Answer:
See Explanation
Explanation:
(a)
Journal entry to record the transaction is,
Particulars                                                                  Debit      Credit
Land and Building (460000 + 520000)                 $980,000
Cash Paid                                                                           $360,000
Mortgage Payable (980,000 - 360,000)                         $620,000
We assume that 4% interest is chargeable each semiannual payment and that each subsequent payment is charged 4% on the remaining amount of principal minus any preceding principal payments.
(b)
First installment = Principal + Interest payable 
= 31,000 + (620,000 * 0.04) = $55,800
(c)
Second payment = 31,000 + [(620,000 - 31000) * 0.04] = $54,560
Since the chart of accounts is not provided you can confirm the the account headings.
Hope that helps.
 
        
             
        
        
        
Answer:
b. Common-size income statement 
Explanation:
The common-size income statement refers to the income statement which show the each item of the income statement with respect to the percentage of sales revenue. 
It helps to analyze the company overall productivity, financial position, performance of the company that helps the company to compare with its competitors. 
 
        
             
        
        
        
Answer:
Explanation: hey, do your best i think you can do good
 
        
             
        
        
        
Answer:Multi national company
Explanation:
 
        
             
        
        
        
Answer:
Journal entry to record depletion expense
Depreciation expense $280,000 (debit)
Accumulated depreciation $280,000 (credit)
Explanation:
The coal mine is an economic resource controlled (ownership of risks and benefits) by Last year, Mountain Top, Inc as a result of past event (purchase transaction) from which economic benefits are expected to flow into the business (cash from sale of minerals).Therefore the coal mine is an asset!
The asset is being depleted as it is being used. This is called depreciation.
Depreciation expense in this case is calculated as :
Depreciable Account × Current harvest as a percentage of total estimated tons available
(900000-100000)× 70000/200000 = $280,000