The following transactions of Oscar Landing occurred during 2016: Apr. 30 Landing is party to a patent infringement lawsuit of $220,000. Landing's attorney is certain it is remote that Landing will lose this lawsuit.
Jun. 30 Estimated warranty expense at 2% of sales of $420,000.
Jul. 28 Warranty claims paid in the amount of $5, 800.
Sep. 30 Landing is party to a lawsuit for copyright violation of $110,000. Landing's attorney advises that it is probable Landing will lose this lawsuit. The attorney estimates the loss at $110,000.
Dec. 31 Landing estimated warranty expense on sales for the second half of the year of $460,000 at 2%.
Requirements:
1. Journalize required transactions, if any, in Landings general journal. Explanations are not required.
2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0?

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inventory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a.prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price.b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1

If a government accumulates chronic budget deficits over time, what's one possible result? a. a collective action problem b. a debt crisis c. regulatory capture d. an unfunded liability

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.