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S Corp. owes $266,000 to h Trust. The debt is a 10-year, 12% note due December 31, 2020. Because Sweet Corp. is in financial trouble, h Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $221,000, and reduce the interest rate to 6%, payable annually on December 31.
Problem 1: Prepare the journal entries on S books on December 31, 2020, 2021, 2022.
Problem 2: Prepare the journal entries on h Trust's books on December 31, 2020, 2021, 2022.
Alice is an attorney and earned 175,000 from her practice in the current year, What Alice's adjusted gross income for the current year
For 2009, PMD Inc. had set the following standards for production of metal tables: 35 pounds of iron at a standard cost of $2.60 per pound. During June the company produced 300 tables. The company bought 10, 625 pounds of iron at a cost of $25,500..
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Haring to produce the note and write on it to show that partial payment had been made. Haring could not find the note. Is the note discharged?
On October 3, 2000, E-Centives, incorporated in the United States, made an initial public offering on the Swiss Stock Exchange's New Market.
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