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On June 30, 2002 Mendenhal Company issue 12% bonds with a par value of 600,000 due in 20 years. They were issued at 98 and were callabel at 104 at any date after June 30, 2010. Because of lower interest rates and significant change in the company's credit rating, it was decided to call the entire issue on June 30, 2011, and to issue new bonds. NEw 10% bonds were sold in the amount of 800,000 at 102; they mature in 20 years. Mendenhal Company uses straight line amortization. Interest payment dates are December 31 and June 30.
a) Prepare journal entries to record the retirement of the old issue and the sale of the new issue on June 30, 2011
b) Prepare the entry required on December 31, 2011 to record the payment of the first 6 months interest and the amortization of premium on the bonds
If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their ave..
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?
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What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
How exactly does international tax planning assist a US citizen avoid taxes? Discuss what you feel are the legal, ethical and fairness issues involved in doing this type of international tax planning.
Assume that the brand manager forecasts upcoming sales of SUSI to be 150,000 units, and that there are 35,000 units of SUSI in inventory
a. Determine the budgeted manufacturing overhead rate for each department. b. Prepare the necessary journal entries to summarize the March transactions for Department 100. c. What is the total cost of Job A?
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