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On June 1, 2009, Everly 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 of 9 % and a yield rate of 10.5%. The bonds pay interest annually on May 31of each year. The bonds are to be accounted for under the effective-interest method.
A. Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first five years. Make sure all columns and rows are properly labeled.
B. Assuming that interest and discount amortization are recorded each May 31, prepare the adjusting entry to be made on December 31,2011. Round to the nearest dollar
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Ratzlaff Company issues $2.2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2008
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Which of the following would not indicate possible asset impairment?
The remainder of the fixed selling and administrative expense represents current cash flows. The cash disbursements for selling and administrative expenses on the March selling and administrative expense budget should be:
Ruger has a profit margin of 16% based on revenues of $400,000 and an investment turnover is 2. What is the residual income when the cost of capital is 10%?
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