The following list of balance sheet items are in random order for Alexander Farms, Inc., at September 30, current year. Land.... Barns and Sheds. Notes Payable. Accounts Receivable Citrus Trees.. Accounts Payable.. Property Taxes Payable. Capital Stock... $490,000 78,300 330,000 22,365 76,650 77,095 9,135 290,000 Fences and Gates. Irrigation System.. Cash.. Livestock. Farm Machinery. Retained Earnings. Wages Payable.. $ 33,570 20,125 16,710 120,780 42,970 ? 5,820

Your client, Piano Keys Inc., owns and operates a piano repair shop in Albany, New York.  Piano Keys specializes in the repair and restoration of pianos. In November of last year, the roof over two-thirds of the Piano Keys building collapsed due to the weight of the snow on the roof. Since then, the portion of building damaged by the roof collapse has been demolished, an addition was built onto the undamaged portion (one-third) of the building, and Piano Keys reopened for business on September 1st of this year. The following data includes financial information regarding the matter provided by the client.     The fair market value of the building (immediately before the roof collapse): $1,800,000 Piano Keys adjusted basis in the building: $300,000 Fair market value of the building immediately after the roof collapse was $600,000. Insurance proceeds due to the destruction of his building: $1,200,000 Demolition and construction costs:  $1,500,000.  ($1,200,000 of the insurance proceeds…

On January 1, 2020, Ehrlich Corporation issued 7%, 10-year bonds with a face amount of $800,000 at 97. Interest is payable annually on January 1.   Instructions Prepare the following entries: record the issuance of the bonds on 1/1/20 first annual interest accrual on 12/31/20 amortization, assuming that the company uses straight-line amortization on 12/31/20 payment of interest on 1/1/21 What is the unamortized balance of the discount account at 1/1/21? What is the carrying value of the bond at 1/1/21?.

You are the lead partner overseeing the audit for Camo Ltd, a privately owned company. The completion of the audit report is pending for the income year 2020 and you have noted several situations with possible actions. The situations are as follows: 1. Camo Corporation carries its property, plant, and equipment accounts at current market values. Current market values exceed historical cost by a highly material amount, and the effects are pervasive throughout the financial statements. 2. Management of Camo Corporation refuses to allow you to observe, or make, any counts of inventory. The recorded book value of inventory is highly material. 3. You were unable to confirm accounts receivable with Camo's customers. However, because of detailed sales and cash receipts records, you were able to perform reliable alternative audit procedures. 4. One week before the end of fieldwork, you discover that the audit manager on the Camo engagement owns a material amount of Camo's common stock. 5. You…