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Wainwright Electric sold $2,278,000, 10%, 10-year bonds on January 1, 2014. The bonds were dated January 1 and pay interest July 1 and January 1. Wainwright Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 105. Assume no interest is accrued on June 30.
1. Prepare the journal entry to record the issuance of the bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
2. Prepare a bond premium amortization schedule for the first 4 interest periods.
3. Prepare the journal entries for interest and the amortization of the premium in 2014 and 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
4. Show the balance sheet presentation of the bond liability at December 31, 2015. (For Bonds Payable, Notes Payable and Mortgage payable enter the account name only and do not provide any additional descriptive information e.g. due 2024.)
Lark Corporation (a calendar year taxpayer) has gross income from operations of $497,000, expenses from operations of $556,000, and dividends received from domestic corporations (less than 20 percent ownership) of $200,000.
Write a report to the owners detailing ALL the different options and considerations that you feel the owners should consider raising the $60 million.
Q. Illustrate what is three way matches? Illustrate what is the reason for three way match? Illustrate what are the disadvantages for using three-way match and illustrate what are other options (instead of using three way matches)
The Thomlin Company forecasts that total overhead for the current year will be $11,673,195 and that total machine hours will be 168,112 hours. Year to date, the actual overhead is $7,840,877 and the actual machine hours are 85,085 hours. If the Thoml..
you have been appointed as a consultant for thomas foods. thomas foods was incorporated in 1969. thomas foods sells
Compute Heart of Texas Telecoms current ratio and debt ratio and how much in current assets does Heart of Texas Telecom have for every dollar of current liabilities that it owes?
The executive officers of Rouse Corporation have a performance-based compensation plan. The performance criterion of this plan is linked to growth in earnings per share. When annual EPS growth is 12%, the Rouse executives earn 100% of the shares; if ..
Determine the per unit cost amounts before you prepare the 3 flexible budgets. This is asking for a flexible budget for a very specific item.
tom brady shop began operations on 2nd january 2012. the subsequent stock record card for footballs was taken from the
Consumers may also reduce the quantity of the beverage that they usually buy." Illustrate what is the relationship between the income and demand with respect to normal goods? Answer the same question with respect to inferior goods
The corporation's accumulated earnings and profits at the beginning of the year was $600,000. In the current year the corporation had a $200,000 net loss from operations, which did not include the following transaction. At the end of the year the cor..
you want to buy a new sports coupe for 75600 and the finance office at the dealership has quoted you a loan with an apr
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