Assignment
1. Toto company reports the following on its year end adjusted trial balance: investment in held to maturity bonds, $6,500, fund to retire long term bonds payable, $7,750, trademarks, $5,500, and long term advances to unconsolidated affiliated companies, $3,500. Prepare the long term investments section of Toto's year end balance sheet?
2. Glenda corporation has the following assets at the year end: prepaid rent, $6,000, land, $58,000, trademarks, $37,000, computer software costs, $8,500, patents, $13,000, inventories, $17,000, and goodwill, $11,00. Prepare the intangible assets section of Glenda's year end balance sheet?
3. Wizard company reports the following on its year end adjusted trial balance: long term bonds payable, $4,500, unamortized bond discount, $600, accrued pension cost, $9,000, mortgage payable, $5,000, and fund to retire long-term bonds payable, $8,500. Prepare the long-term liabilities section of wizard's year end balance sheet?
4. Scarecrow inc. issues 50,000 shares of $2 par value common stock. The shares are sold for $25 per share. Prepare the journal entry to record the issuance of the stock.