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Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $800,000 of 10-year, 6% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
Problem 1: Journalize the entries to record the following selected transactions for the current year:
May 1. Issued the bonds for cash at their face amount.Nov. 1. Paid the interest on the bonds.Dec. 31. Recorded accrued interest for two months.
If an analysis of the general ledger accounts indicates that equipment, which had cost $168,000 and on which accumulated depreciation totalled $135,000 on the October 1st was sold for $20,000. During 2009 the depreciation on the equipment was $30,000..
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Cairns owns 80 percent of the voting stock of Hamilton, Inc. The parent’s interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisitio..
Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021
When investments in a private-purpose trust fund are sold for more than their book value, the government credits which of the following accounts
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