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Date Account Titles and Explanation Debit Credit Jan. 2, 2014 (b) Prepare the journal entries to recognize the change in the fair value of the call option as of March 31, 2014

/in /by

DateAccount Titles and Explanation

Debit

Credit

Jan. 2, 2014

(b) Prepare the journal entries to recognize the change in the fair value of the call option as of March 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

DateAccount Titles and ExplanationDebitCredit
Mar. 31, 2014
(To record the time value change.)
Mar. 31, 2014
(To record the change in intrinsic value.)

(c) What was the effect on net income of entering into the derivative transaction for the period January 2 to March 31, 2014?

Unrealized Holding Gain Loss $

2.

During 2014, Nilsen Company started a construction job with a contract price of $1,648,000. The job was completed in 2016. The following information is available.201420152016Costs incurred to date$412,000$849,750$1,102,100Estimated costs to complete618,000283,250–0–Billings to date309,000927,0001,648,000Collections to date278,100834,3001,467,750
Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.201420152016Gross profit recognized$$$
SHOW LIST OF ACCOUNTSLINK TO TEXT
Prepare all necessary journal entries for 2015, assuming all costs are on account. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit(To record costs of construction)(To record progress billings)(To record collections)(To recognize revenue and gross profit)
Operating Division
DeMent Publishing Division – Revenue to be recognized in fiscal year 2014$
Ankiel Securities Division – Revenue to be recognized in fiscal year 2014$
Depp Advisory Division – Revenue for 1st Quarter of fiscal year 2014
 
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