Nalepa Inc. purchased equipment for $23,500 on April 1, 2022. The equipment will be depreciated using the straight-line method over its four-year useful life. Assuming the equipment’s salvage value is $2,300, what will be the amount of accumulated depreciation on the equipment on December 31, 2024?  

Prior to June 30, Promotions Company has never had any treasury stock transactions. The company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 30 of the shares at $28 per share. What is the journal entry necessary to record the reissuance of treasury stock on August 1?

Preferred stock that gives its owners the right to be paid both the current and all prior periods’ unpaid dividends before any dividend is paid to common stockholders is called:

Dominic Company borrowed $26,000 by signing a 180-day promissory note at 6%. The total to be paid at maturity of the note is:

Maple Corporation accepted a $17,200, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Maple Corporation make on January 15 of the next year when the note is paid?  Note: Use 360 days a year.

Prior to June 30, Promotions Company has never had any treasury stock transactions. The company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 30 of the shares at $28 per share. What is the journal entry necessary to record the reissuance of treasury stock on August 1?

Francis, Inc., had the following activities during the current year: -Acquired 2,000 shares of stock in Daly, Inc., for $26,000 -Sold an investment in bonds classified as available for sale for $35,000 when the carrying amount was $33,000 -Acquired a $50,000, 4-year certificate of deposit from a bank that was classified as held to maturity. (During the year, interest of $3,750 was paid to Francis.) -Collected dividends of $1,200 on stock investments in Byline Corporation In Francis’s current-year statement of cash flows, net cash used in investing activities should be

Megan is planning to set-up an education fund for her grandchildren. She plans to invest $10,000 annually at the end of each year. She expects to withdraw money from the fund at the end of 10 years and expects to earn an annual return of 8%. What will be the total value of the fund at the end of 10 years?

Athenian Corporation had net income of $34,000. The common shares outstanding at the end of the year were 8,500. Athenian declared a $3,200 dividend on its noncumulative, nonparticipating preferred stock. There were no other stock transactions. The company’s earnings per share is:

Burke Corporation sold 13,000 shares of its $10 par value common stock at a cash price of $15 per share. The entry to record this transaction would include: