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Problem - On June 30, 2019 Golf Green Inc. sold 12,000 of its $1,000 face value 10-year, 6% bonds when the market rate of interest was 8%. Interest payments are made on June 30th and Jan 1st each year. Golf Green follows IFRS. On May 1, 2021 Golf Green extinguished 3,000 of the bonds by issuing 40,000 common shares. At this time the accrued interest was paid to the bondholders whose bonds were being extinguished. In addition, to the bond retirement Golf Green issued an additional 10,000 new shares at $25 each.
Prepare journals entries for the bond issue, payment of semi-annual interest, year-end adjusting entry, the retirement of the bonds and the issue of the additional shares. The company has a Dec 31 year end.
Which of the following does the FASB consider a source of nonauthoritative guidance for use then there is no authoritative guidance available?
Wally, Inc., sold the following three personal property assets in year 6. What is Wally's net Section 1231 gain or loss in year 6
Alpha paid five days past the discount period.
Both Leisure City and its employees are required to contribute to the Employees, Retirement Fund. The fund contributions from the General Fund totaled $ 1,000,000; included in this amount was $ 500,000 from the employees and $ 500,000 from the cit..
Draft a memo to Mr Mahdi critically setting out the requirements of the auditing standards regarding controls rebutting his statement
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How un-integrated Sales and Marketing information systems lead to company-wide inefficiency, higher costs, lost profits, and customer dissatisfaction.
Battery Plus, Inc. has total assets of $642,000. There are 60,000shares of stock outstanding with a market value of $19 a share.
If he sells the lots, Peter will invest the proceeds in his portfolio of stocks. He invests in growth securities paying negligible dividends that provide their return through appreciation. Peter expects his security portfolio to increase an averag..
$340000 in revenues, $150000 in expenses, and dividends of $59000. The net income reported by Whispering Winds Corp. for the month of June was
Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expense.
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