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On Jan. 1, 2011, Whittington Stoves issued $800 million of its 8% bonds for $736 million. The bonds were priced to yield 10%. Interest is payable semi annually on june 30 and December 31. Whittington records interest at the effective rate.
1. Prepare a journal entry to record the bond issuance on Jan. 1, 2011.
2. Prepare an amortization schedule fo the first two years.
3. prepare a journal entry to record interest on december 31,2012, using the effective interest method.
Tanver Corporation, a calendar year corporation, has alternative minimum taxable income of $7 million in 2010 (before adjustment for adjusted current earnings). If Tanver's adjusted current earnings is $16 million, its tentative minimum tax for 20..
a. Calculate the direct materials price variance for May. b. Calculate the direct materials quantity variance for May. c. Calculate the direct labor wage rate variance for May. d. Calculate the direct labor efficiency variance for May.
If the required return is 11 percent, what is the project's equivalent annual cost, or EAC? (Do not round your intermediate calculations.)
Which of the following statements concerning consolidated financial statements is true?
Which of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation?
The revenue principle states that revenue should be recognized at a point when:
Astro Company is a manufacturer and Luyten Company is a merchandiser. What is the difference in the budgets the two entities will prepare?
Mouns Company owns 30% interest in the stock of Darian Corporation. During the year, Darian pays $20,000 in dividends to Mouns, and reports $100,000 in net income. Mouns Company's investment in Darian will increase Mouns' net income by?
Which one of the following is a characteristic of a business combination that should be accounted for as a purchase?
Blacken Company manufactures motorcycles. The company's management accountant wans to calculate the fixed and variable costs associated with utility cost incurred by the factory. Data for the past five months were collected.
Sears issues bonds with a par value of $138,000 on January 1, 2009. The bond' annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance..
John reports the following amts for 2010:net income=$135,000; average stockholders' equity $500,000; preferred dividends $35,000 and par value preferred stock $100,000. The 2010 rate of return on common stockholders' equity is?
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