Anne Surrey Investments Case
Monday, March 7 (at the beginning of class). Also, please be prepared to discuss
the case and your solution in class on this date.
Refer to the current, relevant accounting guidance to answer the questi
HW #2 (Long-term Assets)
1. At January 1, the balances in Equipment and Accumulated Depreciation were $1,021,500 and
$189,900, respectively. At December 31 after adjusting entries, the balances were $1,125,900 and
$452,700, respectively. During t
1. Curtiss Construction Company, Inc. entered into a fixed-price contract with Axelrod Associates on
July 1, 2015, to construct a four-story office building. At that time, Curtiss estimated that it would
take between two and three years to
Additional Practice Problems
1. Jackson enterprises began constructing their own warehouse in June 2010. They finished
construction in February 2012. They incurred the following expenditures evenly for the ye
Eagle Impairment Case
Monday, Feb 15 (at the beginning of class). Also, please be prepared to
discuss the case and your solution in class on this date.
Refer to the current, relevant accounting guidance to answer the four
On November 1, 2002, Clive Company purchased land for an office site. Clive began construction on the office building
on February 1, 2003. The following expenditures were incurred for construction.
November 1, 2002 (f
Goodwill Impairment Exercise
Interstellar, Inc. has made a number of prior acquisitions related to its personal space shuttle experience. The recent
economic recession though has caused demand to drop off significantly. Interstellar is being forced by its
Homework #3 (Investments)
1. Clear Monkey Technologies (CMT) purchased 10-year bonds issued from Banana Bandanas
Inc with a face value of $2,000,000 and a stated rate of 8 percent on January 1, 2016.
Interest is payable semi-annually on December