Wisconsin Corporation sells computers to students for $1,200…

Wisconsin Corporation sells computers to students for $1,200 per computer.  Students can elect to purchase an extended protection plan.  This protection plan is for two years from the date of purchase.  Wisconsin sells the protection plans for $150 per plan.     On June 30, 2024, Wisconsin sells 20 computers.  Five of the customers purchased the extended protection plan.   Wisconsin estimates that it will spend $50 for each computer covered by the extended protection plan.   What journal entry(ies) should Wisconsin Corporation record on June 30, 2024?

Van Vleck Corporation has a note payable for $5,000,000 that…

Van Vleck Corporation has a note payable for $5,000,000 that is due on March 26, 2025.  On February 28, 2025, Van Vleck refinanced the debt with Wisconsin Bank by entering into a 20-year note.   Van Vleck Corporation also has a note payable for $2,000,000 that is due on June 30, 2025.  On April 1, 2025, Van Vleck refinanced the debt by issuing 10-year bonds.  The 2024 annual financial statements were issued by Van Vleck on March 15, 2025. What amount of current liabilities should Van Vleck Corporation show on their Balance Sheet for the year-ended December 31, 2024?