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On April 1, 2020, Summit County issued $10,000,000 in variable rate debt, with interest paid on March 31 of each year, the county's fiscal year-end. The variable rate is adjusted at the beginning of each year. The variable rate for fiscal 2021 was 2.9%. On the same date, the county entered a receive variable/pay fixed interest rate swap, where the county pays a 3.1% fixed rate to a counterparty. The swap qualifies for hedge accounting. At the end of fiscal 2021, the variable rate is reset to 3.2% and the swap has increased in value by $75,000. By the end of fiscal 2022, the variable rate is reset to 3.4%, and the swap has increased in value by $125,000.
Problem 1: Interest expense on the bonds for fiscal 2021, reported on the government-wide statement of activities, is
Select one:
A. $310,000.
B. $235,000.
C. $215,000.
D. $290,000.
The company produced 7,850 units and sold 4,900 units at a price of $6.60 a unit. What is the amount of finished goods inventory on balance sheet at year-end
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Presented below is information related to Ivanhoe Corporation for the current year. Beginning inventory$ 606,900Purchases1,503,500Total goods available for sale
If Parent were to prepare a consolidated balance sheet on acquisition date, what is the basic elimination entry Parent would use in the consolidation worksheet?
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