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Question - On January 1, 2020, Ivanhoe Company issued $445,000, 14%, 10-year bonds at face value. Interest is payable annually on January 1.
Required -
Prepare the journal entry to record the issuance of the bonds.
Prepare the journal entry to record the accrual of interest on December 31, 2020.
Compute the property tax rate per $1,000 net assessed valuation (this rate is often called the millage). Round fractional cents to the next higher whole cent.
At the beginning of the year Norton Company assets were $75,000 and its owner’s equity was $38,000. During the year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner’s equity at the end of the year?
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Journalize the entry to record the amount of cash proceeds from the sale of the bonds - the amortization of the bond discount, using the interest method.
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Devon Harris Company sells 9% bonds having a maturity value of $2,719,000 for $2,424,968. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1. Set up a schedule of interest expense and discount a..
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On January 2, 2005, Drew Company issued 9% term bonds dated January 2, 2005, at an effective annual interest rate of 10%. Drew uses the effective interest method of amortization. Were the 9% term bonds issued at face amount, at a discount, or at a pr..
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