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Holiday company issued its 9%, 25-year mortgage bonds in the principal amount of $3000000 on January 2, 1996, at a discount of $150000, which it proceeded to amortize by charges to expense over the life of the issue on a straight-line basis. The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 104% of the principal amount, but it did not provide for any sinking fund. On December 18, 2010, the company issued its 11%, 20-year debenture bonds in the principal amount of $4000000 at 102, and the proceeds were used to redeem the 9%, 25-year mortgage bonds on January 2, 2011. The indenture securing the new issue did not provide for any sinking fund or for retirement before maturity. Instructions a) Prepare journal entries to record the issuance of the 11% bonds and the retirement of the 9% bonds. b) Indicate the income statement treatment of the gain or loss from retirement and the note disclosure required.
1the blankenship company paid a cash dividend of 0.44 per share during the current year and reported 18000 shares of
Sierra has medical staff in residence. Disregarding the 7.5% floor, how much, if any, of these expenses qualify for a medical deduction by Joanne?
richard ellis the director of cost operations of american micro devices wishes to develop an accurate cost function to
you have been asked to prepare a presentation for the next board of directors meeting regarding managerial accounting.
The implied interest rate is 10%. Prepare Dold's journal entries for the initial transaction, recognition of interest each year, and the collection of $20,000 at maturity.
Rhoda, a calendar year taxpayer, files her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25000.
Determine the possible cost savings from eliminating service department S
division b had an roi last year of 14. the divisions minimum required rate of return is 12. if the divisions average
moore corporation follows a policy of a 10 depreciation charge per year on all machinery and a 5 depreciation charge
beauty corp has an investment portfolio in which they keep investments in equity securities and debt instruments. they
the accuracy of accounting records is enhanced by the integrity of internal controls. comment on this statement and
renfree mines inc. owns the mining rights to a large tract of land in a mountainous area.the tract contains a mineral
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