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Question - Steph Corporation bought bonds with have a face amount of $5,000,000 on January 1, 2020. The company paid $4,600,000 plus transaction cost of $142,000 for the bond investment. The business model of the entity in managing the financial asset is to collect contractual cash flows that are solely payment of principal and interest and also to sell the bonds in the open market. The company has not elected the fair value option of measuring financial asset. The bonds will mature on December 31, 2022 and pay 6% interest annually on December 31 each year with 8% effective yield. The bonds are quoted at 105 on December 31, 2020 and 110 on December 31, 2021. The bonds are redeemed at face amount on December 31, 2022.
Using Original - FVOCI: What amount is the interest income to be recognized during 2021?
If the bonds are held as "Trading Securities" (FVPL): What amounts is the total income to be recognized in the Income Statement of 2021?
If the bonds are held as "FA at Amortized Cost" (FAAC): What amounts is the total income to be recognized in the Income Statement of 2021?
System of internal control, are Sally's actions a significant deficiency or a material weakness and explain your reasoning and rationale.
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A company is considering the purchase of a new machine that will cost the company $30,000 and will be worth zero at the end of 3 years. Their current tax rate is 20% and they will depreciate the machine $10,000 over the next 3 years. The cost of capi..
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Kelly’s marginal tax rate is 33% and discount rate is 12%. What is Kelly’s present value, after-tax cost if she pays $300,000 for an asset at the beginning of the year and if the cost is amortizable over 2 tax years? Kelly receives the tax savings fr..
Compute the Net accounts receivable at year-end. Aging analysis of accounts deemed uncollectible at December 31, 2003, shows $8,000 of potentially
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