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Question - Burroughs Corporation (with a December 31 year-end) issued $418,000, 8% bonds due in 7 years on May 1, 2016. Interest is paid semi-annually on October 31 and April 30 of each year. On the issuance date, the market rate of interest was 9%, resulting in a price of $396,700 for these bonds. The premium/discount is amortized using the effective interest rate method.
Required -
a) Prepare the journal entry on October 31, 2016, to record the first interest payment and the amortization of the premium/discount.
b) Prepare the adjusting entry on December 31, 2016.
IMT Co. reported the following selected information for 2010: Sales revenue $865,000 & Cost of goods sold 360,000. Calculate the cash collected from customers
Within 10 days, Greg received two checks in the mail, each in the amount of $296. What would you say the ethical issues are in this case
Calculate Rodeo's total cost of goods available for sale for the month of June 2010. Explain which accounting principle requires that a portion of total cost
Journal entries and trial balance On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month: a. Faith Schultz transferred cash from a personal bank account to an account to be used f..
The cash surrender value of the life insurance policies increased during the year from $8,500 to $10,000.
Prepare the necessary entries from 1/1/10-2/1/12 for the following events using the fair value method. If no entry is needed, write "No Entry Necessary."
On June 1, 2009, Thompson spent $12,400 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2009. Prepare all journal entries required in 2009 and 2010.
a. A television executive wants to estimate the proportion of viewers in the country who are watching the network at a certain hour. b. A newspaper editor wants to survey the attitudes of the public toward the type of news coverage offered by the p..
Based on these assumptions, calculate a reasonable offering price for Condominiums, Inc. Indicate how much of the price consists of goodwill
Vulcan Swimsuit Company is considering dropping its line of women's beach robber. Required: Should the line be dropped
What amount should be reported as a current liability at December 31, 2010?
Question - Dropping a Product Line. Determine the impact on profit of dropping accelerator products
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