acc/291 week 3 tasks

Project Description:


presented below are selected transactions at ingles company for 2011.
jan. 1 retired a piece of machinery that was purchased on january 1, 2001. the machine cost $62,000 on that date. it had a useful life of 10 years with no salvage value. (assume depreciation is up to date as of december 31, 2010.)
june 30 sold a computer that was purchased on january 1, 2008. the computer cost $40,000. it had a useful life of 5 years with no salvage value. the computer was sold for $14,000.
dec. 31 discarded a delivery truck that was purchased on january 1, 2007. the truck cost $39,000. it was depreciated based on a 6-year useful life with a $3,000 salvage value.
journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. ingles company uses straight-line depreciation.(for multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
date account/description debit credit
jan. 1

june 30

(to update depreciation)
june 30

dec. 31

(to update depreciation)

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northeast airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. these two alternatives are:
1. issue 60,000 shares of common stock at $45 per share. (cash dividends have not been paid nor is the payment of any contemplated).
2. issue 10%, 10-year bonds at par for $2,700,000.
it is estimated that the company will earn $800,000 before interest and taxes as a result of this purchase. the company has an estimated tax rate of 30% and has 90,000 shares of common stock outstanding prior to the new financing.
determine the effect on net income and earnings per share for these two methods of financing. (if answer is zero, please enter 0. do not leave any fields blank. round earnings per share to 2 decimal places, e.g. 10.50. enter all amounts as positive amounts and subtract where necessary.)
plan one
issue stock plan two
issue bonds
income before interest and taxes $


income before income taxes

income tax expense

net income $

outstanding shares

earnings per share $

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