On June 30, 2022, Making Waves, LLC, purchased land for $400…

On June 30, 2022, Making Waves, LLC, purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance secured by a mortgage on the property. The terms of the note provide for 20 semi-annual payments of $30,000 on the principal plus the accrued interest from the date of the  preceding payment.  The journal entry to record the first installment on December 31 would include…

A gantry crane was acquired on January 1 at a cost of $120,0…

A gantry crane was acquired on January 1 at a cost of $120,000. The equipment has an estimated useful life of 25 years, and no residual value.  Determine the total depreciation expense recognized in the first two years using the double-declining method of depreciation.

On July 1, 2020, Saverin Inc., issues a $62,500,000 10 year,…

On July 1, 2020, Saverin Inc., issues a $62,500,000 10 year, 9% bond at a market rate of interest of 8%, receiving $66,747,178. Interest on the bonds is  payable semi-annually on December 31 and June 30.  The interest expense recognized at the time of the first interest payment is…