On December 12, 2024, an Investment in equity securities costing $84,000 was sold for $108,000. The total of the sale proceeds was credited to the Investment in equity securities account. Required: 1. Prepare the Journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2024. (Ignore Income taxes.) 2. Prepare the Journal entry to correct the error assuming It is not discovered until early 2025. (Ignore Income taxes.)

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4. A company borrowed $200,000 on January 1, 2019 to pay them on January 1, 2022. On January 1, 2019, the company received an amount equal to $200,000, less interest discounted at an annual rate of 11.5%, which is the market rate. The company closes its books every December 31.a. Prepare the journal entry for the debtor on January 1, 2019.b. Prepare the journal entry on December 31, 2020 related to this debt. 5. Suppose that the company from the previous exercise number 4 received the full sum of $200,000 on January 1, 2019 and agreed to repay the loan by making three annual payments (January 1, 2020, 2021 and 2022) equal to the base at an interest rate of 11.5%.Prepare the journal entry to record the second of the three annual payments.

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Bramble Corporation purchases equity securities costing $ 66,200. At December 31, the fair value of the portfolio is $ 58,100.Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (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 0 for the amounts.) Account Titles and Explanation Debit Credit

A company buys a debt investment for $316, 000. At the end of 2023, the amortized cost of the investment is $315,000 and the fair value of the investment is $322, 000. The company intends to hold the investment until maturity and does not intend to use the fair value option. Therefore, the company must report the investment at $316,000 on its 2023 year-end balance sheet. True or False

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Gatsby, Inc. owed $500,000 on account for inventory purchased on November 1, 2020. The company's fiscal year ends on December 31. Gatsby was unable to pay the amount owed by February 1, 2021 due date because of financial difficulties experienced in early 2021. On February 1, 2021, it signed a $500,000, 10% interest- bearing note. This note was repaid with interest on September 1, 2021. How much interest should Gasby recognize on September 1, 2021 (enter your answer in whole dollars, no comma or dollar sign)?

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Kevin Smith, financial officer of Benson Inc., showed the following unadjusted account balances at January 31, 2023, its year end. Other information: There was one reconciling item on the bank reconciliation: an NSF cheque for $800. A review of the Prepaid Rent account showed that the balance represents rent for two months beginning January 1, 2023. Annual depreciation on the boats is $3,780. Annual depreciation on the furniture is $3,560. Use this information to prepare the January 31, 2023 classified balance sheet. xxx F 团 + (select one) Balance Sheet (select one) Account Balance Accounts payable 24,800 Accounts receivable 5,600 Accumulated depreciation, boats, 41,820 Accumulated depreciation, furniture, 30,360 Boats 49,220 Bonds payable (due August, 2031). 24,800 Cash 12,400 Commissions earned 19,400 Consulting revenue earned 6,700 Copyright 14,300 Dividends 6,600 Furniture 46,360 Insurance expense 3,800 Land 13,300 Long-term notes payable, 25,000 Long-term investment in shares…