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Foster Corporation issued a $100,000, 10-year, 10 percent bond on January 1, 2010, for $112,000. Foster uses the straight-line method of amortization. On April 1, 2013, Foster reacquired the bonds for retirement when they were selling at 102 on the open market. How much gain or loss should Foster recognize on the retirement of the bonds?
a. $2,000 loss
b. $3,900 gain
c. $6,100 gain
d. $8,200 loss
Which of the following is not considered actual receipt or "constructive receipt" of income in the current year? Which of the following does not have to be included in gross income?
For the year ended December 31, Laramie Industries has a depreciation expense per its tax return greater than its financial statement tax expense, and had recorded warranty expense
Describe how software companies like PeopleSoft treat software development costs differently from the typical GAAP treatment of research and development costs in other industries. Why is this the case?
Assuming Hydra uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase?
Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
Change of mind gives gallery a $1m surprise' and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured?
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
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In addition, some of CJP's facilities could be rented to a third party for $15,000 per year. What are the relevant costs for the "make" alternative?
A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. What is interest expense for 2008, using straight-line amortization?
A manufacturer is developing a new board game geared towards children. To be competitive with other board games, the company has set a target price of $25 for the game. The company likes to maintain a target profit equal to 35 percent of the produ..
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