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Mellilo Corp issued $5 million of 20 year, 9.5% bonds on 7/1/2009, at 98. Interest is due on 6/30 and 12/31 of each year, and all of the bonds in the issue mature on 6/30/2009. Mellilo's fiscal year ends in 12/31,. Prepare the following J/E.
a.7/1/2009 to record the issuance of the bonds.
b.12/31/2009 to pay interest and amortize the bond discount....
c. 6/30/2029 to pay interest amortize the bond discount and retire the bonds at maturity (make two separate entries)........................
d. Briefly explain the effect of amortizing the bond disc. upon (1) annual net income and (2) annual net cash flow from operating activities. (Ignore possible income tax effects) ..
What are the possible Federal income tax effects of these transactions - Comment on the availability of head-of-household filing in each of the following independent situations
Analyze the impact of tax holidays of up to 10 days in your state. Create a table with two (columns. The first column should list Yield, Equity, Administration and Compliance, and Economic Impact. The second column should explain the impact of tax..
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