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On January 1, 2020, Teal Mountain Inc. sold 10% bonds having a maturity value of $860,000 for $893,450, which provides the bondholders with a 9% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method.
Question 1: Prepare the journal entry at the date of issue.
Question 2: Prepare schedule of interest expense and bond amortization for 2020 through 2023
Question 3: Prepare the journal entries to record the interest payment and the amortization for 2020
Question 4: Prepare the journal entries to record the interest payment and the amortization for 2022.
Describe the differences between a share dividend and a share split in terms of accounting entry and how they affect the statement of financial position.
Prepare the consolidation worksheet entries necessary for preparation of the consolidated financial statements for Geraldton Ltd and its subsidiary for the year ended 30/6/2012
How can activity-based costing be used in service companies - products for financial statement reporting be acceptable according to GAAP?
Assume that the SUTA tax rate is 6.5% and the FUTA tax rate is .7%. Also assume that SUTA and FUTA taxes are collected on the first $7,850. Calculate the SUTA and FUTA taxes for the employer.
On June 3, Pronghorn Company sold to Chester Company merchandise having a sale price of $3,800 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $91, terms n/30, was received by Chester on June 8 from John Booth Transport Service f..
Prepare a statement of cash flows for 2014 using the direct method in the operating Activities section -
The point here is to be able use sec 351, 1031 and calculate corporation basis and shareholder basis. What is the recognized gain or loss to Mr. X, Y, and Z? What will be the basis of the stock received by each shareholder? What basis will Alpha Corp..
Examine the major implications of SAS 99 based on the factors you discovered during the initial evaluation of the company. Provide support for your rationale.
Examine the factors involved in translating the statements of a foreign entity operating in a highly inflationary economy and determine which single factor carries the most weight. Explain your rationale.
Markowis Corporation sells three different models of mosquito zapper. Model A12 sells for $57 and has variable costs of $41. Model B22 sells for $103 and has variable costs of $76. Model C124 sells for $417 and has variable costs of $316.
Company owner Abel Terrio has reviewed the 2011 financial statements you prepared for Jackson Company as accountant, and questions the $6,000 loss reported on sale of its investment in Blackhawk Co. common stock - Draft a one-half page memorandum t..
the company sold 200 more flash drives than planned. What is the expected effect on profit of selling the additional drives? Compute the contribution margin ratio associated with one flash drive.
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