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Question - Prepare the journal entries for the following two independent situations:
(a) On January 1, 2018, Hanover Corporation issued $400,000, 10%, 10-year bonds at 96. The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that Hanover Corporation would make on January 1.
(b) Mustard, Inc. redeemed $540,000 of its bonds at 100 ¼ on June 30, 2018, and immediately retired them. The carrying value of the bonds on the retirement date was $525,500. The bonds pay semiannual interest and the interest payment due on June 30, 2018 has been made and recorded. Prepare the journal entry to record the retirement of these bonds.
the raab company is expanding its production facilities to include a new product line a sporty automotive tire rim.
What is the legal capital of the corporation? At what average price per share has the preferred stock been issued? How many shares of common stock have been issued?
What is the difference between a CPU chip and a GPU chip?
Identify how each of the following separate transactions affects financial statements. For the balance sheet, identify how each transaction affects total.
Calculate the Overhead spending variance, overhead efficiency variance, and the overhead volume variance. Discuss the over meaning of your results
Ator Co. invested $1,000,000 in Demo Co. for 25% of its outstanding stock. What was Demo Co.'s total net income for the year
the fast delivery service submitted the transactions given below. analyze these business transactions recording them in
Illinois Soybeans operates a processing plant in which soybeans are crushed to create soybean oil and soybean meal. Calculate the cost of goods sold for March
adjustments this standard deduction has increased by $50 every three years. It is reasonable to expect this amount will increase to $1,100 in 2018, $1,150 in 2021, $1,200 in 2024, $1,250 in 2027 and $1,300 in 2030 due to inflation adjustments.
a 30.0 ml aliquot of a manganese solution 12.5 mgml of manganese fw59.94 was added to a 100. ml volumetric flask and
What are some of the groups that need accounting information? What kind of accounting information do they need? Why?
What basic accounting principle is violated by the recording of the warranty reserve directly to retained earnings?
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