(b) Prepare the journal entry required on Quick Finance’s books on May 1.

(c) Assume Dexter factors the $400,000 of accounts receivable with Quick Finance on a with recourse basis instead. Prepare the journal entry required on Dexter’s books on May 1

E. When you undertook the preparation of the financial statements for Telfer Company at January 31, 2017, the following data were available:  Instructions(10%) Compute the ending inventory at cost as of January 31, 2017, using the retail method which approximates lower of cost or net realizable value.

F. On July 31, 2017, King Company engaged Duval Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2017. To help finance construction, on July 31 King issued a $400,000, 3-year, 11% note payable at Wellington National Bank, on which interest is payable each July 31. $300,000 of the proceeds of the note was paid to Duval on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 9% until November 1. On November l, King made a final $100,000 payment to Duval. Other than the note to Wellington, King only outstanding liability at December 31, 2017, is a $300,000, 8%, 6-year note payable, dated January 1, 2014, on which interest is payable each January 1. Instructions (5%) Calculate the total interest cost to be capitalized during 2017. (Round all computations to the nearest dollar.)

G. King, Inc. purchases equipment for $1,000,000 on January 2, 2016. The equipment has a useful life of five years, is depreciated using the straight-line method of depreciation, and its residual value is zero. King chooses to revalue its equipment to fair value over the life of equipment. King employs an independent appraiser, who determines that the fair value of equipment at December 31, 2016, is $950,000. Assuming no change in the useful life of the equipment, King determines through appraisal that the equipment now has a fair value of $550,000 at December 31, 2017. Instructions (12%) Prepare the entries relating the revaluation for 2017 except for depreciation expense.

H. On January 1, 2015, Beyer Co. leased a building to Heins Corp. for a ten-year term at an annual rental of $80,000. At inception of the lease, Beyer received $320,000 covering the first two years' rent of $160,000 and a security deposit of $160,000. This deposit will not be returned to Heins upon expiration of the lease but will be applied to payment of rent for the last two years of the lease. What portion of the $320,000 should be shown as a current and non-current liability, respectively, in Beyer's December 31, 2015 statement of financial position? (4%)

I. On September 1, 2014, Herman Co. issued a note payable to National Bank in the amount of $1,200,000, bearing interest at 12%, and payable in three equal annual principal payments of $400,000. On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2015. At December 31, 2015, what amount should Herman record accrued interest payable? (3%)

J. Included in Vernon Corp.'s liability account balances at December 31, 2014, were the following:Vernon's December 31, 2014 financial statements were issued on March 31, 2015. On January 15, 2015, the entire $600,000 balance of the 8% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2015, Vernon consummated a non-cancelable agreement with the lender to refinance the 7%, $250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. On the December 31, 2014 statement of financial position, what is the amount of the notes payable that Vernon should classify as short-term obligations? (3%)

K. The following information was taken from the books and records of Ludwick, Inc.: 3. Other information: Instructions (8%) Compute basic and diluted earnings per share.

L. The following information is available for the first three years of operations for Cooper Company: 1. Year Taxable Income 2. On January  2, 2016, heavy equipment costing $600,000 was purchased. The equipment had a life of 5 years and no residual value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below: 3. On January 2, 2017, $240,000 was collected in advance for rental of a building for a three-year period. The entire $240,000 was reported as taxable income in 2017, but $160,000 of the $240,000 was reported as unearned revenue at December 31, 2017 for book purposes. 4. The enacted tax rates are 40% for all years. Instructions (10%) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017.

M. The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2017: Instructions (10%) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2017.

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