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a) On January 1, 2011, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2012. The 2011 income statement reported $2,200 in interest revenue from this note and a $6,000 gain on sale of investment in stock. The stock's book value was $16,000. The company's fiscal year ends on December 31.
Required:
1. What is the note's effective interest rate?
2. Reconstruct the journal entries to record the sale of the stock on January 1, 2011, and the adjusting entry to record interest revenue at the end of 2011. The company records adjusting entries only at year-end.
For each of the following, journalize the necessary adjusting entry:
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In addition to the foregoing information, use the following data in determining the acceptability in this situation: The present value index for this investment is:
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And what method do they use to translate their international segments into the local report?
The purchasing department has found an excellent global positioning system circuit card in Germany that can provide your firm with a competitive advantage in the marketplace. Delivery of the circuit cards is 6 months from date of order.
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