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Question- On November 1, 2013, a $216,000, 9-month, noninterest-bearing note is issued at a 10% discount rate. Required: Prepare the appropriate journal entry to record the issuance of the note.
1. Determine the effective interest rate.
2. Prepare the appropriate journal entry on December 31, 2013, to record interest on the note for the 2013 financial statements.
3. Prepare the appropriate journal entry(s) on July 31, 2014, to record interest and the payment of the note.
Assume Dawson has the ability to significantly influence the operations of Sacco. Illustrate what is the equity in income of Sacco for 2011?
Flip Company purchased a refrigerated delivery truck for $65,000 on April 1, 2016. The plan is to use the truck for 4 years and then replace it. At the end of it’s useful life the truck is expected to have a salvage value of $10,000. Prepare the depr..
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Walt's Woodworking Company's Yearly expenses. Make appropriate assumptions about cost behavior and assume labor cost vary directly with the number of units produced. How many units must the company sell in order to earn a pretax profit of $500,000?
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