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On January 1, 2004, Foster Company sold property to Agler Company which originally cost Foster $570,000. There was no established exchange price for this property. Agler gave Foster a $900,000 zero-interest-bearing note payable in three equal annual installments of $300,000 with the first payment due December 31, 2004. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a $900,000 note payable in three equal annual installments of $300,000 at a 10% rate of interest is $746,100. What is the amount of interest income that should be recognized by Foster in 2004, using the effective interest method?
Distinguish between accounting treatment for available for sale equity securities and trading equity securities with example.
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2011 after paying $20,000 cash dividends in..
The Sarbanes Oxley Act of 2002 had a profound impact on management and auditors' responsibility for internal control. Please let us know how things changes for both management and auditors after the passage of Sarbanes Oxley as it relates to inter..
Identify some benefits that might accrue to Lion Nathan as a result of the sale and lease back transaction?
What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.
Laws or regulations require activity cost of providing service including capital costs such as debt service to be recovered with fees and charges, rather than taxes.
ABC Company recognises revenue at the point of shipment. Management decides to increase sales for the current quarter by filling all customer orders. Explain what impact this decision will have on the following:
What is the total product costs incurred to make 10,000 units? What is the total amount of period costs incurred to sell 10,000 units?
Probe Manufacturing leased an asset with a fair market value of $145,000 to Detection Devices. Detection will pay Probe $25,000 annually, in advance, for the next 10 years.
What would be Altoona's finished-goods inventory cost on Dec 31 under the variable costing method?
Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt.
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?
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