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intermediate accounting reporting
Intermediate Accounting 18th Edition Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield - Solutions
On October 15, 2025, Oil Products Co. purchased 4,000 barrels of fuel oil with a cost of $240,000 ($60 per barrel). Oil Products is holding this inventory in anticipation of the winter 2026 heating season. Oil Products accounts for its inventory at the lower-of-FIFO-cost-ornet realizable value. To
Aranda Corporation made the following cash purchases of securities during 2025, which is the first year in which Aranda invested in securities.1. On January 15, purchased 10,000 shares of Sanchez Company’s common stock at $33.50 per share plus commission $1,980.2. On April 1, purchased 5,000
On December 31, 2025, Mercantile Corp. had a $10,000,000, 8% fixed-rate note outstanding, payable in 2 years. It decides to enter into a 2-year swap with Chicago First Bank to convert the fixed-rate debt to variable-rate debt. The terms of the swap indicate that Mercantile will receive interest at
The treasurer of Miller Co. has read on the Internet that the stock price of Wade Inc. is about to take off. In order to profit from this potential development, Miller Co. purchased a call option on Wade common shares on July 7, 2025, for $240. The call option is for 200 shares (notional value),
The following are independent situations.Situation 1: Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2025. On June 30, Martinez declared and paid $75,000 cash dividends to all stockholders. On December 31,
LEW Jewelry Co. uses gold in the manufacture of its products. LEW anticipates that it will need to purchase 500 ounces of gold in October 2025, for jewelry that will be shipped for the holiday shopping season. However, if the price of gold increases, LEW’s cost to produce its jewelry will
On July 1, 2025, Wheeler Company purchased $4,000,000 of Duggen Company’s 8% bonds, due on July 1, 2032. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for $3,500,000 to yield 10%. Determine the amount of interest revenue Wheeler should report on its income
Stave Company invests $10,000,000 in 5% fixed rate corporate bonds on January 1, 2025. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $10,600,000. Interest is paid on January 1.
Kenseth Company has the following securities in its portfolio on December 31, 2025. None of these investments are accounted for under the equity method.All of the securities were purchased in 2025.In 2026, Kenseth completed the following securities transactions.Kenseth’s portfolio of equity
Michek Company loans Sarasota Company $2,000,000 at 6% for 3 years on January 1, 2025. Michek intends to hold this loan to maturity and has the financial ability to do so. The fair value of the loan at the end of each reporting period is as follows.Prepare the journal entry (entries) at December
Warren Co. purchased a put option on Echo common shares on January 7, 2025, for $360. The put option is for 400 shares, and the strike price is $85 (which equals the price of an Echo share on the purchase date). The option expires on July 31, 2025. The following data are available with respect to
Johnstone Co. purchased a put option on Ewing common shares on July 7, 2025, for $240. The put option is for 200 shares, and the strike price is $70. (The market price of a share of Ewing stock on that date is $70.) The option expires on January 31, 2026. The following data are available with
Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2025. The purchase price was $1,200,000 for 50,000 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2026. Kulikowski reported net
Presented below is information related to the purchases of common stock by Lilly Company during 2025.Instructions(Assume a zero balance for any Fair Value Adjustment account at the beginning of 2025.)a. What entry would Lilly make at December 31, 2025, to record the investment in Arroyo Company
Assume the same information as in E16.19 for Lilly Company. In addition, assume that the investment in the Woods Inc. stock was sold during 2026 for $195,000. At December 31, 2026, the following information relates to its two remaining investments of common stock.Net income before any security
On January 1, 2025, Pennington Corporation purchased 30% of the common shares of Edwards Company for $180,000. During the year, Edwards earned net income of $80,000 and paid dividends of $20,000.InstructionsPrepare the entries for Pennington to record the purchase and any additional entries related
Elaina Company has the following investments as of December 31, 2025.In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2025. Elaina’s stock investments do not result in significant influence on the operations of Laser Company.
