On January 1, Jennie Corporation purchased 30% of the common stock of Katlee Company for $500,000. The following information relates to Katlee at the date of acquisition. Cash $ 50,000 Accounts receivable (net) 250,000 Building (net) 700,000 Land 100,000 Liabilities 100,000 Additional information relating to the purchase appears below. Jennie has the ability to exercise significant influence over Katlee and did not elect the fair value option. Both the carrying amount and the fair value are the same for receivables, land, and liabilities. The fair value of the building is $900,000. Jennie depreciates its assets on a straight-line basis. Both tangible and intangible assets are amortized over 10 years. For the current year, Katlee had net income of $400,000 and declared and paid dividends of $100,000. What amount should Jennie report for its investment in Katlee at the end of the current year?

On january 1, 2015, jon sports has a bond payable of $200,000. during 2015, it pays off $20,000 of the outstanding bond principal and issues a new $70,000 bond. there are no other transactions related to the bond payable account. what is jon sports' december 31, 2015, bond payable balance?

One investigating company tracked all credit card purchase during 2012 and measured two variables: (1) the type of credit card used (visa, mastercard, american express, or discover), and (2) the amount (in dollars) of each purchase. identify the level of each variable measured.

Ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions. a. owner invested $61,000 cash in the company along with equipment that had a $25,000 market value. b. the company paid $1,900 cash for rent of office space for the month. c. the company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. the company completed work for a client and immediately collected the $2,100 cash earned. e. the company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. the company purchased additional equipment for $5,500 cash. g. the company paid an assistant $3,000 cash as wages for the month. h. the company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. the company paid $15,000 cash to settle the liability created in transaction c. j. owner withdrew $1,500 cash from the company for personal use. required: enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)