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ABC issues $20M in bonds on January 1, 2004. The bonds mature in 30 years and pay interest at the end of each semi-annual period on July 1 and January 1. The bonds have a coupon rate of 10% and were issued when the market rate of interest is 12%. Bond issue costs of $300,000 were paid in cash.
1. Calculate the proceeds of the bond
2. Prepare an amortization table
3. Prepare the Journal Entries for the first year of the bonds (2004). Also include the journal entry for the second interest payment (on Jan. 1, 2005).
4. Assume the same facts as above except assume that the bonds are sold on April 30, 2004, four months into the first interest period and they are sold at par. Calculate the proceeds of the bond and prepare the journal entries through the second interest payment. You may omit entries for bond issue costs.
Many people say that a balance shows the financial position of an entity at a particular point in time. Explain "a particular point in time" and how does this differ from the income statement's time period coverage?
A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has no stated value.
Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?
What is a break even point? a) The level of operations at which a business revenues exceeds the budget. b) The level of operations at which the business will be able to break into a new market
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At year-end, the company declares a 10 percent stock dividend-one share for each 10 shares held. If all parties concerned clearly recognize the nature of the stock dividend, what should you expect the market price per share of the common stock to ..
Discuss whether Loewen Group expansion from funeral homes to cemeteries affected its horizontal or vertical boundaries or both.
On September 11, the customer who had been billed on August 18 complained about being overcharged and was granted a credit of $350.
Historic cost should be replaced by an alternative measurement base in order to make financial statement more useful. Critically discuss this statement, concluding with whether or not you agree with it.
For 2010 Kuhlman Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?
A change in the loss rate on warranty costs is a: a) Change in accounting principle b) Change in accounting estimate c) Change in reporting entity D) Error correction.
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