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intermediate accounting volume 1
Intermediate Accounting Volume 2 12th Canadian Edition Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy - Solutions
On January 1, 2020, Fresh Juice Ltd. entered into a purchase commitment contract to buy 10,000 oranges from a local company at a price of $0.50 per orange any time during the next year. The contract provides Fresh Juice with the option either to take delivery of the oranges at any time over the
On January 1, 2020, Wolfgang Ltd. paid $1,000 for the option to buy 5,000 of its common shares for $25 each. The contract stipulates that it may be settled only by exercising the option and buying the shares. How should this be accounted for in the financial statements of Wolfgang Ltd.? Assume that
On April 1, 2020, Petey Ltd. paid $175 for a call to buy 700 shares of NorthernTel at a strike price of $27 per share any time during the next six months. The market price of NorthernTel's shares was $27 per share on April 1, 2020. On June 30, 2020, the market price for NorthernTel's stock was $38
Refer to BE16.4. Assume the same facts except that the forward contract is a futures contract that trades on the Futures Exchange. Ginseng Inc. was required to deposit $30 with the stockbroker as a margin. Prepare the journal entries to update the books on January 1 and 15. Data From
On January 2, 2020, Jackson Corporation purchased a call option for $500 on Walter's common shares. The call option gives Jackson the option to buy 1,000 shares of Walter at a strike price of $30 per share any time during the next six months. The market price of a Walter share was $30 on January 2,
On January 1, 2020, Ginseng Inc. entered into a forward contract to purchase U.S. $6,000 for $6,336 Canadian in 30 days. On January 15, the fair value of the contract was $40 (reflecting the present value of the future cash flows under the contract). Assume that the company would like to update its
Brondon Corp. purchased a put option on Mykia common shares on July 7, 2020, for $480. The put option is for 350 shares, and the strike price is $50. The option expires on January 31, 2021. The following data are available with respect to the put option: Instructions Prepare the journal
Refer to E16.2. Assume the same facts except that the forward contract is a futures contract that trades on the Futures Exchange. On January 1, 2020, Roper is required to deposit $65 with the stockbroker as a margin. Instructions a. Prepare the journal entries for the day the futures
On February 1, 2020, Daily Produce Ltd. entered into a purchase commitment contract to buy apples from Farmers Corporation. According to the contract, Daily Produce could settle the contact on a net basis; however, Daily Produce intends to take delivery of the apples so that they can be sold in its
Access the financial statements of Brookfield Asset Management for the year ended December 31, 2017. The full set of its annual financial statements can be found on SEDAR at www.sedar.com or on the company's website. Paragraph 1 of IFRS 7 Financial Instruments: Disclosures indicates that the
CopMin Inc. is a private enterprise that is involved in copper mining operations. The company currently owns two operating mines. It is January 1, 2020, and CopMin has recently entered into two types of contracts. For its Papula Mine, it has entered into a sales contract with one of its major
Refer to P16.1, but assume that Hing Wa wrote (sold) the call option for a premium of $480 (instead of buying it). Assume that the market price of the shares and the fair value of the option are otherwise the same. Instructions Prepare the journal entries for Hing Wa for the following
On January 1, 2020, Roper Inc. agrees to buy 3 kg of gold at $40,000 per kilogram from Golden Corp on April 1, 2020, but does not intend to take delivery of the gold. On the day that the contract was entered into, the fair value of this forward contract was zero. The fair value of the forward
Access the annual report of Canadian Tire Corporation for its year ended December 31, 2017, from the company's website or SEDAR (www.sedar.com). According to Note 1 to the financial statements, the company operates in three main segments: retail, a real estate investment trust, and financial
