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Southwest Corporation issued bonds with the following details:
Face value: $600,000Interest: 9 percent per year payable each December 31Terms: Bonds dated January 1, 2009, due five years from that date
The annual accounting period ends December 31. The bonds were issued at 104 on January 1, 2009, when the market interest rate was 8 percent. Assuming Southwest Corporation uses effective-interest amortization.
Requirement:
Give the journal entries to record the payment of interest on December 31, 2009 and 2010..
Iris Corporation owns 30% of Fresia Corporation's stock. On November 15, Fresia Corporation, with current E & P of $320,000, distributes land (fair market value of $100,000; basis of $160,000) to Iris. The land is subject to a liability of $80,000..
Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.
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When the present value analysis of a proposed investment results in an indication the proposal has a rate of return greater than the cost of capital, the investment may not be made because:
Kramer has two primary bank accounts. At December 31, 2012, one of these accounts had bank overdrafts that caused the balance to have a negative balance of 100,000. The other bank account had a balance greater than 500,000. Kramer recorded the 100..
What steps are needed to solve problems using present value techniques to evaluate alternative investment opportunities?
The break even or cost volume profit (CVP) model is based on a number of assumptions. Discuss these assumptions and whether or not they are correct in the real world. Finally, discuss how CVP analysis can be useful in planning. Describe the advant..
The XYZ has a choice between two warehouses. A lease at location A costs 1000 per month with a payment 2000 upfront to guarantee the 3 year lease. Location B would cost 1200 per month and would be leased from month to month.
The Tyson Company has provided the following information: Using the high-low method, calculate the total fixed factory overhead cost and the variable factory overhead cost per direct labor hour.
Determine Hassell's and Lawson's participation in the year's net income of $342,000 under each of the independent assumptions above.
However, income statements do not reveal every aspect of a company's performance. Identify and describe two limitations of income statements.
what is effect on the Karl's individual income tax with the following conditions?( tax year 2011)
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