Reference no: EM132741756
Question - The following are two independent situations.
1. Cullumber Corporation redeemed $132,000 face value, 13% bonds on June 30, 2020, at 107. The carrying value of the bonds at the redemption date was $117,500. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded.
2. Tastove Inc. redeemed $170,000 face value, 17.50% bonds on June 30, 2020, at 98. The carrying value of the bonds at the redemption date was $171,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded.
Required - For each independent situation above, how do prepare the appropriate journal entry for the redemption of the bonds?
|
Three legged stool-cost-quality and time
: It is sometimes said that construction is a three legged stool; cost, quality and time. You need to manage all three aspects to have a successful job.
|
|
What short capital account as of july should be
: A real property subject to a mortgage, which the partnership assumed. Short's capital account as of July 1, 2020, should be recorded at
|
|
Determine the unrealized gain or loss on the investment
: On January 2, 2019, All Good Company purchased 13,000 shares of the stock of Big Bad Company, and DID NOT obtain significant influence.
|
|
Which is not treated as operating expense of the partnership
: Which is not treated as operating expense of the partnership? Salaries of manager employed by the partnership. / Office supplies used in the partners' offices
|
|
Prepare the appropriate journal entry for the redemption
: Tastove Inc. redeemed $170,000 face value, 17.50% bonds on June 30, 2020, at 98. Prepare the appropriate journal entry for the redemption
|
|
Software needed to restore operations of small business
: Develop a list of the software needed to restore operations of the small business.
|
|
Which provisions for profit and loss distribution are intend
: Which provisions for profit and loss distribution are intended to compensate for the difference in the timing and amount of capital contributions, except
|
|
Compute the partnership records goodwill
: A and B share partnership profits 70%, 30%, respectively. C paid the money to the partnership for a 40% interest. Compute the partnership records goodwill
|
|
Which not shown in income statement of a merchandising
: The total purchases made for the current period. Merchandise in transit belongs to the buyer if the term of shipment is FOB destination.
|