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Federal Semiconductors issued 10% bonds, dated January 1, with a face amount of $870 million on January 1, 2013. The bonds sold for $800,199,358 and mature on December 31, 2032 (20 years). For bonds of similar risk and maturity the market yield was 11%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2013, the fair value of the bonds was $780 million as determined by their market value in the over-the-counter market.
Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2013, balance sheet. (Enter your answers in whole dollars. If no entry is required for a particulartransaction, select "No journal entry required" in the first account field.)
Assume the fair value of the bonds on December 31, 2014, had risen to $786 million. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2014, balance sheet.(Enter your answers in whole dollars. If no entry is required for a particulartransaction, select "No journal entry required" in the first account field.)
On October 8, Longhini returns defective goods with a selling price of $640 and a scrap value of $240. Record the transactions of Longhini Company, assuming a perpetual approach.
If a taxpayer has tentative AMT of $60,000 and AMT of $15,000, what is the regular income tax liability?
In 1995, Wallet Manufacturing Company constructed a plant for $500,000. In 2005, the following expenditures were made related to the plant: New roof -$20,000, Changing the useful life from 20 to 25 years, Painting - $10,000, Property tax - $25,000..
In its first month of operation, Moraine Company purchased 100 units of inventory for $18, then 200 units for $21, and finally 150 units for $24. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result i..
alladin company purchased machine 201 on may 1 2012. the following information relating to machine 201 was gathered at
What was the total amount of manufacturing costs assigned to the 5,000 units in the ending work in process?
barnett company uses the weighted-average method in its process costing system. the company adds materials at the
Assuming the Box Division has enough excess capacity to supply all of the Rolling Division's needs, which of the following is the range at which a negotiated transfer price between the two divisions should occur?
Compare and contrast three classifications within other comprehensive income and illustrate with an example of each.
On March 15, it issues 5,000 shares of common stock to attorneys in settlement of their bill of $50,000 for organization costs. Journalize the issuance of the shares, assuming the stock is not publicly traded.
Analyze the budget variance by calculating the direct labor efficiency and rate variances for June. What alternatives to the preceding monthly report could improve control over the stamping department's direct labor?
stanton company is planning to produce 2000 units of product in 2012. each unit requires 2.50 pounds of materials at
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