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1. Siburo Company issued $300,000, 11%, 10-year bonds on January 1, 2010, for $318,694. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Siburo uses the effective-interest method to amortize bond premium or discount.
Instructions
Prepare the journal entries to record the following. (Round to the nearest dollar).
(a) The issuance of the bonds.
(b) The payment of interest and the premium amortization on July 1, 2010, assuming that interest was not accrued on June 30.
(c) The accrual of interest and the premium amortization on December 31, 2010.
walker clothing store had a balance in the accounts receivable account of 390000 at the beginning of the year and a
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chamberlain enterprises inc. reported the following receivables in its december 31 2013 year-end balance sheet current
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The book basis of depreciable assets for Erwin Co. is $900,000, and the tax basis is $700,000 at the end of 2011. The enacted tax rate is 34% for all periods.
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A firm had a cash balance of $52,000 at the beginning of the year. There was a net decrease in cash and cash equivalents (defined as cash inflows minus outflows during the period) of $8,000. What is the ending cash balance?
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