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McCool Corporation wholesales repairs products to equipment manufactures. On April 1, 2010, McCool Corporation issued $30,000,000 of five year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $32,446,500. Interest is payable semiannually on April 1 and October 1. Journalize the entries to record the following:
a. Sale of bonds on April 1, 2012. b. First interest payment on October 1 , 2012 and amortization of bond premium for six months, using the straight line method. (Round to the nearest dollar.)c. Explain why the company was able to issue the bonds for $32,446,500 rather than for the face amount of $30,000,000.
From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts ..
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During February the Lungren Manufacturing Company's costing system reported several variances that the production manager was surprised to see.
Variable manufacturing overhead is applied to products on the basis of standard direct labor-hours. If the direct labor efficiency variance is unfavorable.
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Determine Debbie's and Elizabeth's realized gain or loss, recognized gain or loss, and the basis in their new property.
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