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On January 1, a company issued and sold a $394,000, 9%, 10-year bond payable, and received proceeds of $389,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry to record the first interest payment is (closest to): Debit Bond Interest Expense $35,460; credit Cash $35,460. Debit Bond Interest Expense $17,730; credit Cash $17,730. Debit Bond Interest Expense $17,480; debit Discount on Bonds Payable $250; credit Cash $17,730. (wrong choice) Debit Bond Interest Expense $17,730; debit Discount on Bonds Payable $250; credit Cash $17,980. Debit Bond Interest Expense $17,980; credit Cash $17,730; credit Discount on Bonds Payable $250.
Prepare journal entry to record the issuance of the bonds and the related bond issue costs incurred January 1, 2009 Prepare a bond ammortization schedule up to and including January 1, 2013 usinf effective interest method
The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale?
Annual subscription for each member is Rs.120,Rs.240 being in arrear for 1998. Prepare Income & Expenditure Account and Balance Sheet.
In 2008, the company sold 675,000 boxes of Frosted Flakes and customers redeemed 330,000 box tops receiving 110,000 bowls. If the bowls cost Milner Company $2.50 each, how much liability for outstanding premiums should be recorded at the end of 20..
J. Larson & Company purchased the right to extract ore from a mineral deposit by paying $50,000 in cash and signing a $200,000 promissory note.
The statement of cash flows has been prepared using the indirect method.
On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be:
The amount of overhead cost that the company applied to work in process for October was:
The following answer needs to be 300 words: What is a stock redemption? What are some reasons for redeeming stock? Why are some redemption treated as sales and others as dividends?
Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 since buying it. e sells it in 2011 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized g..
Ending inventory consisted of 5,000 units which were 80% complete with respect to materials and 60% complete with respect to conversion costs.
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
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