The ledger of Ivanhoe Limited at October 31, 2021, contains the following summary data: Cash dividends-common...

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The ledger of Ivanhoe Limited at October 31, 2021, contains the following summary data: Cash dividends-common $119,000 Common shares 644,000 Depreciation expense 91,000 Service revenue 1,465,000 Operating expenses 925,000 Interest expense 54,000 Retained earnings, November 1, 2020 569,000 Your analysis reveals the following additional information: 1 The company has a 25% income tax rate 2 On March 19, 2021., Ivanhoe discovered an error made in the previous fiscal year. A $55,000 payment of a note payable had been recorded as interest expense. 3. On April 10, 2021, common shares costing $75.000 were reacquired for $99,000. This is the first time the company has reacquired common shares. Prepare a journal entry to correct the prior period error. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit Mar. 19. Cash 55000 2021 Interest Expense (To record correction of error.) 000 55000 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entry to record the reacquisition of common shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Debit Credit Date Account Titles and Explanation Apr. 10, Cash Prepare the journal entry to record the reacquisition of common shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit Apr. 10, Cash 2021 Notes Payable cash (To record reacquisition of common shares.) e Textbook and Media List of Accounts Your answer is incorrect. Calculate profit for the year ended October 31, 2021. Profit S [1] Prepare the statement of retained earnings for the company for the year ended October 31, 2021. (List items that increase retained earnings first.) IVANHOE LIMITED Statement of Retained Earnings ㅁㅁㅁㅁ 미니 The ledger of Ivanhoe Limited at October 31, 2021, contains the following summary data: Cash dividends-common $119,000 Common shares 644,000 Depreciation expense 91,000 Service revenue 1,465,000 Operating expenses 925,000 Interest expense 54,000 Retained earnings, November 1, 2020 569,000 Your analysis reveals the following additional information: 1 The company has a 25% income tax rate 2 On March 19, 2021., Ivanhoe discovered an error made in the previous fiscal year. A $55,000 payment of a note payable had been recorded as interest expense. 3. On April 10, 2021, common shares costing $75.000 were reacquired for $99,000. This is the first time the company has reacquired common shares. Prepare a journal entry to correct the prior period error. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit Mar. 19. Cash 55000 2021 Interest Expense (To record correction of error.) 000 55000 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entry to record the reacquisition of common shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Debit Credit Date Account Titles and Explanation Apr. 10, Cash Prepare the journal entry to record the reacquisition of common shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit Apr. 10, Cash 2021 Notes Payable cash (To record reacquisition of common shares.) e Textbook and Media List of Accounts Your answer is incorrect. Calculate profit for the year ended October 31, 2021. Profit S [1] Prepare the statement of retained earnings for the company for the year ended October 31, 2021. (List items that increase retained earnings first.) IVANHOE LIMITED Statement of Retained Earnings ㅁㅁㅁㅁ 미니

Answer rating: 100% (QA)

Date Mar 19 2021 Account Titles E... View the full answer