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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
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Experience:  Completed by BA degree in 1988 and graduated with a GPA of 4.0
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E9-7Brainiac Company purchased a delivery truck for $30,000

Resolved Question:

E9-7
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.

Compute depreciation using different methods.
(SO 3)

Instructions (a) Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining balance method.

(b) Assume that Brainiac uses the straight-line method. 1. Prepare the journal entry to record 2011 depreciation.

2. Show how the truck would be reported in the December 31, 2011, balance sheet.




E10-10

On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is payable semiannually on July 1 and January 1.

Prepare entries for issuance of bonds, and payment and accrual of bond interest.
(SO 5)

InstructionsPresent journal entries to record the following. (a) The issuance of the bonds.

(b) The payment of interest on July 1, assuming that interest was not accrued on June 30.

(c) The accrual of interest on December 31.





E10-11
On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.

Prepare entries for bonds issued at face value.
(SO 5)

InstructionsPrepare journal entries to record the following events. (a) The issuance of the bonds.

(b) The payment of interest on July 1, assuming no previous accrual of interest.

(c) The accrual of interest on December 31.





E10-15
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.

Prepare entries to record mortgage note and installment payments.
(SO 7)

InstructionsPrepare the journal entries to record the mortgage loan and the first two installment payments.
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Manal Elkhoshkhany replied 2 years ago.

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Manal Elkhoshkhany, Bachelor's Degree
Satisfied Customers: 9481
Experience: Completed by BA degree in 1988 and graduated with a GPA of 4.0
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