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Intermediate Acc. - Homework

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Intermediate Accounting - Homework

 

(Due on Monday 3pm NY)

 


 

1.

 

Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2013

 

through 2016 except for differences in depreciation on an operational asset. The asset cost $250,000 and is depreciated for income tax

 

purposes in the following amounts:

 

2013

 

2014

 

2015

 

2016

 


 

$ 82,500

 

110,000

 

37,500

 

20,000

 


 

The operational asset has a four-year life and no residual value. The straight-line method is used for financial reporting purposes.

 

Income amounts before depreciation expense and income taxes for each of the four years were as follows.

 

Accounting income before taxes and depreciation

 


 

2013

 

$ 135,000

 


 

2014

 

$ 155,000

 


 

2015

 

$ 145,000

 


 

2016

 

$ 145,000

 


 

Assume the average and marginal income tax rate for 2013 and 2014 was 30%; however, during 2014 tax legislation was passed to raise

 

the tax rate to 40% beginning in 2015. The 40% rate remained in effect through the years 2015 and 2016. Both the accounting and income

 

tax periods end December 31.

 

Required:

 

Prepare the journal entries to record income taxes for the years 2013 through 2016. (If no entry is required for a particular transaction,

 

select "No journal entry required" in the first account field.)

 


 

2.

 

Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% × service years × final year's salary, payable

 

at the end of each year. Angela Davenport was hired by Sachs at the beginning of 1999 and is expected to retire at the end of 2033 after 35

 

years' service. Her retirement is expected to span 18 years. Davenport's salary is $87,000 at the end of 2013 and the company?s actuary

 

projects her salary to be $265,000 at retirement. The actuary's discount rate is 9%. ( FV of $1, PV of $1,FVA of $1, PVA of $1, FVAD of

 

$1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

 


 

Required:

 

2. Estimate by the accumulated benefits approach the amount of Davenport's annual retirement payments earned as of the end of 2013.

 

3.

 


 

What is the company?s accumulated benefit obligation at the end of 2013 with respect to Davenport?

 


 

4.If no estimates are changed in the meantime, what will be the accumulated benefit obligation at the end of 2016 (three years later) when

 

Davenport?s salary is $100,000?

 


 

3.

 

PART A

 

During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders? equity. The

 

corporation was authorized to issue 130 million common shares, $1 par per share.

 

Required:

 

Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No

 

journal entry required" in the first account field. Enter your answers in whole dollars.)

 

Jan. 9 Issued 30 million common shares for $14 per share.

 

Mar. 11 Issued 4,200 shares in exchange for custom-made equipment. McCollum?s shares have traded recently on the stock exchange

 

at $14 per share.

 

Transaction list×

 

1.

 

Record the entry of related to the issued common stock.

 

2.

 

Record the entry of related to the issued equipment.

 


 

 


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