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Problem - Burnaby Limited owes $400,000 to First Vancouver Bank. On a 10-year, 8% note due on December 31, 2020. The note was issued at par. Because Burnaby is in financial trouble, First Vancouver Bank agrees to extend the maturity date to December 31, 2022, reduce the principal to $350,000, and reduce the interest rate to 4%, payable annually on December 31. The market rate is currently 6%. Burnaby prepares financial statements in accordance with IFRS. Prepare the journal entries on Burnaby's books for December 31, 2020 and December 2021.
Analyzes the basic legal, social, and economic environment in which the organizations operate
1.ava school of learning obtained a charter at the start of 2010 that authorized 43000 shares of no-par common stock
Prepare budgeted income statement for Jolly Cleaners for April. On average, residential clients pay $350 per month for cleaning services and the commercial
ABC Corporation is a CCPC, and is in the business of manufacturing children's toys. Mr. and Mrs. ABC are the shareholders and actively manage the business. Over the course of the fiscal year, the following transactions occurred.
Fred's Freighthauling Pty Ltd has a small fleet of delivery trucks. Write a journal entry to record the disposal of Truck 4
Do believe a firm must have a firm grasp of the concepts of differential cost, opportunity cost and sunk cost to be effective in making business decisions?
Tender offers can be either hostile or friendly
Berjaya Gemilang Company, Identify the main account or group of accounts affected by these risks and how the risks would be affected the audit plan.
On May 10, Whispering Winds Corp. issues 2, 600 shares of $4 par value common stock for cash at $12 per share. Journalize the issuance of the stock.
Record transactions and adjustments. Prepare an answer sheet with the column headings shown after the following list of transactions.
Examine the governmental fund financial statements. Are any major capital projects funds included
If 8,000 units are sold, what is the variable cost per unit sold? If 12,500 units are sold, what is the variable cost per unit sold?
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