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Early extinguishment; effective interest ? LO5The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2010, included 12% bonds having a face amount of $20 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%.Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2011, Twin Digital retired the bonds at 102 ($20.4 million) before their scheduled maturity.Required:1. Prepare the journal entry by Twin Digital to record the semiannual interest on July 1, 2011.2. Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2011.P 14-21 Report bonds at fair value; quarterly reporting ? LO6Appling Enterprises issued 8% bonds with a face amount of $400,000 on January 1, 2011. The bonds sold for $331,364 and mature in 2030 (20 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Appling determines interest expense at the effective rate. Appling elected the option to report these bonds at their fair value. The fair values of the bonds at the end of each quarter during 2011 as determined by their market values in the over-the-counter market were the following: March 31$350,000June 30340,000September 30335,000December 31342,000Required:1. By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the March 31 quarterly financial statements?2. By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the June 30 quarterly financial statements?3. By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the September 30 quarterly financial statements?4. By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the December 31 annual financial statements?
Attachment:- cstephenson_wk4problems.xlsx
Assuming that Seneca starts to supply new customers-large discounters and supermarkets outisde its local region-what ABC systems would be helpful to guide the profitability of the strategy and assist Seneca managers in making decisions?
Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair value. Suppose that Got Em Co. had operating income of $64,300 and net assets with a fair market value of $184,000. Ta..
On creating a new 100 percent-owned corporation, Ben was advised by his tax consultant to treat 50 percent of the total amount that was invested as a loan and 50 percent as a purchase of corporate stock.
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Would you please give me some thoughts about this topic: essay discussing the benefits of moving into IFRS from GAAP or some difficulties on doing it.
In the current year, Orion Corporation (E & P of $2 million) distributes all of its property in complete liquidation. Allie, a shareholder, receives land having a market value of $300,000.
When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.
The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30-mile section of its track. The PSRR has bids from a cont..
Examine different types of organizational illegal activities, including cybercrimes and the impact to the organization. Use technology and information resources to research issues in forensic accounting.
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