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Lakeland Bank & Trust Company lent $110,000 to Samantha Michael on a 90-day, 9% note.
Requirement
1. Journalize the following transactions for the bank (explanations are not required):
a. Lending the money on June 6.
b. Collecting the principal and interest at maturity. Specify the date. For the computation of interest, use a 360-day year.
In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value. On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities.
Englehart Company sells two types of pumps. One is large and is for commercial use
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If National actually produced 1,500 units, the flexible budget would show variable costs of what amount?
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On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $6,300 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the current year.
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Compute CollegePak's break-even point in sales dollars for the year. Compute the number of sales units required to earn a net income of $180,000 during the year.
During the accounting period, Springfield recorded $32,000 of service revenue on account. The company also wrote off a $300 account receivable.
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