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Question - On January 1, 2019, Drennen Inc. issued $3.6 million face amount of 6-year, 10% stated rate bonds when market interest rates were 8%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2024.
Required - Assume instead that the proceeds were $3,538,000. Use the horizontal model to record the payment of semiannual interest and the related discount amortization on June 30, 2019, assuming that the discount of $62,000 is amortized on a straight-line basis. Indicate the financial statement effect.
Draber Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 4% fee. What entry should Draber make.
Walter Company purchased a machine for $1,220,000, What journal entries will Walter make to record depreciation expense for this machine at 12/31/20?
Many retirement plans suggest that you should create a lump sum of cash to generate enough interest income equal to about 80% of your current income of $70,000. Calculate how much money you would have to save each month from now until retirement in o..
Wildhorse Appliance Center accumulates the following cost and net realizable value data at December 31 - Compute the lower-of-cost-or-net realizable value
The following information about a company is as follows: Total payroll was $2,760,000. $480,000 of the $2,760,000 represented amounts paid in excess of $118,500 to certain employees. Prepare the journal entry for the salaries and wages paid. Prepare ..
What were the total cost and book value of property, plant, and equipment at September 27, 2014? Using the notes to find financial statements, what method or methods of depreciation are used by Apple for financial reporting purposes
Prepare an adjusting journal entry to record the bad debt expense for 2020. Robert has credit sales of $1 200 000 during 2020 and estimates at the end
If you will have 100,000,000 excess funds, how much you will invest in Jollibee corporation, KFC Corporation and GOLDEN ARCHES DEVELOPMENT CORP.?
Find What is the value of Better Than That's purchases on credit in 2017. During 2017, Better Than That paid $20,338 in cash to its creditors.
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2016. She is 45 years old and has been divorced for four years. She received $1,200 of alimony payments each month from her former husband. Determine the amount of FICA taxe..
A yearly payment of $75 is made at the end of each year for 20 years, compounded annually at a rate of 3%. What amount should be deposited in the same account today in a lump sum in order to achieve the same resulting amount?
Should the removal of a building be charged to the building account or to the Land Account? Why? The response must be typed, single spaced.
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