The treasurer of Hing Wa Corp. has read on the Internet that the stock price of Ewing Inc. is about to take off. In order to profit from this potential development, Hing Wa purchased a call option on Ewing common shares on July 7, 2020, for $480. The call option is for 240 shares (notional value),
Sometimes an entity issues financial instruments that require settlement using its own shares. Examples of these include purchased or written options to buy or sell its own shares, or forward contracts to buy or sell its own shares. Explain the accounting issues that result from the existence of
Solid Gold Corporation is a public company that produces and sells gold. As the controller, you are worried that the company's profits will be hurt if gold prices decline. You are interested in doing some analysis to decide whether to enter into two-month forward contracts that would guarantee a
RIT Co. has an investment of 5,000 shares in a public company, SIT Ltd. In October 2020, RIT Co. purchased 5,000 put options for SIT Ltd. shares at a price of $2 per put option. The strike price associated with the put options is $100 per share, which is equal to the current trading price of the
Access the financial statements of Saskatoon-based Potash Corporation of Saskatchewan Inc. for its year ended December 31, 2017, from SEDAR (www.sedar.com). PotashCorp was a well-known Canadian global fertilizer and related industrial and feed producer. Instructions a. The company has
The following account balances are available from the ledger of Yutao Shui Corporation on December 31, 2019: Common Shares (20,000 shares authorized and outstanding) .........................$1,000,000 Retained Earnings
Brubacher Corporation's post-closing trial balance at December 31, 2020, was as follows: At December 31, 2020, Brubacher had the following numbers for its common and preferred shares: The dividends on preferred shares are $5 cumulative. In addition, the preferred shares have a preference
Use the information for Kindey Corporation from BE15.15. Assume instead that Kindey declared a 1-for-5 reverse stock split, and answer the same questions. Data From BE15.15.Kindey Corporation has 185,000 common shares outstanding with a carrying value of $20 per share. Kindey declares a
Radford Corporation's charter authorized 1 million $11 par value common shares, and 300,000 6% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 300,000 common shares were issued
On January 1, 2020, Copeland Ltd. (a public company) had the following shareholders' equity accounts: Preferred shares, $5 non-cumulative, unlimited number authorized, none issued......–0– Common shares, unlimited number authorized, 800,000 issued
Gateway Corporation has outstanding 200,000 common shares that were issued at $10 per share. The balances at January 1, 2020, were $21 million in its Retained Earnings account; $4.3 million in its Contributed Surplus account; and $1.1 million in its Accumulated Other Comprehensive Income account.
Miss M's Dance Studios Ltd. is a public company, and accordingly uses IFRS for financial reporting. The corporate charter authorizes the issuance of an unlimited number of common shares and 50,000 preferred shares with a $2 dividend. At the beginning of 2020, the opening account balances indicated
The shareholders' equity accounts of Abbasi Inc. have the following balances on December 31, 2020: Common shares,400,000 shares issued and outstanding...................................$10,000,000 Contributed surplus.............300,000 Retained
Martinez Ltd. has the following equity accounts at January 1, 2020. Preferred shares outstanding: 2,500 shares $ 62,500 Common shares outstanding: 4,000 shares 400,000 (a) What was the average issue price of the preferred shares? (b) Of the common shares? (c) If the preferred shares
The common shares of Hoover Inc. are currently selling at $143 per share. The directors want to reduce the share price and increase the share volume before making a new issue. The per share carrying value is $34. There are currently 1 million shares issued and outstanding. Instructions a.
