The Ka Shing Corporation had the following selected transactions during 2022: a. Sold a...
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Accounting
The Ka Shing Corporation had the following selected transactions during 2022:
a. Sold a machine to another company. The machine was purchased for $15,000 three years ago and its accumulated depreciation was $8,000 up to the date of sale. The machine was sold for $8,000 cash.
b. Sold merchandise to customers for a total of $1,500,000 during the year. The company sets its sales prices to achieve a gross profit percentage of 40%. Total expenses equaled $450,000, which includes depreciation expense of $50,000.
c. Repurchased 2,000 common shares in the open market at a price of $24 per share. The average issuance price was $25 at that time.
d. Declared dividends of $20,000 during the year.
e. Redeemed (repurchased) bonds payable in the open market for $1,010,000 cash. The bonds had a carrying value of $995,000 at the date of redemption.
Prepare journal entries.
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