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Question - On January 1, 2019, a Salty Beach City sold $1,000,000, 12%, 10-year bonds at an effective interest rate of 10%. The bonds pay interest semi-annually on January 1 and July 1.
1. Record the sale of the bonds on 1/1/19 in the appropriate fund journal and in the governmental activities journal.
2. Using the effective interest method, prepare an amortization schedule for the first two payments of the bonds.
3. Record the first interest payment in the appropriate fund journal and in the governmental activities journal.
The following information is available for Boston, Inc.: Beginning retained earnings $500,000. Make retained earnings statement for Boston Inc
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corporation produces two intermediate products a and b from a common input. intermediate product a can be further
Provisions and Contingencies
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Miranda Company borrowed $100,000 cash on September 1, 2007, andsigned a one-year 6%, interest-bearing note payable. The required adjusting entry at the end of the accounting period, December 31,2007, would be
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