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On January 1, 2013 the Mack Company issues $16,000,000 of 11% bonds dated January 1. Interest is payable semiannually on June 30 and December 31. The bonds mature in 4 years. The issue price of the bonds was $16,517,057.02 with no bond issue cost.
Compute interest expense for the semi-annual period ending December 31, 2015.
Suppose that instead of the effective interest method, the straight line method was used. How much interest expense would be recognized in each period?
Presented below is the adjusted trial balance of Pearl Corporation at December 31, 2017. Debit Credit Cash $ ? Prepare a classified balance sheet as of December 31, 2017.
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The machine's useful life is estimated to be 5
Calaf’s Drillers erects and places into service an off-shore oil platform on January 1, 2015, at a cost of $10,366,000. Calaf is legally required to dismantle and remove the p
During 2013, Hungryman had $18,500,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year en
Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2013. Company management has the positive intent and ability to ho
Could you please research and explain if a change from straight line depreciation to double declined balance requires a journal entry? If that is the case, provide the journal
Elli Catering Services previously bought equipment with an estimated market value of $45,000 and is now offering it for sale at $65,000. The Trang Restaurant Group acquired it
Zoey & Roxy Company began the accounting period with inventory of 3,500 units at USD 25 each. During the period, the company purchased an additional 4,000 units at USD 26 each
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