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1. On January 1, 2011, Ryan Ltd. issued 10% bonds dated January 1, 2011, with a face amount of $10 million. The bonds mature in 2025 (15 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. Debt issues costs were $20,000. Two years from the issue date (January 1, 2013), the corporation excised its call privilege and retired 40% of the bonds for at 105 (105% of face value of retired bonds). The corporation uses the effective interest method to determine interest and straight-line method to amortize debt issues costs. 1) Prepare the journal entry to record the bond issuance by Ryan on January 1, 2011. 2) Prepare the amortization table up to two years after the issuance of the bonds. 3) Prepare the journal entry to record cash payment on December 31, 2011 and amortization of debt issuance costs. 4) Prepare journal entries to record the call of bonds. I already answers part 1,2, and 3.... How do I do part number 4? And in part number 3 should i record the cash payment of June 30 and December 31? or only december?
The deferred tax expense is the: a. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability. b. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset.
Fred Farmer and his two sons owned 100 percent of Fruits and Nuts, Inc. Fred owned 50 percent of the stock, but he had 25 percent redeemed by the corporation for a building with a basis of $10,000 and a value of $50,000. If E&P is $200,000 and Fre..
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After thirty days, Primo's did not have the cash for payment; therefore, Primo's offer Mulkey a four-month note with 11.5% interest, all payable at the end of the term of the note. Please record the appropriate journal entry establishing the note ..
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When purchasing merchandise on account for say $88,000, but you pay $67,000 cash on the $88,000 due. Your sales are $145,000, and the ending inventory is $24,000 what would the gross profit be?
Based on the following, how much should Ben Brenner include in income in his federal income tax return? Jury awarded punitive damages $10000 Kickbacks on ...
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The consideration paid to the seller was made entirely by transferring title of Treasury Stock to them? Where else would we see the impact of this transaction on the otherfinancial statements?
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