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Entries for Bonds Payable.Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co.
(a) On April 1, 2009, Quirk issued $500,000, 9% bonds for $537,868 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2019.
(b) On July 1, 2011 Quirk retired $150,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization.
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
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Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract
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Describes several ways to increase the value of an organization. Which of these might be applicable to an organization and why? Please provide a reference.
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