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Question - On June 30, 2021, ABC Corp. purchased a 3,000,000 face value bonds with 2,925,067.05 cash. The interest rate is 10%, payable semiannually every June 30 and Dec. 31. The remaining term as of acquisition date is three years. ABC purchased it for both contractual cashflows and trading purpose, and hence initially designated it as FA-FV-OCI. The effective interest rate is 11%. Within the year 2022, there was a change in the purpose of holding the investment to maturity. As of the end of the years 2022 and 2023, the bonds were valued at 2,950,000 and 2,975,000 respectively.
Required - What is the compound journal entry to record the reclassification and update the related accounts? Include the date and explanation. Solutions must be in good accounting form.
Winter Ltd. uses FIFO to cost its inventory.Assuming Winter uses the perpetual inventory system, the second entry to account for the April 10 sale is?
In banking industry what are the possible red flags in revenue recognition and depreciation policies to inflate sales or assets. Or undervalue debt?
Which is not true regarding share repurchases? Share repurchases are less effective when the repurchase is undertaken as the stock hits new highs.
What is the present value of the cost of leasing if the lease payments are an annuity due, so the first payment comes immediately?
The entity sold merchandise costing 500,000. What is the journal entry to record the collection if the customer paid on the 10th day
Assuming that David's basis in his S corporation stock is $270,000 on the distribution date, discuss any Federal income tax ramifications
What amount should be reported in the notes to financial statements as restriction on retained earnings because of acquisition of treasury shares
Record the transactions in Ledgers and Balance-off the ledgers. Prime Book Entry for the above transactions. Extract a trial balance.
What is the difference between the periodic and perpetual method, how will you record it in your book?
A firm using a departmental overhead rate has four departments with the following overhead amounts: $400,000, $600,000, $200,000, and $400,000. The same departments respectively have the following annual labor-hours totals: 60,000, 80,000, 40,000, an..
On December 31, 2014 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2014) was $170,000; in the past Felt's gross profit has averaged 40% of selling pr..
Explain why the primary goal of the financial manager should be owner wealth maximization rather that profit maximization for corporation.
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