Provincial Inc. reported the following before-tax income statement items:

Operating income	$	510,000
Nonoperating losses		(89,000	)

Provincial has a 25% income tax rate. Provincial would report the following amount of income tax expense as a separately stated line item in the income statement:

2. ake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the installment sales method for revenue recognition. In 2020, Lake began operations and sold jet skis with a total price of $930,000 that cost Lake $465,000. Lake collected $310,000 in 2020, $310,000 in 2021, and $310,000 in 2022 associated with those sales. In 2021, Lake sold jet skis with a total price of $1,650,000 that cost Lake $990,000. Lake collected $550,000 in 2021, $465,000 in 2022, and $465,000 in 2023 associated with those sales. In 2023, Lake also repossessed $170,000 of jet skis that were sold in 2021. Those jet skis had a fair value of $63,750 at the time they were repossessed. In 2022, Lake would recognize realized gross profit of:

3.

The following information is taken from the 2015 annual report to shareholders of Hughe-Pockets (HP) Co.

	For Fiscal 2015			For Fiscal 2014
Provision for doubtful accounts	$	33	million	$	110	million
	At Fiscal Year-end 2015			At Fiscal Year-end 2014
Accounts receivable, net		15,926	million		16,457	million
Accounts receivable, gross		16,308	million		16,971	million

What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, respectively? (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 4.

On June 30, 2021, Blondie Fixtures was considering alternatives to bolster its cash position. Option One called for transferring $340,000 in accounts receivable to Dogwood Finance Company without recourse for a 6% fee. Option Two calls for Blondie to transfer the $340,000 in receivables to Dogwood with recourse. Dogwood's charges a 5% fee for receivables factored with recourse. Option Two meets the conditions to be considered a sale, but Blondie estimates a $2,400 recourse liability. Under either option, Dogwood will immediately remit 90% of the factored receivables to Blondie, and retain 10%. When Dogwood collects the remaining receivables, it remits the amount, less the fee, to Blondie. Blondie estimates that the fair value of the final 10% of the receivables is $22,000 (ignoring the factoring fee). Required: 1. Prepare any necessary journal entry or entries if receivables are factored under Option One. 2. Prepare any necessary journal entry or entries if receivables are factored under Option Two.