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On January 1, 2009, Pink Company finished consultation services and accepted in exchange a promissory note with a face value of $400,000, a due date of December 31, 2012, and a stated rate of 8%, with interest receivable at June 30th and December 31st. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. (Hint: the imputed rate is similar to the market rate). a) Determine the present value of the note. b) Prepare a Schedule of Note Discount/Premium Amortization for Pink Company under the effective interest method. (Round to whole dollars.) c) Prepare any necessary journal entries in 2009 to record the issuance of the note and any interest journal entries that may be required based on the terms of the note. d) Prepare any necessary journal entries in 2012.
the accounting records of tuel electronics show the following data.beginning inventory3880 units at8purchases8660 units
anita vasquez received 180000 from her mothers estate. she placed the funds into the hands of a broker who purchased
the aliena corporation buys automotive equipment for 1800 and sells it for 2500 the company has the following sales
wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format.
freet inc. is preparing its cash budget for november. the budgeted beginning cash balance is 30000. budgeted cash
please select 3 of the 10 items listed below as most important for your organization when using innovation as a growth
Garden Corporation engaged in the following transaction. Indicate where, if at all, it would be classified on the statement of cash flows. Assume the indirect method is used.
A particle known as a pion lives for a short time before breaking apart into other particles. Suppose a pion is moving at a speed of 0.990c, and an observer who isstationary in a laboratory measures the pion's lifetime to be ? . What is the lif..
you are working on saving for retirement. you will reach full retirement age in 20 years and you can invest 5000 each
Compute the balance in the Accumulated Depreciation account at the end of 2013 using the straight-line method.
a company issued 10-year 9 bonds with a par value of 500000 when the market rate was 10. using the straight-line method
Jack and Jill Company produces two products, X and Y. X sells for $10/unit and Y sells for $20/unit. The products have a variable cost of $9 for X and $14 for Y. Last year the company sold 10,000 units of X and 40,000 units of Y. Fixed costs are a..
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