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Question
Please answer the following question:
On January 1, 2020, Cullumber Corporation issued $610,000 of 9% bonds, due in 10 years. The bonds were issued for $571,991, and pay interest each July 1 and January 1. Cullumber uses the effective-interest method.
Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
The expected annual after-tax cash flows for the machine are $89,000 during the first 3 years, $95,000 during years 4 through 6.
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The Jupiter Corporation has a gross profit of $776,000 and $332,000 in depreciation expense.
You are considering an investment in 30-year bonds issued by Moore Corporation. The bonds have no special covenants. The Wall Street Journal reports that 1-year T-bills are currently earning 1.70 percent. Your broker has determined the following info..
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Assume that simple interest is allowed for a fraction of a period and give answer to the nearest day.
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Twice Shy Industries has a debt−equity ratio of 1.4. Its WACC is 9.4 percent, and its cost of debt is 6.7 percent. The corporate tax rate is 35 percent. What is the company’s cost of equity capital? What is the company’s unlevered cost of equity capi..
Today is a day in May 2525 and a bond with an coupon rate of 8.0% just yesterday paid a coupon. The bond matures in November 2540 and its quoted bond price is 118.03 percent of par (semiannual compounding). Find the yield to maturity (YTM) and curren..
Imagine you borrow $1,100 from your roommate, agreeing to pay her back $1,100 plus 11 percent nominal interest in one year.
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