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Jamona Corporation Scenario Acc 545 Financial Reporting

by: Topseller Notetaker

Jamona Corporation Scenario Acc 545 Financial Reporting PRG211

Marketplace > Ashford University > Computer Programming > PRG211 > Jamona Corporation Scenario Acc 545 Financial Reporting
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Jamona Corporation Scenario Acc 545 Financial Reporting
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This 0 page Study Guide was uploaded by Topseller Notetaker on Wednesday November 11, 2015. The Study Guide belongs to PRG211 at Ashford University taught by in Fall 2015. Since its upload, it has received 31 views. For similar materials see in Computer Programming at Ashford University.


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Date Created: 11/11/15
Running head J AMONA CORPORATION SCENARIO J amona Corporation Scenario Ace 545 Financial Reporting Monday June 2 2014 J AMONA CORPORATION SCENARIO 2 J amona Corporation Scenario Review the J amona Corporation information Prepare journal entries that relate to the balance sheet items above with appropriate backup lead schedules for investments inventory fixed assets and capital leasesPrepareappropriate note disclosures On January 1 2006 J amona Corp purchased 12 bonds having a maturity value of 300000 for 32274444 with 10 yield for bondholders Which are dated January 1 2006 and Will mature January 1 2011 the interest Will be received December 31 each year The method used to allocate unamortized discount or premiums is the effectiveinterest method The bonds Will be classified as availableforsale With a fair value of the bonds on December 3 of each year being as follows 2006 320500 2007 309000 2008 308000 2009 310000 2010 300000 January 1 2006 AvailableforSale Securities 32274444 Cash 32274444 December 31 2006 Cash 36000 AvailableforSale Securities 372556 Interest Revenue 32274444 X 10 3227444 Securities Fair Value Adjustment AvailableforSale 148112 Unrealized Holding Gain or Loss Equity 32050000 31901888 148112 December 31 2007 J AMONA CORPORATION SCENARIO 3 Unrealized Holding Gain or Loss Equity 740189 Securities Fair Value Adjustment AvailableforSale 740189 Amortized Unrealize Cost Fair Value d Holding Gain Loss Availableforsale bonds 31492077 30900000 5920 77 Previous securities fair value adjustment Dr 1481 Q Securities fair value adjustment Cr 7 401 Q J amona39s inventory records provide the following information Units Unit Cost January 1 2007 beginning inventory 600 800 Purchases January 5 2007 1200 900 January 25 2007 1300 1000 February 16 2007 800 1100 March 26 2007 600 1200 On March 31 2007 a physical inventory showed that the company had 1600 units on hand the company chose the FIFO Inventory Method J amona Corp FIFO INVENTORY METHOD March 31 2007 Units Unit Cost Total Cost March 26 2007 600 1200 7200 February 16 2007 800 1100 8800 January 25 2007 portion 200 1000 2000 March 3 1 2007 inventory 1600 18000 J AMONA CORPORATION SCENARIO On July 6th the company acquired The Berry Company plant assets whose operations had been discontinued The following is the what the property value was appraised at Land 400000 Building 1200000 Machinerv and Equipment 800000 Total 2400000 In exchange J amona gave 12500 shares of its 100 per value common stock which had a market value of 168 per share the day it was purchased by J amona Between July 6 and December 1 J amona Corporation disbursed the following amounts Repairs to the building 105000 Construction of bases for the machinery that will be installed 135000 New driveways and parking lots 122000 Remodeling of office space 161000 A special assessment by the city on the land 18000 The company paid cash on December 20th in the amount of 260000 which is subject to a 2 discount and freight on the machinery of 10500 Land 350000 Building 105000 0 Machinery and Equipment 700000 Common Stock 12500 X 100 Paidin Capital in Excess of Par 2100000 1250000 The cost of the property plant and equipment is 2100000 12500 X 168 This cost is allocated based on appraisal values as follows 12500 00 85000 0 JAMONA CORPORATION SCENARIO 5 4000 00 X L d 350000 an 2400 2100000 000 1200 000 X B 39ld39 1 mg 2400 2100000 1050000 000 8000 Machine amp E ui ment 00 X 700 000 ry q p 2400 2100000 000 Buildings 105000 plus 161000 266000 Machinery and Equipment 135000 Land Improvements 122000 Land 18000 Cash 541000 Machinery and Equipment 265300 Cash 265300 10500 plus 254800 Which is 98 of 260000 Jamona signed a 5 year lease for a machine that cannot be canceled According to the terms of the lease the J amona Corporation must make yearly payments of 8668 With the first payment due on January 1 2007 The estimated useful life of the machine is 6 years and a 5000 residual value that is not guaranteed At the end of the lease period the machine Will revert to the lessor J amona choose to use the straightline method of depreciation for its plant assets While the lessor39s implicit rate is unknown J amona Will have a borrowing rate of 10 The capital lease to Burke is a term of 5 years this is greater than 75 of the economic life of 6 years of the leased asset The lease term is 83 3 5 6 of the asset s economic life Computation of present value of minimum lease payments JAMONA CORPORATION SCENARIO 8668 X 416986 36144 Present value of an annuity due of 1 for 5 periods at 10 1107 Leased Machine Under Capital Leases 36144 Lease Liability Lease Liability 8668 Cash 8668 123107 Depreciation Expense 7229 Accumulated Depreciation Capital Leases 7229 36144 5 7229 Interest Expense 2748 Interest Payable 2748 36144 8668 X 10 1108 Lease Liability Interest Payable 2 748 Cash 36144 8668 JAMONA CORPORATION SCENARIO 7 References University of Phoenix 2014 Jamona Corporation Retrieved from Univerity of Phoenix Acc 545 Class materials Univerity of Phoenix 2012 Intermediate Accounting Reading materials Retrieved from Univerity of Phoenix Acc 545 Week 3 Reading Materials chapters 8 10 17 and 21


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