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Galaxy International purchased in premium of 5% of par value $ 1,000,000 bonds carrying 15% interest per annum paid May 1 and November 1 every year for 5 years, thereafter bonds would be matured and returned against par value. The financial year end of the company is 31st December every year.
Required:
Problem 1: Prepare journal entries for 5 years.
Karen, in forming a new corporation, transfers land to the corporation in exchange for 100 percent of the stock of the corporation. Karen's basis in the land is $275,000, and the corporation assumes liability on the property in the amount of $300,000..
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What are the full details of Statement of Comprehensive Income, especially items that fall under distribution cost and the depreciation part.
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