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Atlantis Inc. produces and sells voltage regulators. On July 1, 2007, Atlantis Inc. issued $800,000 of 10-year, 14% bonds at an effective interest rate of 13%. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. 1. Journalize the entry to record the amount of the cash proceeds from the sale of the bonds. 2. Journalize the entries to record the following: a. The first semiannyal interest payment on December 31, 2007. Including the amortization of the bond premium, using the straight-line method. (Round to the nearest dollar). b. The interest payment on June 30, 2008, and the amortization of the bond premium, using the straightline=line method (round to the nearest dollar.)3. determine the toatal interest expense for 2007. 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? Explain.
The Eastern Division sells goods internally to the western division of the same company. The quoted external price in industry publications from a supplier near Eastern is $200 per ton plus transportation.
Justin and Tiffany form the equal TJ Partnership, Justin contributes cash of $20,000 and land (fair market value of $80,000, adjusted basis of $65,000), and Tiffany contributes the assets of her sole proprietorship (value of $100,000, adjusted bas..
Would the yield spread on a corporate bond over a Treasury bond with the same maturity tend to become wider or narrower if the economy appeared to be heading toward a recession?
Now assume that eh interaction is sequential where Holland Sweetener chooses to enter and if so they face the pricing problem in the second stage. Should Holland Sweetener enter?
Depreciation expense recorded prior to 2008 under the double-declining balance method was $36,000. Voga has already recorded 2008 depreciation expense of $12,800 using the double-declining balance method.
You have been hired as the manager of a portfolio of ten sport asssets that are held in equal dollar amount. the current beta of the portfolio is 1.9 and the beta of asset A is 2.1. if the asset A is sold and the proceeds are used to purchase a re..
A 15% increase in production will result in: A) a 15% increase in the variable cost per unit B) a 15% increase in total mixed costs C) a 15% increase in total manufacturing costs D) a 15% decrease in total variable costs
Prepare the journal entry to record each of the following independent transaction. (Use the number of the transaction in lieu of a date for identification purposes.)
What is each partner's outside basis and how much gain (loss) must the partners recognize in 20X9 when Picture Perfect was formed?
Gilkey Security Systems has the following for the year ended 12-31-09 before adjustments. Gilkey uses the aging method of estimating bad debt expense. The journal entry for estimating bad debt expense at year end is:
Prepare the cash flows from Operating Activities section of the statement of cash flows, using the indirect method. If the direct method had been used, would the net cash flow from operating activities have been the same? Explain
Are inquiry and observation by the auditor valid types of evidence and are they better or worst than say documentation provided by the client?
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