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Question - Clarenville Wash-n-Wear Inc., a private company following ASPE, is having difficulty meeting its working capital requirements. As a result, on January 1, 2020, the company sold bonds with a face value of $1 million, receiving $800,000 in cash. The bonds have an interest rate of 8% and mature on January 1, 2022. Interest is paid semi-annually on January 1 and July 1.
Required - Set up a schedule of interest expense and discount amortization under the straight-line method.
The company made purchases on account of $100,000 and made payments on account of $160,000. At October 31, 2017, the Accounts Payable balance is
Provide all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9
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Sands Company purchased mining rights for $500,000. Sands mined 350,000 tons of ore. Record the depletion in the current year in a journal entry
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