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On June 1, 2009, Everely Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate 8% and a yield rate of 10%. The bonds pay interest anually on May 31 of each year. The bonds are to be accounted for under the effective-interest method.
Instructions:
(a) Construct a bond amortization table for this problem to indicate the amount of interest expense and amortization at each May 31. Include only the first four years. Make sure all columns and rows are labeled. (Round to the nearest dollar.)
(b) Prepare all entries related to the scenario.
Received inventory valued at $16,000 and equipment with market value of $9,500 for $3,700 shares of the $2.00 par common stock. Journalize the transactions and Prepare the stockholders equity section
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On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Jenks should record, as a result of this conversion
Which of the following describes the internal control component "risk assessment'?
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