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Sanders Co. is planning to finance an expansion of its operations by borrowing $45,900. City Bank has agreed to loan Sanders the funds. Sanders has two repayment options: (1) to issue a note with the principal due in 10 years and with interest payable annually or (2) to issue a note to repay $4,590 of the principal each year along with the annual interest based on the unpaid principal balance. Assume the interest rate is 10 percent for each option. Problem 1: What amount of interest will Sanders pay in year 1 under option 1 and under option 2? (Round your final answers to the nearest dollar amount.) Problem 2: What amount of interest will Sanders pay in year 2 under option 1 and under option 2? (Round your final answers to the nearest dollar amount.)
Lumyn Electronics is a family owned business. The company sold 128 TV remote controls in July and incurred a total cost of $1,700. In November they sold 248 TV remote controls and incurred a total cost of $3,500. Based on this information, find the f..
Stockholders’ Equity Section of Balance Sheet) The following is a summary of all relevant trans- actions of Vicario Corporation since it was organized in 2014. In 2014, 15,000 shares were authorized and 7,000 shares of common stock ($50 par value) we..
Tom plans to buy a house on cash instead of paying mortgage. How long, in years and months, will it take John to reach his target
Brisky Corporation uses activity-based costing to compute product margins. In the first stage, the activity-based costing system allocates two overhead accounts-equipment depreciation and supervisory expense-to three activity cost pools-Machining, Or..
Based on the above, answer the following: How much is the gain (loss) on exchange to be recognize in 2018? What the journal entry on March 31
Discuss the differences between accrual-basis financial statements and cash-basis financial statements. Determine which provides more useful information and the reasons it is more useful.
they would have sold for $40,000 on an 8% yield to maturity basis. What amount should Cove report for additional paid-in capital on the issuance of the stock?
Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $40,0..
Bramlett Company has several divisions and just built a new plant with a capacity of 20,000 units of a new product. A standard costing system has been introduced to aid in evaluating managers' performance and for establishing a selling price for the ..
Prepare the consolidated financial statements for Peony at December 31, 20X6 using the direct method. Show all your work.
What is Accumulated depreciation of PP&E sold Cost of PP&E sold Cost of PP&E purchased
Compare between cash dividend and stock dividend , why the corporations going to stock dividend explain the reasons , types and the accounting treatment
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