Tampa Roofing Company borrows P1,500,000 on December 31, 2021. Under the terms of the loan, Tampa Roofing Company is required to make three equal annual payments. The first payment will be made on December 31, 2022. As of December 31, 2023, how much should be recorded as noncurrent liabilities? O P1,500,000 O $500,000 O P1,000,000 O PO

2. C-type Company receives $ 400,000 when it issues 6% mortgage note payable for 4 years to finance the construction of a building at December 31, 2020. The term provides for semiannual installment payment of 34,000 (including real estate tax and insurance $1900) on June 30 and December 31. Instructions: i. Prepare an installment payments schedule for the first 4 years. Prepare entries for the mortgage loan and first installment payment. Show the Balance sheet representation at December 31, 2020. ii. iii.

What amount should be reported as the warranty liability for 2021 and 2022, respectively?*   a. 20,000 and 170,000 b. 170,000 and 650,000 c. 500,000 and 650,000 d. 500,000 and 170,000

Sales made in 2021 for $3,000,000 includes a 2-year warranty coverage, included in the price.  The estimated cost for warranty is expected to be 2% for the first year and 5% for the second year.  How much warranty expense should be recorded in 2021? Question 4 options:   $60,000   $150,000   $100,500   $210,000

On January 1, 2021, Tropical Paradise borrows $33,000 by agreeing to a 6%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $775.01 are due at the end of each month with the first installment due on January 31, 2021.     Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Yellow Company purchases a truck on January 1, 2021. According to the contract Yellow will not make any payments in 2021, 2022 and 2023. Yellow is to make an annuity payment of $5,000 starting December 31, 2024 through December 31, 2028. Calculate the cost of the truck.

Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. (a)     Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Period   Cash Payment   Interest Expense   Reduction of Principal   Principal Balance Issue Date               $enter a dollar amount  1   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount    enter a dollar amount 2   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount 3   enter a dollar amount   enter a dollar amount   enter a dollar amount   enter a dollar amount 4   enter a dollar amount…

Ll.102.

Culver Company loans Sheffield Company $1,870,000 at 7% for 3 years on January 1, 2025. Culver 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. December 31, 2025 December 31, 2026 December 31, 2027 No. Prepare the journal entries at December 31, 2025, and December 31, 2027, for Culver related to these bonds, assuming (a) it does not use the fair value option, and (b) it uses the fair value option. Interest is paid on January 1. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.) (a) No. (b) Date $1,924,000 1,892,000 Date 1,870,000 Account Titles and Explanation Account Titles and Explanation (To record interest revenue) Debit Debit II…

P11.3 (a)