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Question - The Bonita Company issued $260,000 of 10% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 98.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Bonita Company records straight-line amortization semiannually.
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Penny, Miesha, and Sabrina transfer property to Owl Corporation for 75% of its stock. Nancy, their attorney, receives 25% of the stock in Owl for legal services rendered in incorporating the business. What are the tax consequences of these transac..
The per share par value is $1, book value $32 and market value is $40. Prepare journal entry if a 50% stock dividend is declared
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