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Question - DNP Corporation bought bonds with have a face amount of $5,000,000 on January 1, 2020. The company paid $4,600,000 plus transaction cost of $142,000 for the bond investment. The business model of the entity in managing the financial asset is to collect contractual cash flows that are solely payment of principal and interest and also to sell the bonds in the open market. The company has not elected the fair value option of measuring financial asset. The bonds will mature on December 31, 2022 and pay 6% interest annually on December 31 each year with 8% effective yield. The bonds are quoted at 105 on December 31, 2020 and 110 on December 31, 2021. The bonds are redeemed at face amount on December 31, 2022.
Prepare the journal entries related to the investment in bonds assuming that the bonds are held as FA @ Amortized Cost (FAAC).
Complete each set of financial statements by determining the amounts that correspond to the letters. - ACCoUnting ConneCtion ? In what order is it necessary to prepare the financial statements and why?
What are the main strengths and weaknesses that the company has faced during the period under review and what steps should be taken to improve the performance and financial position of the company.
Entity A and Entity B reported sales revenue of P 4,000,000. What is the consolidated cost of goods sold for the year ended December 31, 2020
On January 1, 2016, Baddour, Inc., issued 12% bonds with a face amount of $172 million. The bonds were priced at $150.8 million to yield 14%. Interest is paid semiannually on June 30 and December 31. Baddour’s fiscal year ends September 30. What amou..
What does the market believe the return on new investment will be for ClapTrap when it reaches its stable growth perpetuity phase.
Identify weaknesses in current procedures, and explain the threats that they may allow to occur and suggest ways to improve the Kowal manufacturing Company's internal controls over hiring and payroll processing.
Through November, Tex has received gross income of $90,000. For December, Tex is considering whether to accept one more work engagement for the year. Calculate Tex's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2..
Either plan is expected to generate additional income of $400,000 before interest and taxes. The income tax rate is 30%. Calculate earnings per share for both plans.
Prepare journal entries for Terry Ltd. for PC1 in July and August 2018 with reference to HKFRS 15 "Revenue from Contracts with Customers".
7% compounded monthly is to be repaid by equal payments at the end of each month for six months. Compute the missing value (N or PMT).
Does Angela have a contract of service or a contract for service with Stenbach Service Centre As the company's Payroll Supervisor
Compute the deposits in transit at the end of August by comparing the deposits on the bank statement to the deposits listed on the cash ledger account.
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