Laurentian Mills Ltd. had the following shareholders' equity at January 1, 2020. The contributed surplus accounts arose from amounts received in excess of the par value of the shares when issued. During 2020, the following transactions occurred: Equipment was purchased in exchange for 100
The books of Binkerton Corporation carried the following account balances as at December 1, 2020: Cash.......................................................................$1,300,000 Preferred shares, $2 cumulative dividend, non-participating, 25,000 shares
The following data were taken from the SFP accounts of Bedard Corporation on December 31, 2020: Current assets......................................................$1,040,000 FV-NI investments.....................................................824,000 Common
The following is the shareholders' equity section of Suozzi Corp. at December 31, 2020: Preferred shares,a authorized 100,000 shares; issued 25,000 shares ..........................$ 750,000 Common shares (unlimited authorized, 60,000
Spencer Limited has 50,000 common shares outstanding, with an average issue price per share of $8. On August 1, 2020, the company reacquired and cancelled 600 shares at $40 per share. There was contributed surplus of $0.25 per share at the time of the reacquisition (total $12,500), which arose from
Higgins Inc. has 52,000 common shares outstanding. The shares have an average cost of $21 per share. On July 1, 2020, Higgins reacquired 800 shares at $56 per share and retired them. Assume no contributed surplus balances exist from previous share repurchases. (a) Prepare the journal entry to
Original Octave Inc. (OOI) is a widely held, publicly traded company that designs equipment for tuning musical instruments. Information about its shareholders' equity is as follows. The preferred share dividend was not paid in 2019. Several transactions affecting shareholders' equity took
Access the audited annual financial statements of Rogers Sugar Inc. for the year ended September 30, 2017, from SEDAR (www.sedar.com) or the company's website. Instructions a. Identify the components of the company's shareholders' equity, including the reasons for any current and prior
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized,.............$ 270,000 100,000 shares issued and outstanding Contributed surplus................................................................310,000 Retained
McNamara Limited's ledger shows the following balances on December 31, 2020: Preferred shares outstanding: 25,000 shares.............$ 625,000 Common shares outstanding: 40,000 shares..............3,000,000 Retained
The outstanding share capital of Meadowcrest Corporation consists of 3,000 preferred shares and 7,000 common shares for which $280,000 was received. The preferred shares carry a dividend of $7 per share and have a $100 stated value. Instructions Assuming that the company has retained
As at December 31, 2019, Cayenne Ltd., a public company, had 40,000 common shares outstanding. During 2020, Cayenne had the following transactions. Issued 6,000 common shares at $29 per share, less $2,000 in costs related to the issuance of the shares. Issued 3,750 common shares for land appraised
Companies around the globe have moved to, or are in the process of moving to, IFRS. Evidence has shown that it is preferable to adopt IFRS in its entirety, with no deviations from the standards. This chapter shows how much the legal environment affects the accounting for shares. Different countries
Manitoba Deck System Corporation (MDSC) is a public company whose shares are actively traded on the Toronto Stock Exchange. The following transactions occurred in 2020: Jan. 1 The company was granted a charter that authorizes the issuance of an unlimited number of common shares, and 250,000
Callaghan Inc. decided to sell shares to raise additional capital so that it could expand into the rapidly growing service industry. The corporation chose to sell these shares through a subscription basis and publicly notified the investment world. The offering was 40,000 shares at $22 a share. The
Refer to the financial statements and accompanying notes of Canadian Tire Corporation Limited, for its year ended December 31, 2017. The financial statements are available on SEDAR (www.sedar.com). Instructions a. What are the issued and authorized shares for both classes of the company's
Wind and Solar Inc. (WSI) is in the business of providing electricity. The company started up in 2019. Currently, it is owned by Winifred Wind and Winston Chang. Both Winston and Winifred own 50% of the WSI common shares. Under the terms of the shareholder agreement, either party may buy the other
The Bank of Montreal and Royal Bank of Canada financial statements for their years ended October 31, 2017, can be found on SEDAR (www.sedar.com). Instructions a. What is the average carrying amount of each company's common shares? Compare these values with market prices. What stock
Yang Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 100,000 preferred shares with a $4 dividend. The following share transactions were completed during the first year: Jan. 10 Issued 200,000 common shares for cash at $23 per
