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Horton Enterprises issued $100,000, 10 year, 6% bonds payable on 1/1. Interest is payable each 6 months 1/1 and 7/1. The discount or premium is amortized using the straight line method. Journalize the issuance, first interest payment, and redemption of the bonds at maturity under the three conditions listed:
Requirements:
1. Journalize the issuance at par value.
2. Journalize the selling price of $90,000 when the market rate is 7 %.
3. Journalize the selling price is $105,000 when the market rate is 5.5%.
On the first dy of its fiscal year, Pedro Dynamite Co. issued $11,000,000 of the five-year, 9% bonds, semiannually. The bonds were issued at an effective rate of 12%, and received proceeds cash of $9,785,645. What would the second semiannual interest..
The Columbus Company has three departments A,B, and C. Material requisitions amounted to $10,000, 8000, and 5000, respectively, for departments A, B and C. In addition $2000 of indirect materials were used during the period. What is the entry to reco..
Ryan 66 old and bella 54 old married. 2 kids 18 years and britany 23 graduated 2014 may. During year matt earn $4940 part time and britany $ 12500 in job start in October. Both live with parent. gross income both parent 147000. Bella parent also livi..
IASB The Conceptual Framework for Financial Reporting, Chapter 4, paragraph 4.4(a): "An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity."
The cost of the ending work in process is:
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Evaluate taxable income and income tax payable for 2012. Evaluate the amounts reported as assets and liabilities of the Schimmel Company?
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