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On December 31, 2010, Central Bank agrees to a restructuring of a 12% note with a $200,000 face value and $60,000 of accrued interest owed to the bank by Carter Company. The bank agrees to forgive the accrued interest, extend the maturity date to December 31, 2013, and reduce the annual interest rate to 6%. Carter Company paid the interest due on December 31, 2011.Required:1. Prepare the journal entry for Central Bank to record the restructuring of the note on December 31, 2010.2. Prepare the journal entry for Central Bank to record the receipt of the interest on December 31, 2011.
visit a local movie theater and check out both its concession area and its showing areas. the manager of a theater must
hedging with forward contracts. the specialty chemical company operates on a crude oil refinery located in new iberia
Determine the amount, if any, of the impairment loss that El Dorado must recognize on these assets.
Objective questions in accounting, Accounting is an information and measurement system that identifies, records, and communicates financial information to users. External users of accounting information include
1. describe the difference between the flow of financial resources measurement focus and the economic resources
on march 1 2010 chase inc. purchases 60000 of 10-year 8 bonds on their issuance date directly from manus corporation at
The parent company's share of the fair value of the net assets of a subsidiary may exceed acquisition cost. How must this excess be treated in the preparation of the consolidated financial statements? What is the reasoning that supports this treat..
griffith delivery services purchased a delivery truck for 33600. the truck has an estimated useful life oif six years
Determine the amount of cash equivalents that should be combined with cash on the company's balance sheet at December 31, 2014, and for purposes of preparing a statement of cash flows for the year ended December 31, 2014.
The private sector organization currently responsible for setting financial accounting standards in the United States.
during 2012 h had earnings from self-employment of 50000 and wages of 78000 from employer x. employer x withheld and
birds eye view manufactures satellite dishes used in residential and commercial installations for satellite-broadcasted
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