Solved At December 31 2025 Concord Corporation Reported Chegg At december 31,2025 , concord corporation reported the following plant assets. during 2026, the following selected cash transactions occurred. apr. 1 purchased land for $2,983,200. Concord corporation is preparing its december 31, 2025, balance sheet. the following items may be reported as either a current orlong term liability.on december 15,2025 , concord declared a cash dividend of $2.60 per share to stockholders of record on december 31 .
Solved At December 31 2025 Concord Corporation Reported Chegg At december 31, 2025, new technology was introduced that would accelerate the obsolescence of nash's equipment. nash's controller estimates that expected future net cash flows on the equipment will be $6,426,000 and that the fair value of the equipment is $5,712,000. Concord corporation reported the following for 2025: net sales $1,232,000, cost of goods sold $737,300, selling and administrative expenses $338,200, and an unrealized holding gain on available for sale debt securities $24,300. (a) prepare a statement of comprehensive income using the one statement format. At the end of its first year of operations, december 31, 2025, concord inc. reported the following information: accounts receivable, net of allowance for doubtful accounts: $1,007,400; customer accounts written off as uncollectible during 2025: $21,810; bad debt expense for 2025: $85,420. On january 1, 2025, concord corporation granted 1,800 shares of restricted stock units. the par value of the stock is $5 per share. the market price(fair value) of the stock is $69 per share on the date of grant. the period of benefit is 2 years. prepare concord's journal entries for december 31, 2025 and 2026.
Solved At December 31 2025 Concord Corporation Reported Chegg At the end of its first year of operations, december 31, 2025, concord inc. reported the following information: accounts receivable, net of allowance for doubtful accounts: $1,007,400; customer accounts written off as uncollectible during 2025: $21,810; bad debt expense for 2025: $85,420. On january 1, 2025, concord corporation granted 1,800 shares of restricted stock units. the par value of the stock is $5 per share. the market price(fair value) of the stock is $69 per share on the date of grant. the period of benefit is 2 years. prepare concord's journal entries for december 31, 2025 and 2026. At december 31,2025, concord corporation reported the following plant assets. during 2026 , the following selected cash transactions occurred. apr: 1 purchased land for $2,983,200 may 1 sold equipment that cost $813,600 when purchased on january 1,2019. Concord corporation uses the fifo method for internal reporting purposes and lifo for external reporting purposes. the balance in the lifo reserve account at the end of 2025 was $326000. the balance in the same account at the end of 2026 is $471000. Concord uses straight line depreciation for buildings and equipment. the buildings are estimated to have a 40 year useful life and no salvage value; the equipment is estimated to have a 10 year useful life and no salvage value. The cash dividend declared by concord corporation and payable shortly after the december 31, 2025 balance sheet date should be classified as a current liability, as it is due within the company's fiscal year. the correct option is, current liability, which is, (a).
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