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Cost Accounting

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Problem 7-9 Answer B
Note receivable- June 30, 2010 1,500,000
Less: Payment on July 1, 2011 500,000
Balance- July 1, 2011 1,000,000

Accrued interest from July 1, 2011 to June 30, 2012 (1,000,000 x 8%) 80,000

Problem 7- 10 Answer C

Problem 7- 11 Answer B

Note receivable- January 1, 2011 6,000,000
Principal payment on December 31, 2011
Annual payment 1,975,400
Interest payment( 12% x 6,000,000) (720,000) 1,255,400
Carrying amount- December 31, 2011 4,744,600

Problem 7- 13 Answer D

Note receivable 5,000,000
Unearned interest income (2,175,000)
Carrying value equal to present value (500,000 x 5.65) 2,825,000

Problem 7- 14 Answer C
Note receivable is shown at its present value on December 31, 2011

Face value- remaining nine payments (500,000 x 9) 4,500,000
Present value (500,000 x 6.25) 3,125,000
Unearned interest income 1,375,000

Chapter 8
Problem 8- 2

Jan 1 Loan receivable 4,000,000 Cash 4,000,000 Cash 342, 100 Unearned interest income 342,100 Unearned interest income 150,000 Cash 150,000
Dec 31 Cash 400,000 Interest income 400,000 Unearned interest income 56,948 Interest income 56,948 Date | Interest received | Interest income | Amortization | Carrying value | 1-1-2011 | | | | 3,807,900 | 12-31-2011 | 400,000 | 456,948 | 56,948 | 3,864,848 | 12-31-2012 | 400,000 | 463,782 | 63,782 | 3,928,630 | 12-31-2013 | 400,000 | 471,370 | 71,370 | 4,000,000 |

Dec. 31 Cash 400,000 Interest income 400,000 Unearned interest income 63,782 Interest income 63,782
Dec. 31 Cash 400,000 Interest income 400,000 Unearned interest income 71,370 Interest income 71,370 Cash 4,000,000 Loan receivable 4,000,000
Problem 8- 5
Requirement 1
December 31, 2012 (500,000 x .89) 445,000
December 31, 2013 (1,000,000 x .80) 800,000
December 31, 2014 (2,000,000 x .71) 1,420,000
December 31, 2015 (4,000,000 x .64) 2,560,000
Total present value of loan 5,225,000

Requirement 2
Loan receivable 7,500,000
Accrued interest receivable (12% x 7500,000) 900,000
Total carrying amount 8,400,000
Present value of loan 5,225,000
Impairment loss 3,175,000

Requirement 3
2011 Impairment loss 3,175,000 Accrued interest receivable 900,000
4 Allowance for loan impairment 2,275,000

2012 Cash 500,000 Loan Receivable 500,000 Allowance for loan impairment 627,000 Interest income 627,000

Loan receivable – 12/31/2012 7,000,000 Allowance for loan impairment (2275,000- 627,000) (1,648,000) Carrying amount- 12/31/2013 5,352,000

Interest income for 2013 (12% x 5,352,000) 642,240

Problem 8-6
December 31, 2014 (360,000 x .772) 277,920
December 31, 2015 (360,000 x .708) 254,880
December 31, 2016 (360,000 x .650) 234,000
December 31, 2017 (4,360,000 x.596) 2,598,560
Total present value of loan 3,365,360

Face value of loan 4,000,000
Present value of loan 3,365,360
Impairment loss 634,640

2011 Cash 360,000 Interest income 360,000 Impairment loss 634,640 Allowance for loan impairment 634,640
2012 Allowance for loan impairment 302,882 Interest income (9%x 3365,360) 302,882
2013 Allowance for loan impairment 331,758 Interest income (634640-302882) 331,758
2014 Cash 360,000 Interest income 360,000
2015 Cash 360,000 Interest income 360,000
2016 Cash 360,000 Interest income 360,000
2017 Cash 4,360,000 Interest income 360,000 Loan receivable 4,000,000

Problem 8-8
Question 1 Answer D
Origination fee received 350,000
Direct origination cost ( 61,500)
Unearned interest income 288,500

Note receivable 4,000,000
Unearned interest income (288,500)
Carrying amount- 1/1/2011 3,711,500

Question 2 Answer D
Interest income for 2011 (3,711,500 x 12%) 445,380

Entries on December 31, 2011 are:
Cash (10% x 4,000,000) 400,000 Interest income 400,000

Unearned interest income 45,380 Interest income 45,380

Interest income 445,380
Interest received 400,000
Amortization of unearned interest income 45,380

Chapter 9
Problem 9-3

March 1 Cash 2,000,000 Note payable- bank 2,000,000
April 1 Cash 980,000 Sales discount 20,000 Accounts receivable 1,000,000
June 1 Cash 2,000,000 Accounts receivable 2,000,000
Sept. 1 Note payable- bank 2,000,000 Interest expense (12% x 2M x 6/12) 120,000 Cash 2,120,000
Problem 9-11
Cash 5,000,000
Receivable from factor 300,000
Allowance for bad debts 250,000
Loss on factoring 450,000 Accounts receivable 6,000,000
Problem 9- 24

June 1 Notes receivable 5,000,000 Sales 5,000,000
July 1 Cash 5,047,000 Interest expense 3,000 Liability for note receivable discounted 5,000,000 Interest income 50,000
Principal 5,000,000
Interest (5Mx 12%x 90/360) 150,000
Maturity value 5,150,000
Discount (5,150,000 x 12% x 60/360) 103,000
Net proceeds 5,047,000

Principal 5,000,000
Accrued interest receivable (5Mx 12%x 30/360) 50,000
Carrying amount of NR 5,050,000

Net proceeds 5,047,000
Loss: Carrying amount of NR 5,050,000
Interest expense (3,000)

16 Cash 6,008,500 Interest expense 16,500 Liability for note receivable discounted 6,000,000 Interest income 25,000

Principal 6,000,000
Interest (6Mx 10%x60/360) 100,000
Maturity value 6,100,000
Discount (6100,000 x 12%x45/360) 91,500
Net proceeds 6,008,500

Principal 6,000,000
Accrued interest receivable (6Mx 10%x 15/360) 25,000
Carrying amount of NR 6,025,000

Net proceeds 6,008,500
Less: CA of NR 6,025,000
Interest expense (16,500)

August 30 Liability for NRD 6,000,000 Notes receivable 6,000,000 30 Accounts receivable 5,170,000 Cash (5,150,000+20,000) 5,170,000 30 Liability for NRD 5,000,000 Notes receivable 5,000,000
Dec. 30 Cash 5,376,800 Accounts receivable 5,170,000 Interest income (5170,000x 12%x 4/12) 206,800

Problem 9-32 Answer C
Principal 600,000
Add: Interest (600,000x10%x6/12) 30,000
Maturity value 630,000
Less: Discount (630,000x12%x4/12) 25,200
Net proceeds 604,800

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