At December 31, 2020, Reddy Inc. has three long-term debt issues outstanding. The first is a $2.2-million note payable that matures on June 30, 2023. The second is a $4- million bond issue that matures on September 30, 2024. The third is a $17.5-million sinking fund debenture with annual sinking
The following items are found in Bogdan Limited's financial statements: 1. Interest expense (debit balance) 2. Loss on restructuring of debt 3. Mortgage payable (payable in full in five years) 4. Debenture bonds payable (maturing in two years). The company breached the covenant
The following are various accounts: 1. Bank loans payable of a winery, due March 10, 2024 (the product requires aging for five years before it can be sold) 2. $10 million of serial bonds payable, of which $2 million is due each July 31 3. Amounts withheld from employees' wages for
Vargo Limited owes $270,000 to First Trust Inc. on a 10-year, 12% note due on December 31, 2020. The note was issued at par. Because Vargo is in financial trouble, First Trust Inc. agrees to extend the maturity date to December 31, 2022, reduce the principal to $220,000, and reduce the interest
Assume the same information as in E14.24 and answer the following questions related to Green Bank (the creditor). Green Bank prepares financial statements in accordance with IFRS 9. There is no evidence of a significant increase in credit risk and 12-month expected credited losses are calculated at
On December 31, 2020, Green Bank enters into a debt restructuring agreement with Troubled Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2-million, 12% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from
Strickland Inc. owes Heartland Bank $200,000 plus $18,000 of accrued interest. The debt is a 10-year, 10% note. During 2020, Strickland's business declined due to a slowing regional economy. On December 31, 2020, the bank agrees to accept an old machine and cancel the entire debt. The machine has a
On December 31, 2019, Mohr Inc. borrowed $81,241 from Par Bank, signing a $125,000, five-year, non–interest-bearing note. The note was issued to yield 9% interest. Unfortunately, during 2020 Mohr began to experience financial difficulty. As a result, this was determined to be a significant
Refer to E14.18 and Auburn Limited. Instructions Repeat the instructions of E14.18 assuming that Auburn Limited follows IFRS and uses the effective interest method. Provide an effective interest table for the bonds from the inception of the bond to the date of the redemption.
Mazza Corp. owes Tsang Corp. a $110,000, 10-year, 10% note issued at par plus $11,000 of accrued interest. The note is due today, December 31, 2020. Because Mazza Corp. is in financial trouble, Tsang Corp. agrees to forgive the accrued interest and $10,000 of the principal, and to extend the
On June 30, 2013, Auburn Limited issued 12% bonds with a par value of $800,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2020. Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire
Gaming Inc. issued a debenture bond to Karamoutz Bank to finance new technology it developed. The debenture was for $500,000, issued at face value, with a 10-year term and interest payable at 10%. Gaming Inc.'s new technology proved not to be technically feasible and caused it to go into financial
Friedman Corporation had bonds outstanding with a maturity value of $500,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds, Friedman had issued other bonds a month earlier bearing a lower interest rate. The newly
Rocky Mountain Corp. currently has an issued debenture outstanding with Abbra Bank. The note has a principal of $2 million, was issued at face value, and interest is payable at 7%. The term of the debenture was 10 years, and was issued on December 31, 2013. The current market rate for this
On June 30, 2020, Mosca Limited issued $4 million of 20-year, 13% bonds for $4,300,920, which provides a yield of 12%. The company uses the effective interest method to amortize any bond premium or discount. The bonds pay semi-annual interest on June 30 and December 31. Instructionsa. Prepare
On January 1, 2020, Batonica Limited issued a $1.2-million, five-year, zero-interest-bearing note to Northern Savings Bank. The note was issued to yield 8% annual interest. Unfortunately, during 2020 Batonica fell into financial trouble due to increased competition. After reviewing all available
In each of the following independent cases, the company closes its books on December 31. 1. Sanford Co. sells $500,000 of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through
Refer to the information for Darby Corporation in E13.2. Instructions a. Prepare the journal entries for the payment of the notes at maturity. Assume no other accruals of interest were recorded since the December 31, 2020 year end. b. Repeat part (a) assuming Darby uses reversing
Primeau Inc. pays its officers bonuses based on income. For 2020, the bonuses total $350,000 and are paid on February 15, 2021. Prepare Primeau's December 31, 2020 adjusting entry and the February 15, 2021 entry. For the payment entry, ignore withholding taxes, CPP, and EI.
