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Question - On January 1, 2010, Busted Business Corporation issued ten-year, 8 percent bonds with a face value of $500,000. The semiannual interest dates are June 30 and December 31. The bonds were issued for $437,740 to yield an effective annual rate of 10 percent. The accounting year ends on December 31. Prepare entries in journal form without explanations to record the bond issue on January 1, 2010, and the payments of interest and amortization of discount on June 30 and December 31, 2010.
Use the effective interest method of amortization of bond discount. Round your answers to the nearest dollar.
Explain why the accounting treatment is different in the General Fund and governmental activities general journals.
On January 1, a company purchased 3%, 10-year corporate bonds for $59,685,694 as an investment. The bonds have a face amount of $65 million and are priced to yield 4%. Interest is paid semiannually. Prepare a partial amortization table at the effecti..
Last month, 3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month was
Explain the use of a worksheet in preparing a statement of cash flows. When numerous adjustments are necessary or other complicating factors are present, companies often use a worksheet to assemble and classify the data that will appear on the statem..
Boss Jhong, a money changer speculate in foreign currency as his business. What is the forex gain (loss) to be recognize by Boss Jhong
lewis companys standard labor cost of producing one unit of product dd is 3.60 hours at rate of 12.00 per hour. during
How much will the student pay each month for 48 months? Show calculations and What effective annual interest rate is being charged? Show calculations.
Cherry Corporation's current liabilities at December, What amount should Cherry report as total current liabilities in its December 31, 2020 balance sheet?
Rich and Shauna Nielson file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielsons incur $2,400 in miscellaneous itemized deductions, excluding investment expenses.
What Cassidy should record depreciation expense on equipment of? Cassidy Corporation purchased factory equipment that was installed
What is the average collection period (ACP)? Payer A, expected reimbursement of $10,000 in 15 days. Payer B, expected reimbursement of $15,000 in 20 days.
In the year 2006, Jay Smith (336-55-1983) paid $125,000 for a condominium that he uses as a rental property. In 2011, he spent $36,000 furnishing the condo. The property is located at 3906 East Far Lane #5, Santa Clara, CA 46883. Jay actively partici..
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