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(Entries for Zero-Interest-Bearing Notes) On January 1, 2011, McLean Company makes the two following acquisitions.
1. Purchases land having a fair market value of $300,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $505,518.
2. Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of $400,000 (interest payable annually). The company has to pay 11% interest for funds from its bank.
(a) Record the two journal entries that should be recorded by McLean Company for the two purchases on January 1, 2011.
(b) Record the interest at the end of the first year on both notes using the effective-interest method.
a) Record the purchase of fire insurance policy on April 1, 20x2
cmc ltd. invited applications of issuing 100000 equity shares of 10 each at a premium of 3 per share. the whole amount
Suppose the National Bank of Commerce has excess reserves of $7,000 and outstanding checkable deposits $160,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
On January 1, 2009, Roosevelt Company purchased 12% bonds, having a maturity value of $500,000, for $537,907.40. Prepare the journal entry at the date of the bond purchase.
On April 25, Donnoly Company buys 4,200 shares of Carpenter common stock for $92,500, plus brokerage fees of $2,000. On October 31, Donnoly sells 600 shares of Corpenter stock for $15,500, less brokerage fees of $500. Prepare journal entries for t..
Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of supplies on hand is $2,980.
harmon household products inc. manufactures a number of consumer items for general household use. one of these products
Luxottica Group, the Italian company that sells Ray Ban and Oakley sunglasses, reported net sales of 7.1 billion in 2012 and 6.2 billion in 2011. Gross profit increased from 4.1 billion in 2011 to 4.7 billion in 2012. Was the increase in gross profit..
lion company is budgeting sales of 100000 units of p product for the month of september. production of one unit of p
Ten pairs of points yielded a correlation coefficient r of 0.790. If a + 0.05 which of the following statements is correct if H0 : p =0? ( Do not calculate a t-value)
on may 31 sosa company had a cash balance per books of 6781.50. the bank statement from sandwich community bank on that
Here is something that is bugging me.Which of the following statements regarding the accounting for held-to-maturity securities is incorrect?
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