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Maas Enterprises has $2,190,000 of 6 percent bonds outstanding. There is $40,000 of unamortized discount remaining on the bonds after the March 1, 2011, semiannual interest payment. The bonds are convertible at the rate of 20 shares of $10 par value common stock for each $1,000 bond. On March 1, 2011, bondholders presented $1,200,000 of the bonds for conversion.
Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years.
Bar T Ranches, Inc. is considering the purchase of a new helicopter for $400,000. The firm's old helicopter has a book value of $90,000, but can only be sold for $60,000. It was being depreciated at the rate of $13,500 per year for four more years..
What are the advantages and disadvantages of the US GAAP bright line approach versus the IFRS conceptual approach in determining the classification of a lease?
Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the BC Candy Company balance sheet and income statement at the end of 2010 and 2011.
1.Determine the total compensation cost pertaining to the options. 2.Prepare the appropriate journal entry(if any)to record the award of options on January 1,2009.
Which of the following is not a right possessed by common stockholders of a corporation?
Determine the amount of depreciation expense for the years ended December 31, 2009, 2010, 2011 and 2012, by (a) the straight line depreciation method (b) the units of production method, and (c) the the double declining-balance method.
Assume that any distribution involving Sec. 751 property is pro rata and that any precontribution gains have been recognized before the distribution.
Draxon Company borrowed $20,000 from the bank signing a 6%, 3-month note on September 1. Principal and interest are payable to the bank on December 1.
Briefly explain the rationale for a sale and leaseback and the advantages for firms engaging in such an exercise.
Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during w..
The full disclosure principle, as adopted by the accounting profession, is best described by which of the following?
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