lease arrangement. After determining the type of lease arrangement (capital or operating), prepare the necessary multiple-part journal entry for 2014 for ABC Corporation. (Hints: You will need to compute the present value of the minimum lease payments and 4 separate sub-entries for this lease transaction. Also, for Statement of Cash Flow purposes, the principal portion of lease payments are correctly categorized as a financing activity.)

ABC Corporation provides a defined benefit pension plan for its employees. A combination adjusting entry should be made to correctly account for this type of pension plan given the following items of information for the 2014 plan year, including the recording of pension expense and the employer's contribution to the pension plan in 2014. Pension asset/liability (January 1) $0 Actual return on plan assets $40,000 Expected return on plan assets $20,000 Contributions (funding) in 2014 $35,000 Fair value of plan assets (December 31) $75,000 Settlement rate 10% Projected benefit obligation (January 1) $0 Service cost $60,000 Benefits paid in 2014 $0 *For purposes of financial statement presentation, consider Pension Expense as an operating item and any resulting Pension Asset/Liability as long-term in nature.

On December 31, 2014, ABC Corporation issued 1,000 shares of restricted stock to its Chief Financial Officer. ABC stock had a fair value (closing market price) of $7 per share on December 31, 2014. Additional information is as follows: a. The service period related to the restricted stock is 2 years. b. Vesting occurs if the CFO stays with the company for a two-year period. c. The par value of the common stock is $3 per share. Make the appropriate accounting entry as of the grant date, 12/31/14.