Willow Creek Nursery, with an authorization of 72,000 shares of preferred stock and 210,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: ACCOUNT TITLE DEBIT CREDIT
Cash 4,000,500.00
Land 860,000.00
Buildings 2,533,000.00
Common Stock 2,540,000.00
Paid-In Capital in Excess of Par-Common Stock 1,460,500.00
Preferred Stock 2,925,000.00
Paid-In Capital in Excess of Par-Preferred Stock 468,000.00
Totals 7,393,500.00 7,393,500.00

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Required:
Journalize the two entries to record the transactions summarized in the trial balance.

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inv entory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a. prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price. b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1

Bonds often pay a coupon twice a year. for the valuation of bonds that make semiannual payments, the number of periods doubles, whereas the amount of cash flow decreases by half. using the values of cash flows and number of periods, the valuation model is adjusted accordingly. assume that a $1,000,000 par value, semiannual coupon us treasury note with three years to maturity has a coupon rate of 3%. the yield to maturity (ytm) of the bond is 7.70%. using this information and ignoring the other costs involved, calculate the value of the treasury note:

On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.