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On December 1, 2008, the Cone Company issued its 10%, $2 million face value bonds for $2.3 million, plus accrued interest. Interest is payable on November 1 and May 1. On December 31, 2010, the book value of the bonds, inclusive of the unamortized premium, was $2.1 million. On July 1, 2011, Cone reacquired the bonds at 98, plus accrued interest. Cone appropriately uses the straight line method for the amortization because the results do not materially differ from those of the effective interest method.Required:Prepare a schedule to compute the gain or loss on this extinguishment of debt. Show supporting computations in good form.
kara fashions uses straight-line depreciation for financial statement reporting and macrs for income tax reporting.
after careful research you find the present value of the free cash flows of a firm to be 100 million. the market value
Circle Co. purchased a piece of equipment by paying $10,000 cash. Circle Co. also incurred a shipping cost of $600 to get the equipment back to its factory. The fair value of this equipment is $11,000. For what amount should Circle Co. record the ..
oran refiners inc. processes sugar cane that it purchases from farmers. sugar cane is processed in batches. a batch of
juan is evaluating his retirement plan. he estimates that he will have saved 750000 when he retires in an account that
A proposed new investment has projected sales of $720,000. Variable costs are 60 percent of sales, and fixed costs are $161,000; depreciation is $62,000. Prepare a pro forma income statement assuming a tax rate of 30 percent. What is the projected ne..
on august 1 2002 bonnie purchased 15000 of huber co.s 10 20-year bonds at face value. huber co. has paid the semiannual
The cost formula for the maintenance department of Rainbow, Ltd., is $12,600 per month plus $4.50 per machine hour used by the production department.
Handy-Man Services is a repair-service company specializing in small household jobs. Each client pays a fixed monthly service fee based on the number of rooms in the house. Records are kept on the time and material costs used for each repair. The ..
jkl corporation has earnings and profits of 800000 and has 1000 shares of stock outstanding. that stock is held 550
determining amount to borrow and pro forma statement balances athena sudsberry owns a small restaurant in new york
Determine the amount of annual depreciation by the straight-line method. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method.
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