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Question - The transactions related to Chiefs Ltd.'s long-term bonds are as follows:
1. On April 1, 2020, Chiefs issued $ 600,000, 9% bonds (dated January 1, 2020) for $ 645,442 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2030.
2. On July 1, 2022, Chiefs retired 30% of the bonds at 102 plus accrued interest. The carrying value, including unamortized premium, is $624,570. It is also given that the premium is amortization over 117 months and the Chiefs uses straight-line amortization.
Instructions - Prepare journal entries to record the above transactions on the following dates:
a) April 1, 2020
b) July 1, 2022
Calculate the gross pay for Martin Green. Martin Green earns $11.30/hour. During the most recent week, he receives a nondiscretionary bonus of $1,380 and works
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Use this information to calculate the amount of bond discount or premium that is amortized with each interest payment
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The stated interest rate is also referred to as the coupon rate. Identify and describe one advantage of issuing bonds
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Transferred cost of jobs completed to finished goods, $56, 800. Sold jobs on account for $82,000. The jobs had a cost of $56, 800.
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One adjusting entry has not been recorded, income tax expense for the month. Determine this entry and add it to the trial balance. Assume tax rate is 30%.
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