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On January 1st, 2020, Baker Pump Corporation had 100,000 shares of common stock outstanding. On March 1 the corporation issued 50,000 additional common shares to raise cash. On July 1, the corporation declared and issued a 4% stock dividend. On October 1, the corporation purchased on the market 3,000 shares of its own outstanding stock. On November 30, the corporation issued a 3:1 stock split.
Instructions
Problem 1. Prepare the adjusting entry on December 31, 2023 to accrue the semi-annual interest and to amortize the bond discount.
Problem 2. Prepare the journal entry on January 1, 2024 to record the payment of the semiannual interest.
Problem 3. Prepare the journal entry on January 1, 2024 to record the conversion of bonds into common stock.
If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 and Job C-200?
Question - What is meant by material price variance and material quantity variance? why is it calculated? Provide examples of each
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Effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any.
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Engles Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $125,920 and will increase annual expenses by $82,970 including depreciation. The oil well will cost $460,670 and will ha..
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