FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Pls help ASAP. Pls show all work and calculations. 

The following transactions occurred during the year ending December 31, 2021 for a newly formed company called BETA Ltd. (a) On January 1, BETA acquired equipment valued at $490,000 in exchange for 81,667 common shares of the company. (b) Also on January 1, BETA borrowed $500,000 cash from Brossard Bank issuing a 10 year bond in exchange. The interest rate is 5% per year, with interest paid annually on December 31. In addition, also on December 31 each year, the principal is repayable in ten equal installments, beginning in 2021. (c) On December 31, BETA Ltd. declared and paid a cash dividend of 10 cents per share to shareholders. At this point there are five hundred thousand common shares outstanding. (d) The equipment that was acquired on January 1 has an estimated useful life of twenty years, with estimated salvage value of zero. The company uses the straight-line method. Recognize this transaction on December 31. (e) On December 31, the transactions related to the bank loan should be recorded. REQUIRED For each transaction described above, indicate how it would be recorded in the company's accounts. Do so in a manner consistent with double entry accounting: for each entry, show the date, nature of the account (asset, liability, etc.), the account name, the increase or decrease and the amount. EXAMPLE. On January 1, X Ltd. received $6,000,000 cash from investors in exchange for 1,000,000 common shares of the company. Answer in two lines: January 1. The asset account, Cash, increases by $6,000,000. The .... асcount, by $.
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Transcribed Image Text:The following transactions occurred during the year ending December 31, 2021 for a newly formed company called BETA Ltd. (a) On January 1, BETA acquired equipment valued at $490,000 in exchange for 81,667 common shares of the company. (b) Also on January 1, BETA borrowed $500,000 cash from Brossard Bank issuing a 10 year bond in exchange. The interest rate is 5% per year, with interest paid annually on December 31. In addition, also on December 31 each year, the principal is repayable in ten equal installments, beginning in 2021. (c) On December 31, BETA Ltd. declared and paid a cash dividend of 10 cents per share to shareholders. At this point there are five hundred thousand common shares outstanding. (d) The equipment that was acquired on January 1 has an estimated useful life of twenty years, with estimated salvage value of zero. The company uses the straight-line method. Recognize this transaction on December 31. (e) On December 31, the transactions related to the bank loan should be recorded. REQUIRED For each transaction described above, indicate how it would be recorded in the company's accounts. Do so in a manner consistent with double entry accounting: for each entry, show the date, nature of the account (asset, liability, etc.), the account name, the increase or decrease and the amount. EXAMPLE. On January 1, X Ltd. received $6,000,000 cash from investors in exchange for 1,000,000 common shares of the company. Answer in two lines: January 1. The asset account, Cash, increases by $6,000,000. The .... асcount, by $.
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