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On November 1, 2009, the Reid Corporation acquired bonds with a face value of $700,000 for $673,618.61. The bonds carry a stated rate of interest of 10%, were purchased to yield 11%, pay interest semiannually on April 30 and October 31, were purchased to be held to maturity, and are due October 31, 2014. On November 1, 2010, in contemplation of a major acquisition, the bonds were sold for $700,000. Reid Corporation is on a fiscal year accounting period ending October 31. The company uses the effective interest method.Required:Prepare journal entries to record the purchase of the bonds, the interest receipts on April 30, 2010, and October 31, 2010, and the sale of the bonds.
lorde corporation recently acquired new equipment. in exchange lorde traded in an existing asset that had an original
jordan gonzalez is considering an investment in a warehouse costing 340000. the projected annual income is 110000 for
during the entire period the outstand stock of the company was composed of 10000 shares of 4 preferred stock 50 par and
what are life members life membership in accounting ?give me the accounting treatment for the same. noexample is
Tylon's Hardware uses a flexible budget to develop planning information for its warehouse operations. Determine the 20X9 static budget variances. Determine the 20X9 flexible budget variances.
owned 51 of the voting common stock of sanatee inc. the parents interest was acquired several years ago on the date
On July 1, 2010, the Amplex Company purchased a coal mine for $2 million. The estimated capacity of the mine was 800,000 tons. During 2010, the company mines 10,000 tons of coal per month and sells 9,000 tons per month.
lance berkman is the controller of saturn a dance club whose year end is december 31. berkman prepares checks for
Preppy Co. makes and sells a single product. The current selling price is $30 per unit. Variable costs are $21 per unit, and fixed expenses total $90,000 per month. Sales volume for July totaled 12,000 units.
if accounts receivable has a beginning balance of 4210 and an ending balance of 3495 and collections on account were
The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of:
During 2010, Barney Company purchased marketable equity securities as a short-term investment and classified them as trading securities. The cost and market value at December 31, 2010, were as follows:
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