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On july 1, 2010 BRower industries Inc issued 32,000,000 of 10year,12% bonds at an effective interest rate of 13%, receiving cash of 30,237,139. Interest on the bond is payable semiannual on December 31 and June 30. The fisical year of the company is the calendar year.
During August of the prior year Julio purchased an apartment building that he used as a rental property. The basis was $1,400,000. Calculate the maximum depreciation expense during the current year?
In 2009, Slimon Corporation began selling a new line of products that carries a two-year warranty against defects. Based upon past experience with other products, the estimated warranty costs related to dollar sales are as follows:
The car was covered by a $2,000 deductible insurance policy. Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross inc..
The enacted tax rate increased to 30 percent in Year 2 compared to an enacted rate of 20 percent in the prior year. At December 31, Year 2, the company would record a deferred tax expense of ?
Common and preferred stock? issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash:
Assuming Gould's sells this item for $23 per unit, prepare summary journal entries for the period's purchases, sales, and sales returns.
Which one is not a technique of earnings management?
The fair market value of Sky Tech's depreciable assets was $15 million in excess of their book value. For this year, Sky Tech reported a net income of $75 million and delacred and paid $15 million in dividends. What is the amount of purchased good..
S. Company exchanged 400 shares of Daily Company common stock, which Herman was holding as an investment, for equipment from West Company. What journal entry should Herman make to record this exchange?
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
However, plans were finalized in 2011 to relocate the company headquarters at the end of 2015. The vacated office building will have a salvage value at that time of $700,000.
What was the average issue price of the common stock shares?
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