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On May 31, 2007, Core Company issued 1,000, 14%, 10-year $1,000bonds at 105. Each bond was issued with one detachable stockwarrant. Shortly after issuance, the bonds were selling at 102, butthe market value of the warrants cannot be determined.
Instructions:
(a) Prepare the entry to record the issuance ofthe bonds and warrants.
(b) Assume the same facts as part (a), exceptthat the warrants had a fair value of $8. Prepare the entry to record the issuance of the bonds and warrants.
Explain the auditor's responsibility for discovery of subsequent events occurring after completion of fieldwork but before issuance of the audit report.
The materials inventory increased from the beginning to the end of the period by $12,000, while the work in process inventory decreased from the beginning to the end of the period by $5,000. What is the cost of goods manufactured?
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Emerson Electronics had the following information related to its September inventory. Sales were made at $20 per unit and Emerson uses the perpetual inventory system. What is the value of ending inventory under FIFO?
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Journalize the bond issuance. Using the bond from the above journalize the first interest payment and the amortization of the related bond discount.
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If the accounts receivable balance at December 31 was $200,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2008?
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