Morley Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2025.Instructionsa. What is the amount of the credit loss that Morley should report on this available-for-sale security at December 31, 2025?b.
Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2025. This is Dawson Company’s first year of operations.Instructionsa. Dawson elects to use the fair value option for these investments. Assuming that Dawson’s net income is $100,000
Hagar Corporation has municipal bonds classified as a held-to-maturity at December 31, 2025. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $720,000. The company believes that impairment accounting is now appropriate for these bonds.Instructionsa.
On January 2, 2025, Jones Company purchases a call option for $300 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of $50 per share. The market price of a Merchant share is $50 on January 2, 2025 (the intrinsic value is therefore
On January 1, 2025, Dagwood Company purchased at par 6% bonds having a maturity value of $300,000. They are dated January 1, 2025, and mature January 1, 2030, with interest received on January 1 of each year. The bonds are classified in the held-to-maturity category.Instructionsa. Prepare the
Parnevik Company has the following securities in its investment portfolio on December 31, 2025 (all securities were purchased in 2025): (1) 3,000 shares of Anderson Co. common stock which cost $58,500, (2) 10,000 shares of Munter Ltd. common stock which cost $580,000, and (3) 6,000
The following information is available for Barkley Company at December 31, 2025, regarding its investments.Instructionsa. Prepare the adjusting entry (if any) for 2025, assuming no balance in the Fair Value Adjustment account at January 1, 2025. Neither of Barkley’s investments result in
Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following
Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2025.1. Mooney Co. has developed the following schedule of future taxable and deductible amounts.2. Roesch Co. has the following schedule of
The following information has been obtained for Gocker Corporation.1. Prior to 2025, taxable income and pretax financial income were identical.2. Pretax financial income is $1,700,000 in 2025 and $1,400,000 in 2026.3. On January 1, 2025, equipment costing $1,200,000 is purchased. It is to be
DeJohn Company, which began operations at the beginning of 2023, produces various products on a contract basis. Each contract generates a gross profit of $80,000. Some of DeJohn’s contracts provide for the customer to pay on an installment basis. Under these contracts, DeJohn collects one-fifth
The following facts relate to Krung Thep Corporation.1. Deferred tax liability, January 1, 2025, $20,000.2. Deferred tax asset, January 1, 2025, $0.3. Taxable income for 2025, $95,000.4. Pretax financial income for 2025, $200,000.5. Cumulative temporary difference at December 31, 2025, giving rise
Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2024–2027.Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2024–2027 were enacted in 2024.Instructionsa. Prepare
On October 2, 2025, Laplante Company sold $6,000 of its elite camping gear (with a cost of $3,600) to Lynch Outfitters. As part of the sales agreement, Laplante includes a provision that if Lynch is dissatisfied with the product, Laplante will grant an allowance on the sales price or agree to take
Zurich Company reports pretax financial income of $70,000 for 2025. The following items cause taxable income to be different than pretax financial income.1. Depreciation on the tax return is greater than depreciation on the income statement by $16,000.2. Rent collected on the tax return is greater
On June 3, 2025, Hunt Company sold to Ann Mount merchandise having a sales price of $8,000 (cost $6,000) with terms of n/60, f.o.b. shipping point. Hunt estimates that merchandise with a sales value of $800 will be returned. An invoice totaling $120 was received by Mount on June 8 from Olympic
Uddin Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer’s expense.
