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On Dec 31. 2010, a company. Has a $200,00 6% annual coupon bond outstanding that matures in three years. The bonds were issued when the prevailing rate of interest was 7%. On Dec 31, 2010, the company negotiates a restructure agreement with the bond holder. The face value (amount payable at maturity) of the bonds is reduced to $170,000 and the annual interest payments are reduced to $9,000 each. How much gain on restructure will the company recognize on Dec 31, 2010?
on january 12014 oaken furniture co. issued 700000 of 10 bonds and received cash totaling 795141. interest is payable
You are the purchasing manager of a hospital. The hospital uses a particular medical product more or less constant at 7871 units per year. You purchase the product from a supplier for $80.97 per unit. It costs about $11.4 per unit to store the produc..
Your firm has selected you to develop and assess the control risk over shipping and billing functions of ABC Company. The audit manager wishes to rely on control risk assessment at a low level. In other words, the firm would like to be able to assess..
Adams, Brown, and Collins are partners in a sporting goods outlet. The business began operations on January 1, 19x1, with Adams investing $10,000, Brown $20,000, and Collins $26,000. Adams withdrew $4,000 on April1, Brown $6,000 on May 1 and $6,000 o..
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method?
A machine was purchased for $28,000 and had an estimated scrap value of $4,000. What would the year-end entry be if the units of-production method was used, and it had an estimated life of 32,000 hours? In the first year of operation, it used 7,20..
Magdalena Schmitz has undergone some major changes in her life recently. In 2012, at the age of 46, her husband, Roger, passed away. Magdalena has not remarried as of the end of 2014.
Calculate what the company's net income would be if Division B were closed down. Write a policy statement related to the allocation of fixed expenses.
Acitelli Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. The overhead for the year was: $1,520 underapplied $2,520 overapplied $1,520 overapplied..
What are the issues that you will take into account and what is the likely response from the board members?
1.On January 1, Seneca Asset Management enters into a contract with a client to provide fund management services for one year.
Hartley Company’s standard labor cost per unit of output is $29.43 (2.7 hours x $10.90 per hour). During August, the company incurs 3,300 hours of direct labor at an hourly cost of $11.23 per hour in making 1,200 units of finished product. Compute th..
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