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On January 1, 2003, Master Corporation issued 100 bonds with a par value of $ 1,000 each. The stated interest rate on the bond is 4% payable annually on December 31 of each year. The market rate is 6%. The bonds will mature 4 years from the date of issue (December 31, 2006). (a) Compute the issue price of the bonds on January 1, 2003. (b) Provide the journal entry to record the issuance of the bonds on January 1, 2003. (c) Provide the journal entry that Master should make on December 31, 2003 assuming the effective interest method. (d) Show how the bond liability and the related accounts will appear on the Balance Sheet of Master on December 31, 2003.
Journal entries for recording transactions of disposition and purchase of asset - Prepare the journal entries to record the transactions April1 and August 1, 2007.
Over head application to job- How much overhead should be applied to Job No. B12
The bonds were sold to yield 7%. The fiscal year of Cramer Company ends on December 31. Explain how much interest expense will Cramer Company report in its December 31, 2011, income statement
Which one of the subsequent statements best explains why companies want to distinguish between direct and indirect costs?
The increase in volume will be large enough to require increases in fixed selling expenses and in general administrative overhead, but not in fixed manufacturing overhead.
After performing a physical inventory, they calculated theri inventory cost at retail to be 80,000. The mark up is 100% of cost. Find out the ending inventory at its estimated cost.
compute the “fair value” of the lease for some reason, but I think that would be a waste of time as we already know that the lease payment each month totals $ 25,000 and we have a three year lease on all the assets.
Describe the evolving accounting standards for recording and translating foreign exchange related transactions and financial statements?
Balance sheet of the Captain Jet Inc
She believes that stock is going to increase more in value, so she does not really want to sell it. What do you suggest the Willma do?
The controller, Dona Ortiz, is preparing a report estimating any expected cost savings and changes to the accounting system resilting from a move to JIT. What are some of costs that should be affected by the introduction of a JIT system?
Calculation of Contribution margin and gross margin using Marginal costing - The company had no beginning or ending inventories and evaluate gross margin for December
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