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On January 1, Cleopatra Corporation issued $3,000,000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $3,216,288. The market rate of interest for these bonds was 12%. On the first interest date, using the effective-interest method, the debit entry to Bond Interest Expense is for:
a. $360,000
b. $376,473
c. $385,955
d. $420,000
A company's retained earnings on December 31, 2011 was $2,190,000 and its shareholders equity was $8,760,000.
Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100. Prepare the journal entry to record the retirement of the bonds before maturity at 98. Assume the balance in premium on bonds payable ..
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FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting pract..
In 2009, Mark has $18000 short-term capital loss, $7000 long term gain, and $6000 long term gain. Which of the statements below is correct?
Identify whether each transaction below is an operating, investing or financing activity. Assume the indirect method.
Why are fringe benefits provided by employers to employees more valuable to those employees than if the employer simply gave the employees the money necessary to purchase those fringe benefits?
The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30-mile section of its track. The PSRR has bids from a cont..
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The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no e..
How does the use of the accrual basis help organizations to better evaluate their performance over time? What protection could financial statements generated under the accrual basis have to a potential donor in the organization?
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
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