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On January 1, a company purchased 3%, 10-year corporate bonds for $59,685,694 as an investment. The bonds have a face amount of $65 million and are priced to yield 4%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31. Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31.
On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty: a.The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290. What is the difference..
Nickel Inc. bought $600,000 of 3-year, 8% bonds as an investment on December 31, 2015 for $648,000. Nickel uses straight-line amortization. On May 1, 2016, $120,000 of the bonds were redeemed at 120. As a result of the retirement, Nickel will report ..
There was no payment of dividends to owners during the year. What was the amount of the change in total stockholders' equity during the year?
The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $87,000 and $82,000 respectively. If cost of goods sold equaled $73,200, what is the amount of cost of goods manufactured for this period?
An asset used in a 4-year project falls in the 5-year MACRS class for tax purposes. The asset has an acquisition cost of $350,000 and will be sold for $50,000 at the end of the project. Assume tax rate is 35%. Find the asset’s book value at the time ..
Write a report (5 pages) named Tax Planning Considerations for Employees. The report will involve tax planning issues related to the organization’s employees. USco designs and manufactures specialized equipment used in various manufacturing applicati..
explain how the change in expectations causes the bond market to move from initial equilibrium, E1, to final equilibrium, E2.
Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2013. The purchase price was $1,531,600 for 54,700 shares. Kulikowski Inc. declared and paid an $0.79 per share cash dividend on June 30 and on..
Express Copy offers walk-in copying and binding services to small businesses that cannot afford to provide those services in-house. Following is a typical schedule for a 53-copy spiral-bound job: Calculate the delivery cycle time. Calculate the manuf..
Wissota Co. applies overhead based on direct labor hours. The variable overhead standard is 4 hours at $6 per hour. During February, Wissota Co. spent $56,700 for variable overhead. 9,150 labor hours were used to produce 2,400 units. What is the over..
Did either company purchase treasury stock during these years? How will the purchase of treasury stock affect return on equity and earnings per share?
Mantle Mfg. Co. issued a seven-year, non-interest bearing note with a face value of $800,000. Mantle received $361,900, resulting in an effective 12% interest rate. What is carrying value of the note at the end of the second year?
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