Superb Professors

PROJECT #3:
Complete the following problems from your textbook:
* P11-2A (pg #561)
* P10-1A (pg #516)
* Assume Strand Corp purchased a delivery truck on 7/1/17 for $20,000. 10% Salvage Value, 3 yr estimated useful life. Strand is a calendar year-end. For STRAIGHT LINE depreciation method only:
(1) calculate and account for annual depreciation throughout the life of the asset
(2) show the asset's “Net Book Value” at the end of each year throughout the life of the asset LO4, 8 P11-2A. Stockholders' Equity: Transactions and Balance Sheet Presentation Tunic Corporation was or- ganized on April 1, with an authorization of 25,000 shares of six percent, $50 par value preferred stock and 200,000 shares of $5 par value common stock. During April, the following transactions affecting stockholders' equity occurred: Apr. 1 Issued 80,000 shares of common stock at $20 cash per share. 3 Issued 2,000 shares of common stock to attorneys and promoters in exchange for their services in organizing the corporation. The services were valued at $31,000. 8 Issued 3,000 shares of common stock in exchange for equipment with a fair market value of $55,000. 20 Issued 6,000 shares of preferred stock for cash at $60 per share. Required a. Prepare journal entries to record the above transactions. b. Prepare the stockholders' equity section of the balance sheet at April 30. Assume that the net income for April is $51,000. LO1 P10-1A. Journal Entries for Accounts and Notes Payable Logan Company had the following transactions: Apr. May June July 8 Issued a $5.000, 60-day, six percent note payable in payment of an account with Bennett Company. 15 Borrowed $40,000 from Lincoln Bank, signing a 60-day note at nine percent. 22 Paid Bennett Company the principal and interest due on the April 8 note payable. 6 Purchased $12,000 of merchandise from Bolton Company; signed a 90-day note with ten percent interest 14 Paid the May 15 note due Lincoln Bank. 2 Borrowed $30,000 from Lincoln Bank, signing a 120-day note at 12 percent. 4 Defaulted on the note payable to Bolton Company. July Oct. Required a. Record these transactions in general journal form. b. Record any adjusting entries for interest in general journal form. Logan Company has a Decem- ber 31 year-end.

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