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Houston Company authorized a $1,000,000, 10-year, 6% bond issue dated July 1, 2009, with annual interest to be paid each December 31. On July 1, 2009, the bonds were issued for $886,500. Houston Company has a December 31 year-end.
A. Give the entry to record the sale of the bonds.
B. Give the required entry on December 31, 2009 to record amortization (use straight-line.)
C. Was the bond issued at par, at a discount, or at a premium?
D. Will interest expense be greater than or less than the cash payments for interest?
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She does remember that the machine has a projected life of 10 years. Based on these data, the annual cost savings are:
April--55K May--45K June--65K Production: 65K 55K 55K Cash-related production cost are budgeted at 7 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling..
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