Presented below are two independent situations: (a) On January 1, 2020, Flint Inc. purchased land that had an assessed value of $ 363,000 at the time of purchase. A $ 561,000, zero-interest-bearing note due January 1, 2023, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2020, and the interest expense to be reported in 2020 related to this transaction. (Round answers to 0 decimal places, e. g. 38,548.) Land to be recorded at January 1, 2020 $ 363000 Interest expense to be reported $ (b) On January 1, 2020, Buffalo Furniture borrowed $ 5,800,000 (face value) from Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Buffalo Furniture agreed to sell furniture to this customer at lower than market price. A 10% rate of interest is normally charged on this type of loan. Prepare the journal entry to record this transaction.

If springfield is operating at full employment who is working a. everyone b. about 96% of the workforce c. the entire work force d. the robots

Teatro restoration, inc., begins renovating an old theater for urban edge productions, but after three months teatro demands an extra $250,000. urban edge agrees to pay. refer to fact pattern 13–4. if teatro says it is asking for the extra $250,000 because it has encountered extraordinary unforeseen difficulties that will add considerable cost to the project, the agreement is

The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. the receipts are enclosed in parentheses. money borrowed to pay building contractor (signed a note) $(276,500 ) (b) payment for construction from note proceeds 276,500 (c) cost of land fill and clearing 11,220 (d) delinquent real estate taxes on property assumed by purchaser 8,340 (e) premium on 6-month insurance policy during construction 12,060 (f) refund of 1-month insurance premium because construction completed early (2,010 ) (g) architect’s fee on building 27,040 (h) cost of real estate purchased as a plant site (land $206,800 and building $55,900) 262,700 (i) commission fee paid to real estate agency 9,620 (j) installation of fences around property 4,030 (k) cost of razing and removing building 10,130 (l) proceeds from salvage of demolished building (4,910 ) (m) interest paid during construction on money borrowed for construction 13,700 (n) cost of parking lots and driveways 17,690 (o) cost of trees and shrubbery planted (permanent in nature) 14,080 (p) excavation costs for new building 2,950 identify each item by letter and list the items in columnar form.