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Question - On January 1, 2020, Ayayai Corporation issued $550,000 of 5% bonds that are due in 9 years. The bonds were issued for $445,560 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 8%.
Required -
a) Prepare the company's journal entry for the January 1 issuance.
b) Prepare the company's journal entry for the July 1 interest payment.
c) Prepare the company's December 31 adjusting entry.
d) Prepare the first three payments of an effective interest amortization table for the bonds.
Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to net sales for each of the years. Round to one decimal place
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The demand for ice cream during the three summer months (June, July, and August) at All-Flavors Parlor is estimated at 300, 400, and 500 20-gallon cartons, respectively.
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1.In 2013, Hopyard Lumber changed its inventory method from LIFO to FIFO.
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