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On January 1, 2020, Sandhill Company issued $2,180,000, 9%, 10-year bonds at $2,326,280. This price resulted in a 8% effective-interest rate on the bonds. Sandhill uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1.
Problem a: How do Prepare the journal entries to record the following transactions?
(1) The issuance of the bonds on January 1, 2020.(2) Accrual of interest and the amortization of the premium on December 31, 2020.(3) The payment of interest on January 1, 2021.(4) Accrual of interest and amortization of the premium on December 31, 2021.
Determine the net income of a company for which of the following information is available for the month of July. Employee salaries expense $197,000 Interest expense 27,000 Rent expense 37,000 Consulting revenue 468,000
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Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on September 1, 2020, Compute diluted earnings per share for 2020
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