In the following two independent cases, the company closes its books on December 31: 1. Armstrong Inc. sells $2 million of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The bonds' due date is September 1, 2023. The bonds yield 12%. 2. Ouelette Ltd. sells
Access the financial statements of Air Canada and WestJet Airlines Ltd. for their years ended December 31, 2017, through SEDAR (www.sedar.com) or the companies' websites. Review the financial statements, including the notes, and then answer the following questions. Instructions a.
On January 1, 2020, Landlord Corporation acquired the following properties: 1. Investment property consisting of land and an apartment building in Toronto for $1.5 million. To finance this transaction, Landlord Corporation issued a five-year interest-free promissory note to repay $2,307,941 on
Selected transactions on the books of Pfaff Corporation follow: May 1, 2020 Bonds payable with a par value of $700,000, which are dated January 1, 2020, are sold at 105 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature on January 1,
On December 31, 2020, Faital Limited acquired a machine from Plato Corporation by issuing a $600,000, non–interest-bearing note that is payable in full on December 31, 2024. The company's credit rating permits it to borrow funds from its several lines of credit at 10%. The machine is expected to
Two independent situations follow. 1. On January 1, 2020, Spartan Inc. bought land that had an assessed value of $390,000 at the time of purchase. A $600,000, non–interest-bearing note due on January 1, 2023, was given in exchange. There was no established exchange price for the land, and no
Desrocher Ltd. issued an instalment note on January 1, 2020 (with a required yield of 9%) in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent had listed the land on the market for $120,000. The note calls for three equal blended payments of $43,456 that are to be
Thompson Limited, a private company with no published credit rating, completed several transactions during 2020. In January, the company bought under contract a machine at a total price of $1.2 million. It is payable over five years with instalments of $240,000 per year, with the first payment due
Jeremiah Limited issued 10-year, 7% debentures with a face value of $2 million on January 1, 2013. The proceeds received were $1.7 million. The discount was amortized on the straight-line basis over the 10-year term. The terms of the debentures stated that they could be redeemed in full at any
Foreman Inc. issued $800,000 of 20-year, 10% bonds on January 1, 2020, at 102. Interest is payable semi-annually on July 1 and January 1. The company follows ASPE and uses the straight-line method of amortization for any bond premium or discount. Instructions a. Prepare the journal
Foreman Inc. issued $800,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semi-annually on July 1 and January 1. Foreman Inc. uses the effective interest method of amortization for any bond premium or discount. Assume an effective yield of 9.75%. (With a market rate of
Sports International had total debt of $500,000 and $750,000 as at December 31, 2020, and December 31, 2019, respectively, of which $100,000 and $150,000 was current. In addition, the company had total assets of $900,000 and $700,000 as at December 31, 2020, and December 31, 2019, respectively, of
Ambrosia Limited has the following balances as at December 31, 2020: accounts payable and accrued liabilities $20,000, wages payable $15,000, bonus payable (due September 30, 2022) $15,000, and bonds payable of $140,000 due September 30, 2023 (current portion of $30,000). Prepare the
At December 31, 2020, Jelena Incorporated has a bond payable due September 1, 2021, with a carrying value of $1,200,000 (based on amortized cost) and a current value of $1,250,000. The interest payable as at December 31, 2020, is $25,000. Show how the above amounts should be presented on the
On January 1, 2020, Steinem Corporation established a special purpose entity to buy $1 million of accounts receivable from Steinem. Investors have invested in the special purpose entity to benefit from the return on assets and certain tax advantages. The special purpose entity has used the cash
Lawrence Incorporated owes $100,000 to Ontario Bank Inc. on a two-year, 10% note due on December 31, 2020. The note was issued at par. Because Lawrence is in financial trouble, Ontario Bank agrees to extend the maturity date of the note to December 31, 2022, reduce the principal to $75,000, and
