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On December 31, 2003, Sloan Corporation issued $1,000,000, 10%, 5-year bonds for $700,000. The par value of each bond is $1,000. The stated interest rate on the bond is 10% payable annually on December 31 of each year, beginning December 31, 2004. The bonds will mature 5 years from the date of issue (December 31, 2008).
(a) Provide the journal entry to record the issuance of the bonds. Show computations.
(b) Provide the journal entry that Sloan should make on December 31, 2004, assuming straight line amortization.
(c) Show how the bond liability and the related accounts will appear on the Balance Sheet of Sloan on December 31, 2004.
Prepare a cash budget for the Ace Manufacturing Company, indicating receipts and disbursements for May, June, and July. The firm wishes to maintain at all times a minimum cash balance of $20,000.
Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
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Mojave sold her condominium for $500,000 on September 14, 2010; she had paid $330,000 for it in 2002. Mojave collected the selling price as follows: 2010, $80,000; 2011, $320,000; and 2012, $100,000. Mojave appropriately uses the installment-sales..
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All of the following would be entries in assigning accumulated costs to the Work In Process Inventory except:
If Alice decides to buy the investment, she would receive the first $250 payment one year from today. How much should Alice be willing to pay for this investment?
The master manufacturing overhead budget for the month based on normal productive capacity of 15,000 direct labor hours (7,500 units) shows total variable costs of $90,000 ($6 per labor hour) and total fixed costs of $45,000 ($3 per labor hour). N..
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