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Question - Present your answer in good accounting form. Use 360 days = 1 year. On December 31, 2018, Conchita Martinez Company signed a $1,000,000 noninterest-bearing note to Sauk City Bank. The market interest rate at that time is 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Considering these data, the bank released cash to the company amounting to $927,908; i.e., the total of the present value of the principal and interest. Unfortunately, because of lower sales, the company's financial situation worsened. On December 31, 2020, when the carrying amount of the loan is determined to be $951,968, Sauk City Bank determined that it was probable that the company would pay back only $600,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,000,000 loan. The present value of 1 at 12% for 3 years is 0.71178 and the present value of an ordinary annuity of 1 at 12% for 3 years is 2.40183. How much impairment loss should the bank recognize on December 31, 2020?
Show the Preparation of segmented income statement
Compute the realized rate of return for investors who purchased the bonds when they were issued and who surrender them today in exchange for the call price.
What amount should be credited to share premium - ordinary shares as a result of conversion? During 2026, Grab Food issued for P 110 per share
Calculate the amount of pension expense for 2014, and prepare the required adjusting journal entries. Calculate the funded status of the plan on December
Find How much must be deposited at the beginning of each of the next eighteen years to fund the education?(Rounded your answer to nearest €).
On April 1 of the current year, Determine the net income for April and How much did April's transactions increase or decrease stockholders' equity?
In February 2020, 800 BBLs were produced and sold: severance tax is 5% and price per BBL is $58. What is Jason Oil Company Net Revenue Interest?
During the year, Ruby Corporation, a calendar year taxpayer, has the following transactions: Determine Ruby's NOL for the year. What are Ruby's options as to the carryover of the NOL?
Steckly Company had the following balances on its balance sheet at Beginning of Year 2. Both are positive equity account balances. What was "Other Comprehensive income" during Year2? Blank 1. What will be the balance in Retained earnings on the Year ..
Show whether each variance is favorable (F) or unfavorable (U) - Evaluate of Variable-overhead spending variance and the variable-overhead efficiency variance
Complete the below table to calculate the price of a $2.0 million bond issue under each of the following independent assumptions (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided..
Prior to Sarbanes-Oxley, auditing companies had engaged in non-auditing functions with the corporations they audited. Although this had been cause for concern by the SEC, rules were not promulgated until mandated by Sarbanes-Oxley. Do you think the a..
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