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This comprehensive tutorial contains all course team assignments listed below: Resources: Ch. 9 of Financial Accounting. Complete the one assigned learning team problem found in the Week 2 Microsoft® Excel® template provided in the Course Materials forum. Submit the completed Microsoft® Excel® template to the Assignments Tab. Problem 1 At December 31, 2011, Jimenez Company reported the following as plant assets. Plant Assets: Land $ 4,000,000 Buildings 28,500,000 Less: Accumulated depreciation—buildings 12,100,000 16,400,000 Equipment 48,000,000 Less: Accumulated depreciation—equipment 5,000,000 43,000,000 Total plant assets $ 63,400,000 During 2012, the following selected cash transactions occurred. Apr 1 Purchased land for $2,130,000.
May 1 Sold equipment that cost $780,000 when purchased on January 1, 2008.The equipment was sold for $450,000. Jun 1 Sold land purchased on June 1, 2002 for $1,500,000.The land cost $400,000. Jul 1 Purchased equipment for $2,000,000. Dec 31 Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received. Instructions (a) Journalize the above transactions.The company uses straight-line depreciation for buildings and equipment.The buildings are estimated to have a 50-year life and no salvage value.The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (b) Record adjusting entries for depreciation for 2012. (c) Prepare the plant assets section of Jimenez’s balance sheet at December 31, 2012. Resources: Ch. 9 and 10 of Financial Accounting. Complete the two assigned learning team problems found in the Week 3 Microsoft® Excel® template provided in the Course Materials forum. Submit the completed Microsoft® Excel® template to the Assignments Tab. Problem 1 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012. Problem 2 Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613.This priceresulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount. Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount. Resources: Ch. 9 and 10 of Financial Accounting. Complete the two assigned learning team problems found in the Week 3 Microsoft® Excel® template provided in the Course Materials forum. Submit the completed Microsoft® Excel® template to the Assignments Tab. Problem 1 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2011 and 12,000 in 2012. Problem 2
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613.This priceresulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount. Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount. Complete the two assigned learning team problems found in the Week 4 Microsoft® Excel® template provided in the Course Materials forum. Submit the completed Microsoft® Excel® template to the Assignments Tab. Problem 1 On October 31, the stockholders’ equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share. Instructions Prepare a tabular summary of the effects of the alternative actions on the components of stockholders’ equity and outstanding shares. Problem 2 Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2011, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock $ 240,000 Paid-in Capital in Excess of Par Value—Preferred 56,000 Common Stock 2,000,000 Paid-in Capital in Excess of Stated Value—Common 5,700,000 Treasury Stock—Common (1,000 shares) 22,000 Paid-in Capital from Treasury Stock 3,000 Retained Earnings 560,000 The preferred stock was issued for land having a fair market value of $296,000.All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $22. In December, 500 shares of treasury stock were sold for $28 per share. No dividends were declared in 2011. Instructions (a) Prepare the journal entries for the: (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash.
(4) Sale of treasury stock for cash. (b) Prepare the stockholders’ equity section at December 31, 2011.