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On December 31, 2003, Sloan Corporation issued $1,000,000, 10%, 5-year bonds for $700,000. The par value of each bond is $1,000. The stated interest rate on the bond is 10% payable annually on December 31 of each year, beginning December 31, 2004. The bonds will mature 5 years from the date of issue (December 31, 2008).
(a) Provide the journal entry to record the issuance of the bonds. Show computations.
(b) Provide the journal entry that Sloan should make on December 31, 2004, assuming straight line amortization.
(c) Show how the bond liability and the related accounts will appear on the Balance Sheet of Sloan on December 31, 2004.
What is the common stock, retained earnings, cost of goods sold and net income. I have 5000 cash, 10000 inventory,45000 building,5000accounts payable.total liabitities stockholders 60000,revenues 80000 and administrative expeneses 10000
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At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When the land is sold two years later for $50,000, B..
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