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On January 1, 2011, McLean Company makes the two following acquisitions.
1. Purchases land having a fair market value of $300,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $505,518.2. Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of $400,000 (interest payable annually). The company has to pay 11% interest for funds from its bank.(a) Record the two journal entries that should be recorded by McLean Company for the two purchases on January 1, 2011.(b) Record the interest at the end of the first year on both notes using the effective-interest method.
Prepare the journal entries to: (a) Issue $100,000 bonds which sold for $94,000. (b) Issue $100,000 bonds which sold for $104,000.
Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts?
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
Prepare a two-page memorandum that you could use to brief the Senator on these issues. Make sure that your points are well documented by references to the IRC and other professional sources.
If the company keeps and overhauls its present generator, then the generator will be usable for eight more years. If a new generator is purchased, it will be used for eight years, after which it will be replaced.
Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed ina..
A. What is bad debt expense for 2011? B. Determine the amount of accounts receivable writted off during 2011. C. If the company uses the direct write-off method, what would bad debt expense be for 2011?
Identify and briefly explain the two main categories of fraud which are of major concern to auditors.
An acquired entity has a long-term operating lease for an office building used for central management. the terms of the lease are very favorable relative to current market rates.
Albert purchased a tract of land for $140,000 in 2006 when he heard that a new highway was going to be constructed through the property and that the land would soon be worth $200,000.
The ending work in process is 60% complete with respect to conversion costs. What cost would be recorded for the ending work in process inventory?
In its most recent financial statements, Newhouse Inc. reported 450 million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends were paid to shareholders during the year? Ass..
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