Date December 31, 2022 Account Titles and Explanation Debit Credit
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- (Debtor/Creditor Entries for Settlement of Troubled Debt) Gottlieb Co. owes $199,800 to Ceballos Inc. The debt is a 10-year, 11% note. Because Gottlieb Co. is in financial trouble, Ceballos Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $90,000 and a fair value of $140,000.Instructions(a) Prepare the journal entry on Gottlieb’s books for debt restructure.(b) Prepare the journal entry on Ceballos’s books for debt restructure.Gottlieb Co. owes $199,800 to Ceballos Inc. The debt is a 10-year, 11% note. Because Gottlieb Co. is in financial trouble, Ceballos Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $90,000 and a fair value of $140,000. Instructions a. Prepare the journal entry on Gottlieb's books for debt restructure. b. Prepare the journal entry on Ceballos's books for debt restructure.On January 1, 2025, Sage Furniture borrowed $5,900,000 (face value) from Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Sage Furniture agreed to sell furniture to this customer at lower than market price. A 9% rate of interest is normally charged on this type of loan. a - Prepare the journal entry to record this transaction. b - Determine the amount of interest expense to report for 2025.
- Vaughn Co. owes $181,300 to Bramble Inc. The debt is a 10-year, 11% note. Because Vaughn Co. is in financial trouble, Bramble Inc. agrees to accept some land and cancel the entire debt. The property has a book value of $96,500 and a fair value of $129,600. a. b. Prepare the journal entry on Vaughn's books for debt restructure. Prepare the journal entry on Bramble's books for debt restructure.On December 31, 2022, Shamrock plc acquired a computer from Plato Group by issuing a £606,000 zero-interest-bearing note, payable in full on December 31, 2026. Shamrock's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a £65,000 residual value. (a) Prepare the journal entry for the purchase on December 31, 2022. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date December 31, 2022 Account Titles and Explanation Debit CreditBefore any debt cancellation, the insolvent KuhnCo holds business equipment, its only asset, with a fair market value of $1 million and related liabilities of $1.25 million. The lender agrees to cancel $400,000 of the liabilities. KuhnCo has no other liabilities. a. How much gross income does KuhnCo report as a result of the debt cancellation? b. How would your answer change, if at all, had the lender cancelled $200,000 of the debt?
- On December 31, 2021, Empoy Company has overdue notes payable of P5,000,000 with accrued interest of P500,000. The company is threatened with a court suit if it would not settle its debt. The company entered into an agreement with the creditor to transfer real estate carried in the books of Empoy at P3million. The real estate has a current fair market value of P4.5million. What was the total amount of gain reported by Empoy as a result of debt restructuring/ a.) 2,500,000 b.) 1,500,000 c.) 1,000,000 d.) 500,0001. On January 1, 2023, Malone purchased a building with a $200,000 10 year zero interest note. The normal borrowing rate for Malone is 10%. (you will need to use TVM and an amortization table) A. Compute the present value and prepare an amortization table. B. Record the necessary journal entries at 1/1/23, 12/31/23 and 12/31/24 using the effective interest method. C. Show the financial statement presentation of the note on the I/S and B/S at 12/31/23 and 12/31/24. 2. On October 1, 2023, Malone borrowed $50,000 by issuing a 11 month, 9% note. Interest will be paid at maturity. (you do NOT need to use TVM or an amortization table) A. Record the journal entries at 10/1/23, 12/31/23 and maturity. B. Show the financial statement presentation of the note on the I/S and B/S at 12/31/23 and 12/31/24. 3. During 2023 Jones sells products that carry a three-year manufacturer’s warranty. Jones sold 2,000 units this year for $2,000 each. For this year’s sales, Jones estimates the warranty costs to…Sagip Corporation borrowed P 9000 from Kalinga Corporation on Jan 1, 2000 and P 12000 on Jan 1, 2002. Sagip corporation made a partial payment of P 7000 on Jan 1, 2003. It was agreed that the balance of the loan would be amortized by two payments one of Jan 1, 2004 and the other on Jan 1, 2005, the second being 60% larger than the first. If the interest rate is 12%, what is the amount of the larger payment? P 14082.01 P 15082.03 P 9426.27 P 8801.25
- ABC Co. owes SAR 433,000 to XYZ Inc. The debt is a 10-year, 11% note. Because ABC Co. is in financial trouble,XYZ Inc. agrees to accept some property and cancel the entire debt. The property has a book value of SAR 150,000 and a fair value of SAR 230,000. Prepare the journal entry on ABC 's books for debt settlement.Sarah Company is being liquidated. The trustee has determined that the non-priority unsecured claims will receive PHP 0.80 on the peso. Matteo Company holds a PHP 2,400,000 mortgage note receivable from Sarah Company that is secured by specialized equipment with PHP 1,500,000 carrying value having a market value of PHP 1,600,000. How much will Matteo Company expect to recover from Sarah?Acosta holdings borrowed P9000 from smith corporation on January1, 1998 and P12000 on January 1,2000.Acosta holdings made a partial payment of P7000 on January1, 2001.It was agreed that the balance of the loan would be amortized by two payments. One on January 1,2002 and one January 1,2003.The second being 50% larger than the first.If the interestrate is 12%, what is the amount of each payment?