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Able Company issued $1,080,000 of 9 percent first mortgage bonds on January 1, 20X1, at 104. The bonds mature in 20 years and pay interest semiannually on January 1 and July 1. Prime Corporation purchased $720,000 of Able’s bonds from the original purchaser on December 31, 20X5, for $717,000. Prime owns 60 percent of Able’s voting common stock.
Required:
a. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your market rate of interest to 3 decimals. For example, .0547523 should be rounded to 5.475%.)
b. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X6. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your market rate of interest to 3 decimals. For example, .0547523 should be rounded to 5.475%.)
What is the importance of developing computer facility controls? Explain in your response the risk of an organization failure to develop computer facility controls.
Rich Company uses a standard cost system- budgeted $800000 of fixed overhead when 50,000 machine hours were anticipated. Illustrate w hat is Rich's fixed overhead budget variance?
On January 2, 2012, Concord Corporation issued $1,700,000 of 10% bonds at 97 due December 31, 2021. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 yea..
It is March 2011, and you have just been hired by the Tallas Company to be its accountant.
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Technological feasibility and $200,000 after technological feasibility had been demonstrated. Prepare the journal entry to record research and development costs.
Mellilo Corporation issued $5,600,000 of 20-year, 9.5 percent bonds on July 1, 2015, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30, 2035. Mellilo's fiscal year ends on December 31...
Determine the total overhead cost that would be assigned to each of the products.
Prepare a journal entry summarizing the payment of Flip s total salary during the year and prepare a journal entry summarizing the employer payroll tax expense on Flip s salary for the year.
Prepare an analysis showing the total cost savings, if any, Caballero will realize by buying the part.
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Using the weighted-average method, compute the direct materials cost and the conversion cost pe..
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