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1.On January 1, 2013, Essence Communications issued $800,000 of its 10 year, 8% bonds for $700,302. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. Essence Communications records interest at the effective rate and elected the option to report these bonds at their fair value.On December 31, 2013, the market interest rate for bonds of similar risk and maturity was 9%. The bonds are not traded on an active exchange.Required:1. Using the information provided, estimate the fair value of the bonds at December 31, 2013.2. Prepare the journal entry to record interest on June 30, 2013 (the first interest payment).3. Prepare the journal entry to record interest on December 31, 2013 (the second interest payment).4. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2013, balance sheet.
The U.S. Tax Code has evolved over time to include many credits and deductions. Certainly, the legislative process encourages offering tax benefits for certain behavior, such as buying a new car or home, investing in manufacturing equipment, and s..
1. You acquire the outstanding loan (note) of Shepard Company, who is having financial difficulty. Because of the financial difficulty, Shepard Company's credit rating has been downgraded and you acquire the note at a discount.
the management of malit corporation is investigating an investment in equipment that would have a useful life of 9
Discuss how these responsibilities have likely changed the period to period activities of the certifying managers.
a receiving department compares inventory items received with copies of purchase orders. the purchase orders list the
\The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale?
Starr Company purchased a depreciable asset for $150,000. The estimated salvage value is $10,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the..
the ledger of simms company includes the following accounts with normal balances p. simms capital 18000 p. simms
Deliverable: Create an Excel spreadsheet detailing the cost of each scenario, and embed it into a Word document. Provide your recommendations in the Word document as well.
crossfade co. issued 15-year bonds two years ago at a coupon rate of 6.9 percent. the bonds make semiannual
assume your grandparents have just given you 20000 on the condition that you invest the money in the stock market. as
Show the loan in the balance sheet of the company
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