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The accounting for bond premiums is not the mirror image of that for bond discounts.Paci?c Independent School District issued $100 million of general obligation bonds to ?nance the construction of new schools. The bonds were issued at a premium of $600,000.1. Prepare the capital projects fund journal entries to record the issue of the bonds and the transfer of the premium to an appropriate fund.2. Suppose, instead, that the bonds are issued at a discount of $600,000 but that the project still costs $100 million. Prepare the appropriate entries.a. Contrast the entries in this part and in part 1.b. Indicate the options available to the school district and tell how they affect the entries required of the district.c. Suppose the government chose to ?nance the balance of the project with general revenues. Prepare the appropriate capital projects fund entry.
A local finance company quotes a 16.8 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $5,040. Because you must repay a total of $35,040 in one year, the finance company requires you to pay $35,..
A company had net income of $242,000. Depreciation expense is $26,000. During the year, accounts receivable and inventory increased $15,000 and $40,000, respectively. Prepaid expenses and accounts payable decreased $2000 and $4000, respectively. T..
Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account
Prepared a journal entry (if any) for Blaha Comapany to recorded the impairement of its goodwill at the end of 2004
The printing costs and legal fees associated with the issuance of bonds should:
Trent paid cash dividends of $160,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Trent's net income for 2010 was $360,000. What is the balance in Agee's investment account at the end of 2010?
The Polk stock was purchased for $5 per share. Market value was $10 per share on the declaration date and $11 per share on the distribution date. What is the amount of the dividend?
Price Manufacturing assigns overhead based on machine hours. Department A logs 1,200 machine hours and Department B shows 2,000 machine hours for the period. If the overhead rate is $5 per machine hour, the entry to assign overhead will show a:
Determine the order quantity at which the total inventory costs would be minimized? What is the reorder point and the time between orders? Illustrate the order quantity, re-order point, safety stock and lead time on a diagram where the Y-axis repres..
All of the following statements regarding a horizontal analysis are true except:
In November and December 2007, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2008 issue. Lane included the entire $90,000 in its 2007 income tax retur..
What is the definition of externality? Distinction between positive externalities (positive spillover costs) and negative externalities (negative spillover costs)? Why do externalities exist?
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