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On January 1 of the current year, Monarch Gaming Company issues 4-year, $600,000 face value, 4% face rate, coupon bonds which pay interest semi-annually each June 30 and each December 31. On January 1 of the current year, when the bonds are issued to the public, the market rate of interest on similar bonds is 6%.
Completely independent to your solutions for questions 6 and 7, assume the issuance price of the bonds at January 1 of the current year was $505,000, and that the amount of interest expense recorded on June 30 of the current year was $14,000, and therefore $2,000 [interest expense - cash interest = $14,000 - $12,000] of discount was amortized at June 30 of the current year. Using this information, with all other information the same, determine the carrying value [book value] of the bonds at June 30 of the current year?
a) $600,000
b) $505,000
c) $507,000
d) $517,000
Meredith Corporation acquired 20% of the outstanding common stock of Cairo Corporation on December 31, 2010. The purchase price was $1,250,000 for 50,000 shares.
Prepare an analysis and determine which plan will result in the higher earnings per share of common stock. Recommend one plan to the board. Give reasons
Percy reported net income from its own operations of $720,000 in 2011 and $760,000 in 2012. Smyth reported net income of $400,000 in 2011 and $460,000 in 2012. Neither company declared dividends in either year.
That the taxpayer has consistently elected to carryback the net operating losses as incurred and elected the "two-year" carryback provision.
Suppose new instruments for a firm cost $18,000 with an additional installation fee of $2,000, both of which are depreciable. Complete the depreciation schedule shown below using the Modified Accelerated Cost Recovery System (MACRS) 3-year class.
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Yale requires a modification of the design that will allow a $4 reduction in direct-material cost.
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
Compute the return on assets, profit margin and asset utilization rate for Textron and Gulfstream. Assess Textron's competitive financial position. Compute the free cash flow for Textron and Gulfstream.
Dick owns a house that he rents to college students. Dick receives $750 per month rent and incurs the following expenses during the year.
On January 1, 2010, Jon purchased 50% of Waite, an S corporation, for $75,000. At the end of 2010, Waite incurred an ordinary loss of $1600. How much of the loss can Jon deduct on his personal income tax return for 2010?
When such an event occurs and is appropriately reflected in the financial statements, what are the auditor's alternatives with respect to dating the audit report and the conditions applicable to each alternative?
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