Organic Growth Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return of these products if not fully satisfied. The right of return
Bandung Corporation began 2025 with a $46,000 balance in the Deferred Tax Liability account. At the end of 2025, the related cumulative temporary difference amounts to $350,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2025 is $525,000, the tax rate for all
South Carolina Corporation has one temporary difference at the end of 2025 that will reverse and cause taxable amounts of $55,000 in 2026, $60,000 in 2027, and $65,000 in 2028. South Carolina’s pretax financial income for 2025 is $300,000, and the tax rate is 30% for all years. There are no
The following information is available for Wenger Corporation for 2024 (its first year of operations).1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2025–2028.2. Deferral, for book purposes, of $20,000 of rent received in
The following information is available for Remmers Corporation for 2025.1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000. This difference will reverse in equal amounts of $30,000 over the years 2026–2029.2. Interest received on
At December 31, 2025, Higley Corporation has one temporary difference which will reverse and cause taxable amounts in 2026. In 2025, a new tax act set taxes equal to 35% for 2025, 30% for 2026, and 20% for 2027 and years thereafter.Instructions Explain what circumstances would call for Higley
Shaw Company sells goods on credit that cost $300,000 to Ricard Company for $410,000 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $40,000. The standalone selling price of the goods is $370,000. The installation is considered a separate
Kleckner Company started operations in 2021. Although it has grown steadily, the company reported accumulated operating losses of $450,000 in its first 4 years in business. In the most recent year (2025), Kleckner appears to have turned the corner and reported modest taxable income of $30,000. In
Larkspur Inc. sells prepaid telephone cards to customers in its convenience stores. When Larkspur sells cards, it then pays the telecommunications company, TeleExpress, for the value of the cards less a 20% commission. Assume that Larkspur receives $4,000 of prepaid cards in January 2025. Larkspur
On March 1, 2025, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,062,937 (an inputed rate of 10%). The goods have an inventory cost on Parnevik’s books of $400,000. Prepare the journal entries for Parnevik
On January 2, 2025, Adani Inc. sells goods to Geo Company in exchange for a zerointerest- bearing note with face value of $11,000, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000 (cost $6,000). Prepare the journal entry to record this transaction on January
Aaron’s Agency sells an insurance policy offered by Capital Insurance Company for a commission of $100 on January 2, 2025. In addition, Aaron will receive an additional commission of $10 each year for as long as the policyholder does not cancel the policy. Based on Aaron’s significant
Referring to the revenue arrangement in BE17.6, determine the transaction price for the contract, assuming (a) Nair is only able to estimate whether the building can be completed by August 1, 2026, or not (Nair estimates that there is a 70% chance that the building will be completed by August 1,
Nair Corp. enters into a contract with a customer to build an apartment building for $1,000,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $150,000 to be paid if the building is ready for rental beginning August 1, 2026. The bonus
On January 2, 2025, MacCloud Co. issued a 4-year, $100,000 note at 6% fixed interest, interest payable semiannually. MacCloud now wants to change the note to a variablerate note.As a result, on January 2, 2025, MacCloud Co. enters into an interest rate swap where it agrees to receive 6% fixed and
On January 2, 2025, Parton Company issues a 5-year, $10,000,000 note at LIBOR, with interest paid annually. The variable rate is reset at the end of each year. The LIBOR rate for the first year is 5.8%.Parton Company decides it prefers fixed-rate financing and wants to lock in a rate of 6%. As a
Hart Golf Co. uses titanium in the production of its specialty drivers. Hart anticipates that it will need to purchase 200 ounces of titanium in November 2025, for clubs that will be sold in advance of the spring and summer of 2026. However, if the price of titanium increases, this will increase
On May 1, 2025, Richardson Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $900 in advance on May 15, 2025. Kickapoo pays Richardson on May 15, 2025, and Richardson delivers the mower (with
Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2025. The goods have a sales price of $610,000 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,000. Past history indicates that the cash
The accounting records of Shinault Inc. show the following data for 2025 (its first year of operations).1. Life insurance expense on officers was $9,000.2. Equipment was acquired in early January for $300,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax
Wise Company began operations at the beginning of 2026. The following information pertains to this company.1. Pretax financial income for 2026 is $100,000.2. The tax rate enacted for 2026 and future years is 20%.3. Differences between the 2026 income statement and tax return are listed below:a.
