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Question - On Jan. 1, 2021, ABC purchased bonds for the purpose of both collecting the contractual cash flows and selling the investment. The bonds have a total face value of $6,000,000, interest rate of 8% payable every August 1, and a remaining term of 4 years and 7 months. It paid $6,145,000 inclusive of accrued interest and transaction fee of $50,000. As of the end of the year, the bonds have a fair value of $5,960,000. What is the compound journal entry to update the carrying value of the investment and the balances of the related accounts on Dec. 31, 2021? Also, provide the interest income to be recorded on that same day.
Consult Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5 and Paragraph 68 of PCAOB Auditing Standard No. 12. Do you believe that Qwest had established an effective system of internal control over financial reporting related to the revenu..
Find What is the forecasted inventory in 2019 based on the information? Assuming the company will have the same inventory days in 2018 and 2019.
A balance of 49,900 in the vacation benefits payable account. During month employees earned an additional 3,110 in vacation benefits, but some employees used vacation days that amounted to 2,490 of the benefits, charged to wage expense when it was pd..
During the year, TRC Corporation has the inventory Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Discussion on relationship of MFRS and financial reporting. How application of MFRS107 affects the quality of statement of cash flow?
Bobby has an accounts payable of P50,000 on the inventory. What is the beginning capital of Partner Bobby
Which of the following cost items should be classified as a prevention cost on a cost of quality report? What is the amount of overallocated or underallocated overhead for the year?
Compute for the cash and cash equivalents that will be reported on the December31, 2018 statement of financial position
Post entries to the T-account for Long-term Investment in MSC and determine its balance at December 31. Show how to report the Long-Term Available-for-Sale Investments and the Long-term Investment in MSC accounts on NASDOQ's balance sheet at December..
Uses the rest, $100 million, to invest in high-yield Certificate of Deposit. What is the impact of this transaction on Sand's balance sheet?
XYZ Company estimates that the patent has a remaining useful life of 25 years. How much is the carrying amount of the patent on December 31, 2015
The Casey Company produces two joint products. At the split-off point, product A has a sales value of $8 per unit, while product B can be sold for $10 per unit. After further processing, which costs $5 and $9, respectively, product A can be sold for ..
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