The Following Transactions Occurred in Fiscal 2018

question 25

Essay

The following transactions occurred in fiscal 2018:
• Synthesize Inc.exchanged machinery with Energize Corp.

• Synthesize Inc.purchased equipment by signing a 5 year non-interest bearing note payable for $200,000.The implicit rate of interest was 5%.
• Synthesize received a government grant of $10,000 to help purchase the equipment.
Required:
a)Assuming the machinery exchange has commercial substance,prepare the required journal entries for the exchange for both Synthesize and Energize.
b)Assuming the machinery exchange does not have commercial substance,prepare the required journal entries for the exchange for both Synthesize and Energize.
c)Prepare the required journal entry to record the purchase of the equipment purchased by the non-interest bearing note.
d)Prepare the required journal entries to record the government grant using both the gross method and the net method.

Understand the terminology specific to box plots and data distributions.

Understand the concept and critique of managerialism in organizations.

Recognize the importance of outcomes and goals in nonprofit management.

Identify key methods for assessing social and environmental impacts within organizations.

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Definitions:

Pc

Typically refers to a personal computer, a general-purpose device for individual use, capable of running software applications.

Sig

A term used in prescriptions, derived from the Latin "signatura," instructing patients on how to take their medication.

Milliliter

A unit of volume equal to one-thousandth of a liter, commonly used in measuring liquid quantities.