At December 31, 2024, Belmont Company had a net deferred tax liability of $375,000. An explanation of the items that compose this balance is as follows.In analyzing the temporary differences, you find that $30,000 of the depreciation temporary difference will reverse in 2025, and $120,000 of the
The following facts relate to Duncan Corporation.1. Deferred tax liability, January 1, 2025, $30,000.2. Deferred tax asset, January 1, 2025, $10,000.3. Taxable income for 2025, $105,000.4. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $230,000.5.
Assume the same information as E18.12, except that at the end of 2024, Jennifer Capriati Corp. had a valuation account related to its deferred tax asset of $22,500.Instructionsa. Record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming that it is more likely
At the end of 2024, Lucretia McEvil Company has $180,000 of cumulative temporary differences that will result in reporting the following future taxable amounts.Tax rates enacted as of the beginning of 2023 are:McEvil’s taxable income for 2024 is $320,000. Taxable income is expected in all future
Jennifer Capriati Corp. has a deferred tax asset account with a balance of $75,000 at the end of 2024 due to a single cumulative temporary difference of $375,000. At the end of 2025, this same temporary difference has increased to a cumulative amount of $450,000. Taxable income for 2025 is
Rode Inc. incurred a net operating loss of $500,000 in 2025. The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Rode expects to return to profitability in 2026.
Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2025. This difference will reverse as follows: 2026, $42,000; 2027, $244,000; and 2028, $294,000. Enacted tax rates are 17% for 2026 and 2027, and 20% for 2028. Compute the amount
Hiatt Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2025. The insurance company which administers the pension plan provided the following selected information for the years 2025, 2026, and 2027.There were no balances as of January 1, 2025, when the
Hanson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances related to this plan.As a result of the operation of the plan during 2025, the actuary provided the following additional data for 2025.InstructionsUsing the preceding data, compute
Kenseth Corp. has the following beginningof- the-year present values for its projected benefit obligation and market-related values for its pension plan assets.The average remaining service life per employee in 2024 and 2025 is 10 years; in 2026 and 2027, it is 12 years. The net gain or loss that
The following defined pension data of Rydell Corp. apply to the year 2025.InstructionsFor 2025, prepare a pension worksheet for Rydell that shows the journal entry for pension expense and the year-end balances in the related pension accounts. Projected benefit obligation, 1/1/25 (before
Hawkins Corporation has the following balances at December 31, 2025.How should these balances be reported on Hawkins’ balance sheet at December 31, 2025? Projected benefit obligation Plan assets at fair value Accumulated OCI (PSC) $2,600,000 2,000,000 1,100,000
Aykroyd Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 2012. Prior to 2025, cumulative net pension expense recognized equaled cumulative contributions to the plan. Other relevant information about the pension plan on January 1, 2025, is as follows.1. The
PENCOMP’s balance sheet at December 31, 2025, is as follows.Additional information concerning PENCOMP’s defined benefit pension plan is as follows.Other information about PENCOMP is as follows.AccountingPrepare an income statement for 2026 and a balance sheet as of December 31, 2026. Also,
Gottschalk Company sponsors a defined benefit plan for its 100 employees. On January 1, 2025, the company’s actuary provided the following information.The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan.
Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at January 1, 2025. Shin also had a net actuarial loss of $465,000 in accumulated OCI at January 1, 2025. The average remaining service period of Shin’s employees is 7.5 years. Compute Shin’s minimum
Andrews Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2025 are as follows.On January 1, 2025, the company amended its pension plan, increasing its projected benefit obligation by
Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2024, with the following beginning balances: plan assets $200,000; projected benefit obligation $250,000. Other data relating to 3 years’ operation of the plan are as follows.Instructionsa. Prepare a
The following facts apply to the pension plan of Boudreau Inc. for the year 2025.InstructionsUsing this data, compute pension expense for the year 2025. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2025 and the year-end balances in the
At December 31, 2025, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2025.
