Answer:
B) No, because she can get similar hammers elsewhere.
Explanation:
When someone sues for specific performance he/she is asking the court to order the defendant to complete performance the contract. They are not suing to recover any damages that may have resulted from the breaching of the contract.
In this case, Nicole would have probably been able to sue Tyler for some type of compensatory damages, but since the hammers are such a common good, it would be very difficult for her to obtain an specific performance order.
Answer:
A January 1, 2020
Dr Cash $54,600
Cr Bonds payable $52,000
Cr Premium on bonds payable $2,600
B. December 21 2022
Dr Bonds payable $52,000
Dr Premium on bonds payable $1,820
Cr Common stock $26,000
Cr Paid in capital in excess of Par $27,820
Explanation:
Preparation of the entry for Stonewall Corporation
A January 1, 2020
Dr Cash $54,600
($52,000+$2,600)
Cr Bonds payable $52,000
Cr Premium on bonds payable $2,600
(5%*$52,000)
(To record issue of bonds for premium)
B. December 21 2022
Dr Bonds payable $52,000
Dr Premium on bonds payable $1,820
(100%-30%*$2,600)
Cr Common stock $26,000
(52*10*50)
Cr Paid in capital in excess of Par $27,820
($52,000+$1,820-$26,000)
(To record conversion of bonds into Common Stock)
Answer:
a. 50%
Explanation:
Model P-4 requires 30 minutes of machine time.
A machine hour consists of 60 minutes
Calculating the machine time of Model P-4 in terms of percent of machine hour:
= (Model P-4 Machine time/Machine Hour)*100
= (30/60)*100
= 0.5 * 100
=50%
So, the percent of Model P-4 machine time in terms of a machine hour is 50%.
Answer: $2722
Explanation:
Ensley's automobile deduction under the actual cost method is calculated below:
Gas and oil = $1800
Add: Insurance = $980
Add: Repairs = $360
Add: Licenses and registration fees = $50
Total Expenses = $3190
We then calculate the business usage which will be:
= 80% of $3190
= 0.8 × $3190
= $2552
We then add the cost of business parking and tolls, then the total deduction will be:
= $2552 + $170
= $2722
