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On the last day of its fiscal year ending December 31, 2013, the Sedgwick & Reams (S&R) Glass Company completed two financing arrangements. The a) funds provided by these initiatives will allow the company to expand its operations.
1. S&R issued 8% stated rate bonds with a face amount of $100 million. The bonds mature on December 31, 2033 (20 years). The market rate of interest for similar bond issues was 9% (4.5% semiannual rate). Interest is paid semiannually (4%) on June 30 and December 31, beginning on June 30, 2014.2. The company leased two manufacturing facilities. Lease A requires 20 annual lease payments of $200,000 beginning on January 1, 2014. Lease B also is for 20 years, beginning January 1, 2014. Terms of the lease require 17 annual lease payments of $220,000 beginning on January 1, 2017. Generally accepted accounting principles require both leases to be recorded as liabilities for the present value of the scheduled payments.Assume that a 10% interest rate properly reflects the time value of money for the lease obligations.Required:What amounts will appear in S&R's December 31, 2013, balance sheet for the bonds and for the leases?
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On February 1, 2008, Pat Weaver Inc. (PWI) issued 10%, $1,000,000 bonds for $1,116,000. PWI retired all of these bonds on January 1, 2009, at 102. Unamortized bond premium on that date was $92,800. How much gain or loss should be recognized on thi..
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Partial additional information: The net income for 2010 totaled $1,600. During 2010, the company sold for $390, equipment that cost $390 and had a book value of $300. The company sold land for $200, resulting in a loss of $40. The remaining change in..
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