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Entries for Held-to-Maturity Securities on January 1, 2009, Roosevelt Company purchased 12% bonds, having a maturity value of $500,000, for $537,907.40. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2009, and mature January 1, 2014, with interest receivable December 31 of each year. Roosevelt Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.
(a) Prepare the journal entry at the date of the bond purchase.
(b) Prepare a bond amortization schedule.
(c) Prepare the journal entry to record the interest received and the amortization for 2009.
(d) Prepare the journal entry to record the interest received and the amortization for 2010.
If economic depreciation refers to diminution in value because of obsolescence, physical wear and tear, technological advances in substitute goods, or changes in consumption behavior.
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Determine the balance in the Finished Goods Inventory and compute the cost of goods manufactured for November
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After thirty days, Primo's did not have the cash for payment; therefore, Primo's offer Mulkey a four-month note with 11.5% interest, all payable at the end of the term of the note. Please record the appropriate journal entry establishing the note ..
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