Reference no: EM132977966
Problem -
Landis Co. purchased P1,000,000 of 8%, 5-year bonds from Ritter, Inc. on January 1, 2012, with interest payable on July 1 and January 1. The bonds sold for P1,041,580 at an effective interest rate of 7%. Using the effective-interest method, make all necessary journal entries.
On October 1, 2012, Renfro Co. purchased to hold to maturity, 2,000, P1,000, 9% bonds for P1,980,000 which includes P30,000 accrued interest. The bonds, which mature on February 1, 2021, pay interest semiannually on February 1 and August 1. Renfro uses the straight-line method of amortization. Record all necessary journal entries.
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What are the firm current ratio and quick ratio
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