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On December 31, 2003, Sloan Corporation issued $1,000,000, 10%, 5-year bonds for $700,000. The par value of each bond is $1,000. The stated interest rate on the bond is 10% payable annually on December 31 of each year, beginning December 31, 2004. The bonds will mature 5 years from the date of issue (December 31, 2008).
(a) Provide the journal entry to record the issuance of the bonds. Show computations.
(b) Provide the journal entry that Sloan should make on December 31, 2004, assuming straight line amortization.
(c) Show how the bond liability and the related accounts will appear on the Balance Sheet of Sloan on December 31, 2004.
While US GAAP requires assets to be valued at the lower of cost or market, there is a belief that assets with value fluctuations should be valued at market and adjusted on a regular basis. Create an argument supporting the use of market value for ..
Pasquale Products Co. has two departments: Mixing and Cooking. At the beginning of the month, Cooking had 4,000 units in process with costs of $8,600 from Mixing, and its own departmental costs of $500 for materials, $1,000 for labor, and $2,500 f..
If the market rate of interest is 10%, a rational person would just as soon receive $1,100 three years from now as what amount today (round to the nearest dollar)?
Prepare journal entries to record the following transactions entered into by Harper Company:
Other than the construction funds borrowed, the only other debt outstanding during the year was a $150,000, 10-year, 7% note payable dated January 1, YEar 1. How much interest should be capitalized by Starlight during Year 3?
on an involuntary conversion in which the taxpayer does not buy replacement property within the replacement period the gain on the involuntary conversion and any tax due must be reported.
Part (a) Who are the stakeholders in this decision? Part (b) Is it ethical for Judy to revise the costs as indicated? Briefly explain. Part (c) What should Judy do?
If treasury bills are currently paying 7 percent and the inflation rate is 3.8 percent, what is the approximate real rate of interest? The exact real rate?
The XYZ has a choice between two warehouses. A lease at location A costs 1000 per month with a payment 2000 upfront to guarantee the 3 year lease. Location B would cost 1200 per month and would be leased from month to month.
In auditing a privately held entity, an auditor must follow the professional standards established by all of the following except:
Assuming a 30-day period in November, calculate November's interest. Also, calculate the interest Nancy would have paid with: a) the previous balance method, b) the adjusted balance method.
Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account (recorded materials and supplies in the materials account)
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