Complete problems EX 14-12 on page 707 and PR- 14-1A on page 712 using the attached templates.
Exercise 14-12
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Section:
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Instructions
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a.
Amortization of Installment Notes
For the Year
Ending
Year 1
Year 2
Year 3
Year 4
b.
Year 1
Jan. 1
Dec. 31
Year 2
Dec. 31
Year 3
Dec. 31
Year 4
January 1
Carrying
Amount
Note
Payment
(Cash Paid)
Interest
Expense
Decrease in
Notes Payable
Dec. 31
c.
Interest expense to be reported on the income statement:
Dec. 31
Carrying
Amount
Problem 14-1A
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Section:
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Instructions
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1.
Earnings per Share of Common Stock
Plan 1
Plan 2
Plan 3
Earnings before bond interest and income tax
Bond interest
Income before income tax
Income tax
Net income
Dividends on preferred stock
Earnings available for common stock
Shares of common stock outstanding
Earnings per share on common stock
2.
Earnings per Share of Common Stock
Plan 1
Earnings before bond interest and income tax
Bond interest
Income before income tax
Income tax
Net income
Dividends on preferred stock
Earnings available for common stock
Shares of common stock outstanding
Earnings per share on common stock
Plan 2
Plan 3
3.
(Key essay answer here)