On January 1, 2025, Harrington Company has the following defined benefit pension plan balances.The interest (settlement) rate applicable to the plan is 10%. On January 1, 2026, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the
Mancuso Corporation amended its pension plan on January 1, 2025, and granted $160,000 of prior service costs to its employees. The employees are expected to provide 2,000 service years in the future, with 350 service years in 2025. Compute prior service cost amortization for 2025.
Campbell Soup Company reported pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell’s journal entry to record pension expense and funding, assuming campbell has no OCI amounts.
Veldre Company provides the following information about its defined benefit pension plan for the year 2025.InstructionsCompute the pension expense for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan
Wangerin Company reported the following pretax financial income (loss) for the years 2023 2027.Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2023 and 2024, and 20% for 2025–2027. Assume the carryback provision is
Meyer reported the following pretax financial income (loss) for the years 2025–2027.Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2025–2027.Instructionsa. Prepare the journal entries for the years 2025–2027 to
The differences between the book basis and tax basis of the assets and liabilities of Castle Corporation at the end of 2024 are presented below.It is estimated that the litigation liability will be settled in 2025. The difference in accounts receivable will result in taxable amounts of $30,000 in
Felicia Rashad Corporation has pretax financial income (or loss) from 2020 through 2026 as follows.Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. In recording the benefits of a loss carryforward, assume that it is more likely
Nadal Inc. has two temporary differences at the end of 2024. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Nadal’s accounting department has developed a schedule of future taxable and deductible amounts related to these
Teri Hatcher Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2024.It is estimated that the warranty liability will be settled in 2025. The difference in equipment (net) will result in taxable
following information is available for the pension plan of Radcliffe Company for the year 2025.Instructionsa. Compute pension expense for the year 2025.b. Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2025. Actual and expected return on
Andy McDowell Co. establishes a $100 million liability at the end of 2025 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2026. Also, at the end of 2025, the company has $50 million of temporary
At January 1, 2025, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2025, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were
Use the information for Rode Inc. given in BE18.12. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the journal entries necessary at the end of 2025.Data from BE18.12Rode Inc. incurred a net operating loss of
Novotna Inc.’s only temporary difference at the beginning and end of 2024 is caused by a $3 million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2025
Youngman Corporation has temporary differences at December 31, 2025, that result in the following deferred taxes.Indicate how these balances would be presented in Youngman’s December 31, 2025, balance sheet. Deferred tax liability related to depreciation difference Deferred tax asset related to
During 2025, Kate Holmes Co.’s first year of operations, the company reports pretax financial income at $250,000. Holmes’s enacted tax rate is 45% for 2025 and 20% for all later years. Holmes expects to have taxable income in each of the next 5 years. The effects on future tax returns of
Sylvie Inc. incurred a net operating loss of $500,000 in 2025. Combined income for 2023 and 2024 was $350,000. The tax rate for all years is 20%. Sylvie elects the carryback option. Prepare the journal entries to record the benefits of the loss carryback and the loss carryforward. Sylvie expects to
Hobbs Co. has the following defined benefit pension plan balances on January 1, 2025.The interest (settlement) rate applicable to the plan is 10%. On January 1, 2026, the company amends its pension agreement so that prior service costs of $600,000 are created. Other data related to the pension plan
Lemke Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2025 and 2026.Instructionsa. Prepare a pension worksheet presenting both years 2025 and 2026 and accompanying computations and amortization of the loss
Kramer Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2025.Instructionsa. Determine the
Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan.As a result of the operation of the plan during 2025, the following additional data are provided by the actuary.Instructionsa. Using the data above, compute pension
Henning Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2025 in which no benefits were paid.1. The actuarial present value of future benefits earned by employees for services rendered in 2025 amounted to
Manno Corporation has the following information available concerning its postretirement benefit plan for 2025.Compute Manno’s 2025 postretirement expense. Service cost Interest cost Actual and expected return on plan assets $40,000 47,400 26,900
For 2025, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell’s contribution to the plan during 2025 was $180,000. Prepare Sampsell’s 2025 entry to record post retirement expense, assuming Sampsell has no OCI amounts.
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