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Question - Loan 1 is a 4%, five-year balloon loan for $3,000,000 with interest due and paid annually on December 31. Drake records interest annually on December 31. Drake incorrectly recorded the journal entry for the Year 1 interest expense and payment as a debit to accrued interest payable and a credit to cash. Prepare the net journal entry (entries) to correct Year 1 and properly record the interest attributable to the loan as of, and for the year ended December 31, Year 2.
Blackwell Corp. acquires a machine (seven-year property) on January 10, 2016 at a cost of $2,022,000. What is the amount of depreciation allowed
Under what major chart of accounts division are the owners' equity accounts for a corporation normally listed?
the assembly department produced 5000 units of product during march. each unit required 2.20 standard direct labor
What is the FY 2016 accounts receivable turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times
West & Co., CPAs, rendered an unmodified opinion on the financial statements of Pride Corp., which were included in Pride's registration statement filed.
Consulting Group - Team D has performed a series of analysis on behalf of the top management of Ballard Integrated Managed Services, Inc (BIMS). These tasks were the result of an emerging trend of attrition and employee dissatisfaction within thei..
lynne corporation acquired a patent on may 1 2010. lynne paid cash of 30000 to the seller. legal fees of 1000 were paid
Assume that the bonds are redeemed on December 31, 2014, at 102. 1. Calculate the gain or loss on bond redemption.
harper company borrowed money by issuing a 10000 face value discount note to its bank. the note had an 8 interest rate
The company's bank statement shows a balance on June 30 of $19,279. Prepare the June bank reconciliation, in proper format, for the Harley Company
What are the risks to Dwight of revising the income statement to meet the target figure? What are the risks to Dwight of not revising the income statement to meet the target figure?
The cost of Machining is $500,000, while the cost of Inspection is $30,000. What proportion of Inspection activity is used by Product Z
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