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On January 1, 2010, Osborn Company sold 12% bonds having a maturity value of $800,000 for $860,651.79, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2010, and mature January 1, 2015, with interest payable December 31 of each year. Osborn Company allocates interest and unamortized discount or premium on the effective interest basis.
Instructions
(a) Prepare the journal entry at the date of the bond issuance.
(b) Prepare a schedule of interest expense and bond amortization for 2010-2012.
(c) Prepare the journal entry to record the interest payment and the amortization for 2010.
(d) Prepare the journal entry to record the interest payment and the amortization for 2012.
The management of Crail Corporation is considering a project that would require an initial investment of $51,000. No other cash outflows would be required. The present value of the cash inflows would be $60,180. The profitability index of the proj..
Executive officers within an organization will often feel compelled and tempted to emphasize short-term results-net income for the current year-over long-term success and company survival.
When making a short term investment decision which of the following is not usually a factor in your decision?
When a change in the tax law or rates occurs, the effect of the change on a deferred tax liability or asset must be recognized as an adjustment as of the:
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Compute the after-tax profit of Falcon.Com separately for both the (1) FIFO and (2) LIFO methods of inventory valuation assuming the company has no expenses other than cost of goods sold and its income tax rate is 50%. Taxes are accrued currently ..
Meese Paper Distributors, Inc. has before-tax earnings of $1,900,000. Using the corporate tax table found in the text, calculate the amount of the total tax liability for Meese.
You have a client considering plans for transferring her wealth over the next five to ten years. Given the uncertainty in this area of the tax code, what are some key factors to consider in deciding whether to accelerate transfers into 2012 or del..
Prepare journal entries to record issuance of the stock options, termination of stock options, exercise of the stock option and the charges compensation expense for year ending 12/31/2010, 12/31/2011, 12/31/2012"
The subsidiary has a net operating loss carryover of $400,000 generated four years ago. The parent acquires the net operating loss carryover.
Tyson Chandler Company purchased equipment for $10,000. Sales tax on the purchase was $500. Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the ..
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