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Question - Financial assets measured at FVOCI
On January1, 20x1, ABC Co. acquired 10%, $1,000,000 bonds for $ 827,135. The bonds mature on December 31, 20x3 and pay annual interest every December 31. ABC Co. incurred transaction costs $80,000 on the acquisition. The effective interest rate adjusted for the effect of the transaction costs is 14%. The bonds are to be held under a "hold to collect and sell" business model. Information on fair values is as follows:
December 31, 20x1 - 98
December 31, 20x2 - 102
December 31, 20x3 - 100
Requirements - Prepare journal entries in 20x1 and 20x2.
Use the facts in problem #14 but assume the bonds were sold for $900,000 on July 1, 20x2.
Requirements - Provide the entries on the date of sale.
lenats contribution income statement utilizing variable costing appears below lenat company income statement for the
Write up the ledger accounts using the "T" format for the above transactions, complete and balance the accounts. Write up the Trial Balance for the month end of July 31, 2015
The interest rate on this loan is 10%. What will be carrying value on this loan after the 4th payment has been made
Halloway Company has issued three different bonds during 2010. Interest is payable semiannually on each of these bonds.
1. on february 12 oceans company purchased a tract of land as a factory site for 190000. an existing building on the
The market interest rate on June 30, 2010 was 5% and the market interest rate on Dec. 31, 2012 was 8%. Record journal entry on the interest expense on Jun 30
There were no permanent or temporary differences during these three years. The corporate tax rate is 30% for 2006 and 2007, and 40% for 2008. Assuming that Neasha elects to use the carryback provision, what income (loss) is reported in 2007?
If we assume that the dividend policy has no impact on the value of the firm and that the capital gains tax rate is lower than the ordinary tax rate?
Fifteen months later, he sells it to Faye for its fair market value of 39,000. Determine Iva's recognized loss, Joshua's recognized gain or loss, and Faye's adjusted basis for the stock.
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A check-processing center uses exponential smoothing to forecast the number of incoming checks each month. The number of checks received in June was 42 million.
internal controls are required to safeguard assets and to ensure ethical business practices. 1 identify and explain
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