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A company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the first interest payment using the effective interest method of amortization is: Question 4 options: A-Debit Interest Expense $12,648.28; debit Premium on Bonds Payable $1,351.72; credit Cash $14,000.00. B-Debit Interest Payable $14,000.00; credit Cash $14,000.00. C-Debit Interest Expense $12,648.28; debit Discount on Bonds Payable $1,351.72; credit Cash $14,000.00. D-Debit Interest Expense $15,351.72; credit Discount on Bonds Payable $1,351.72; credit Cash $14,000.00. E-Debit Interest Expense $15,351.72; credit Premium on Bonds Payable $1,351.72; credit Cash $14,000.00.
Discussion board: Read the article "The Economic Effects of IFRS Adoption" and answer the following questions.
1) What are the maturities on Intel's Long-term debt 2) What are Intel's projected obligations on Long-Term Debt and Payments due by period 3) What is the par or stated value of Intel's preference shares 4) What is the par or stated value of Intel's ..
The JOhn Company purchased a machine on Nov 1, 2002, for 148,000. At the time of acquistion, the machine was estimated to have a useful life of ten years and an estimated salvage value of $4,000. JOhn has recorded monthly depreciation usiing the s..
Yearly anutomobile inspections are required for residents of the state of Pennsylvania.Suppose that 18% of all inspected cars in Pennsylvania have problems that need to be corrected.
Compute the value added, nonvalue added, and the total lead time of the wreath process for both the old and the new manufacturing process.
What are the tax consequences to Oriole Corporation on the distribution of the land? If the land is, instead, subject to liability of $700,000, what are the tax consequences to Oriole on the distribution?
On January 1, year 1, an entity acquires a new machine with an estimated useful life of 20 years for 100,000. The machine has an electrical motor that must be replaced every five years at an estimated cost of 20,000.
Prepare the journal entry to record the admission of Upton to the partnership.
1. what is an accounting entity?2. what are the two most crucial aspects of this accounting entity
Put Company paid $220,000 for an 80% interest in Sel Company on July 1, 2011, when Sel Company had total equity of $110,000. Sel Company reported earnings of $10,000 for 2011 and declared dividends of $8,000 on November 1, 2011.
what is a flow-through entity? what advantages do flow-through entities have over a regular corporation? compare and
differentiate between profit sharing and co-ownership schemes of incentives to labour .explain your answer with
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