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Question - On December 31. 2017, Carla Vista Co. sold equipment to Tamarisk, Inc. Carla Vista Co. agreed to accept a $430,000 zero-interest-bearing note due December 31, 2019, as payment in full. Tamarisk, Inc. incorporated in 2017 and had very little credit history at the time of the transaction with Carla Vista. Therefore, at that time, Tamarisk typically borrowed funds at a rate of 8%. Carla Vista has along and positive credit history. Therefore, Carla Vista has various lines of credit at 4%. Prepare the journal entry to record the transaction of December 31, 2017, for Carla Vista CO.
A company accomplished an early extinguishment of debt, and the auditors believe that literal application of SFAS No. 98 would cause recognition of a loss that would materially distort the financial statements and cause them to be misleading.
There were no temporary differences in prior years. The deferred tax benefit to be applied against current income tax expense is
A sixteen-year bond, with par value equals $1,000, pays 10% annually. If similar bonds are currently yielding 9% annually, what is the market value of the bond?
Gold Co. sold merchandise to Bronze Co. on account, $25,000, terms 2/15, net 45. The cost of the merchandise sold is $18,500. Gold Co. issued a credit memorandum for $2,500 for merchandise returned that originally cost $1,900. Bronze Co. paid the ..
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