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On january 1, a company issued 10%, five-year bond with a par value of 500,000. The market rate when the bonds were issued was 12%. The company received $450,000 cash for the bonds. Record the journal entry to record the bonds payable then using the straight line method, record the first semiannual interest payment die june 30.
Teresa's manufacturing plant is destroyed by fire. The plant has an adjusted basis of $260,000, and Teresa receives insurance proceeds of $400,000 for the loss. Teresa reinvests $425,000 in a replacement plant.
This year she received a state income tax refund of $170. What amount of the refund, if any, should Opal comprise in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?
Prepare journal entries for 2010 using the Completed-contract method.
Tot reported earnings of $300,000 for 2010. Pare does not elect the fair value option to report its investment in Tot. What amount should Pare report in its December 31, 2010 balance sheet as investment in Tot?
Cost of office furniture acquired and placed in service and Depreciation on assets purchased prior to 2012: 28,000
In June 2013 Phillip and Barbara Jones and their two dependent children, who are both over 17, moved from Chicago to Albuquerque, New Mexico, a distance of 1,327 miles, which they drove in their own car. The children's names are Roger and Gwen and bo..
The entire taxable income history of a firm appears below. There are no temporary or permanent differences. Through 20x5, the tax rate has been 30%. The firm chooses the carry forward only option for NOLs on its tax return. In 20x6, the firm earned $..
The following transactions took place during the month of March: March 1-Beginnng Inventory 20 units at $5=100. A physical inventory count on March 31 revealed 22 units were left on hand. Calculate ending inventory, COMS, and Gross Profit based on FI..
Jones Company started the year with no inventory, during the year it purchased two identical inventory items at different times. The first item cost $1,060 and the other $1,380 jones sold one of the items during the year how much product cost would b..
The enacted tax rates are 30% in year 1 and 25% in year 2. In its year 1 income statement, what amount should Shear report as deferred income tax expense?
Tracy owns a non-depreciable capital asset she has held for investment. She purchased the asset for $240,000 six years ago, and it is now subject to a $74,000 liability
Classify each of the following transactions as an operating activity, an investing activity or a financing activity cash flow, or a non cash transaction - Indicate also its effect on the Income statement (increase or decrease the profit).
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