Solution-Prepare all entries required on the preceding dates

Prepare all entries required on the preceding dates

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Reference no: EM133061812

Question - ABC County Hospital entered into the following transactions in 201X April 1: Purchased incubators for the nursery for $46,200 from unrestricted resources. (Assume straight-line depreciation on all hospital capital assets.)

July 1: Issued $12,000,000 of 10%, 20-year bonds at par to finance construction of a major hospital addition. Construction is to begin early in 2019, but bond market conditions are expected to become much less desirable over the next few months. The proceeds are invested in securities that also yield 10% interest.

October 31: Sold a kidney dialysis machine for $18,000 halfway through its useful life. The machine originally cost $26,000 and accumulated depreciation was $12,000 when it was sold.

December 31: (a) The incubators have a 5-year useful life. (b) The first semiannual interest payment on the bonds is made.

Required - Prepare all entries required on the preceding dates for these transactions. (Assume straight-line depreciation).

Reference no: EM133061812

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Prepare all entries required on the preceding dates

Reference no: EM133061812

Reference no: EM133061812

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