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Problem: On January 1, 2019, Mark Corporation purchased bonds with a face value of $500,000 for $475,413.60. The bonds are due December 31, 2021, carry a 10% stated rate, and were purchased to yield 12%. Interest is payable semiannually on June 30 and December 31. On January 1, 2021, in contemplation of a major acquisition, one-fourth of the bonds were sold for $127,000. The remainder were held until maturity.
Required:
Question: Prepare journal entries to record the purchase of the bonds, each interest payment, the partial sale of the investment on January 1, 2021, and the retirement of the bond issue on December 31, 2021.
This is the remaining balance of a twelve-month advertising campaign purchased on August 31 in the current year. Assuming the cost is spread equally over each month how much did this advertising campaign cost in total?
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Tony’s Market recorded the following events involving a recent purchase of inventory under a perpetual inventory system:
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