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American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2013. In payment for the $4 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 10%.
Required:
1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2013.
2. Prepare an amortization schedule for the four-year term of the installment note.
3. Prepare the journal entry for the first installment payment on December 31, 2013.
4. Prepare the journal entry for the third installment payment on December 31, 2015.
Vacaro Corporation provides a variety of share-based compensation plans to its employees. Under its executive stock option plan, Vacaro granted options on January 1, 2009, that permit executives to acquire 20 million of the company's $1 par common..
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In January of 2007, Kerr successfully defends the patent at a cost of $81,000, extending the patent's life to 12/31/18. What amount of amortization expense would Kerr record in 2007?
Support your speculation with evidence or examples and cite the Websites used in your research.
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Determine the amount to be added to Allowance for Doubtful Accounts in each of following cases.
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The stockholders' equity accounts of Sigma Corporation on January 1, 2010, were as follows. Journalize the transactions.
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How can a firm's security policies contribute and relate to the six main business objectives and give example.
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