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A corporation purchased for cash 5,000 shares of its own $10 par common stock at $25 a share. In the following year, it sold 2,000 of the treasury shares at $28 a share for cash.
a) Journalize the entries to record the purchase (treasury stock is recorded at cost).
b) Journalize the entries to record the sale of the stock.
If no net gain (loss) was carried in accumulated OCI at the beginning of the year, the amount of net gain (loss) subject to required amortization for the current year is:
January 5, 2008 received a charter granting the right to issue 5,000 shares of $100 par value 8% cumulative, non-participating preferred stock and 50,000 shares of $5 par value common stock. Record the journal entries for the transactions listed a..
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An auditor determines that management integrity if high, the risk of account misstatements is low, and the client's internal controls are effective. Which of the following conclusions can be reached regarding the need to perform direct tests of ac..
Cash flows used for investments in property, plant, and equipment totaled $45,000, of which 60% of this investment was used to replace existing capacity. Determine the free cash flow for Mediterranean Tile Company.
On June 1, 2007, Rehman, Inc. issued $600,000, 6% bonds for $587,640, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2017. The bonds are callable at 102.
What is the present value of $359,000 that is to be received at the end of twenty-three years, the discount rate is 11 percent, and semiannual discounting occurs?
What is the breakeven point if Mount Carmel's tax rate is reduced to 25%, assuming the sales mix is 2 units of Product A for each unit of Product B?
Suppose you believe that the economy is just entering a recession. Your firm must raise capital immediately, and debt will be used. Should you borrow on a long-term or a short-term basis? Why?
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