Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 11.00

Seaver Company

On January 1, 2007 Seaver Company sold land with a book value of $23,000 to Bench Company. Bench Company paid $15,000 down and signed a $15,000 non-interest-bearing note, payable in two $7,500 annual installments on December 31, 2007 and 2008. Neither the fair value of the land nor of the note is determinable. Bench Company’s incremental borrowing rate is 12%. Later in the year, on July 1, 2007, Seaver Company sold a building to Hane Company, accepting a two-year, $100,000 non-interest-bearing note due July 1, 2009. The fair value of the building was $82,644.60 on the date of the sale. The building had been purchased at a cost of $90,000 on January 1, 2002, and had a book value of $67,500 on December 31, 2006. It was being depreciated on a straight-line basis (no residual value) over a 20-year life.

Required
1. Prepare all the journal entries on Seaver Company’s books for January 1, 2007 through December 31, 2008 in regard to the Bench Company note.
2. Prepare all the journal entries on Seaver Company’s books for July 1, 2007 through July 1, 2009 in regard to the Hane Company note.
3. Prepare the notes receivable portion of the Seaver Company’s balance sheet on December 31, 2007 and 2008

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 08:07 AM My Price 11.00

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