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At the beginning of his current tax year, Eric bought a corporate bond with a maturity value of $22,000 from the secondary market for $16,900. The bond has a stated annual interest rate of 7 percent payable on June 30 and December 31, and it matures in five years on December 31. Absent any special tax elections, how much interest income will Eric report from the bond this year and in the year the bond matures?
during the year just ended roberts companys operating income under absorption costing was 3000 lower than its operating
on january 1 2014 pennington corporation purchased 25 of the common shares of edwards company for 427000. during the
on april 1 2014 somers company assigns 200000 of its accounts receivable to third national bank as collateral for a
herbal care corp. a distributor of herb-based sunscreens is ready to begin its third quarter in which peak sales occur.
Amortization Payment. ABC Company agrees to pay a $50,000 loan in eight equal year-end payments. The interest rate is 12 percent. - What is the annual payment and what is the total interest on the loan?
The partnership paid $3000 in interest that was amount owed for the year and paid $8000 for a two-year insurance policy on the first day of business.
Prepare the December 31, 2011, closing entries for Showers Company - prepare the December 31, 2011, post-closing trial balance for Showers Company.
Legolas Company paid $5,000 cash for executive salaries. When thejournal entry to record this payment was made, the payment wasmistakenly added to the cost of land purchased by Legolas. Thejournal entry needed to correct this error wouldbe:
barker company has a single product called a zet. the company normally produces and sells 85000 zets each year at a
the following is the adjusted trial balance of the xho company as of december 31 2015 xho companyadjusted trial
perfectionist construction company was the low bidder on an office building construction contract. the contract bid
On January 1, 2007, Lex Co. sold goods to Eaton Company. Eaton signed a noninterest-bearing note requiring payment of $80,000 annually for seven years. The first payment was made on January 1, 2007. Trecord sales revenue
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