On January 1, 2020, Jamil Incorporated redeemed bonds prior to their maturity date of January 1, 2021. The face value of the bonds was $800,000, and the redemption was performed at 97. As at the redemption date, the unamortized premium was $6,500. Prepare the corporation's journal entry to record
Hanson Incorporated issued $1 million of 7%, 10-year bonds on July 1, 2019, at face value. Interest is payable each December 31. The company has chosen to apply the fair value option in accounting for the bonds. A risk assessment at December 31, 2020, shows that Hanson's credit risk has increased,
Travel In Style Limited issued $1,000,000 of 9% bonds on September 1, 2020, for $1,058,671. The term of the bonds is September 1, 2020, to September 1, 2028, with interest payable quarterly each December 1, March 1, June 1, and September 1. The company uses the effective interest method with an
Assume that the bonds in BE14.15 were issued for $644,632 and the effective interest rate was 6%.(a) Prepare Quinton Corporation's journal entry for the January 1 issuance.(b) Prepare the company's journal entry for the July 1 interest payment.(c) Prepare the company's December 31 adjusting
On January 1, 2020, Quinton Corporation issued $600,000 of 7% bonds that are due in 10 years. The bonds were issued for $559,229 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 8%.(a) Prepare the company's journal entry for the
The City of Fram issued 100 bonds at their face value of $6,000 each plus accrued interest on June 1, 2020. The term of the bonds was January 1, 2020, to January 1, 2026, with interest payable semi-annually each January 1 and July 1 at 6%. Fram uses the effective interest method. Prepare journal
Assume that the bonds in BE14.11 were issued at 103. Assume also that Grenier Limited follows ASPE and records the amortization using the straight-line method. Prepare the journal entries related to the bonds for (a) January 1, (b) July 1, and (c) December 31. Data From
Grenier Limited issued $300,000 of 10% bonds on January 1, 2020. The bonds are due on January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at face value. Grenier uses the effective interest method. Prepare the company's journal entries for (a) The January
Watson Corporation issued $500,000 of 8%, 10-year bonds on January 1, 2020, at face value. The bonds require annual interest payments each December 31. Costs associated with the bond issuance were $25,000. Watson follows ASPE and uses the straight-line method to amortize bond issue costs. Prepare
Pflug Ltd. signed an instalment note on January 1, 2020, in settlement of an account payable of $40,000 owed to Mott Ltd. Pflug is able to borrow funds from its bank at 11%, whereas Mott can borrow at the rate of 10%. The note calls for two equal payments of blended principal and interest to be
Brestovacki Corporation issued a $50,000, five-year, 5% note to Jernigan Corp. on January 1, 2020, and received a piece of equipment that normally sells for $38,912. The note requires annual interest payments each December 31. The market interest rate for a note of similar risk is 11%.(a) Using (1)
Sophia Incorporated issued a $105,000, five-year, zero-interest-bearing note to Angelica Corp. on January 1, 2020, and received $52,000 cash. Sophia uses the effective interest method.(a) Using (1) a financial calculator or (2) Excel function Rate, calculate the implicit interest rate. Round
On May 1, 2020, Jadeja Corporation, a publicly listed corporation, issued $200,000 of five-year, 8% bonds, with interest payable semi-annually on November 1 and May 1. The bonds were issued to yield a market interest rate of 6%. Jadeja uses the effective interest method.(a) Calculate the present
On January 1, 2020, Offshore Corporation erected a drilling platform at a cost of $5,460,000. Offshore is legally required to dismantle and remove the platform at the end of its six-year useful life, at an estimated cost of $950,000. Offshore estimates that 70% of the cost of dismantling and
Crude Oil Limited purchased an oil tanker depot on July 2, 2020 at a cost of $600,000 and expects to operate the depot for 10 years. After the 10 years, Crude Oil is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $75,000 to do
At December 31, 2020, 30 employees of Kasten Inc. have each earned one week of vacation time. The employees' average salary is $1,000 per week. Prepare Kasten's December 31, 2020 adjusting entry.
On May 1, 2020, Green Machine Inc. entered into a contract to deliver one of its specialty mowers to Schroeter Landscaping Co. The contract requires Schroeter to pay the contract price of $3,200 in advance on May 15, 2020. Schroeter pays Green Machine on May 15, 2020, and Green Machine delivers the
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