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Legacy issues $330,000 of 5%, four-year bonds dated January 1, 2009, that pay interest semiannually on June 30 and December 31. They are issued at $300,300 and their market rate is 8% at the issue date. Requirement 1:
Prepare the January 1, 2009, journal entry to record the bonds' issuance. (Omit the "$" sign in your response.) Date General Journal Debit Credit Jan. 1 2009 Determine the total bond interest expense to be recognized over the bonds' life. (Omit the "$" sign in your response.)
A year-end physical inventory at retail prices yields a total inventory of $78,550. Prepare a calculation Showing the company's loss from shrinkage at cost and at retail.
Explain why the holding period return differs from the yield to maturity at the time of the purchase of the bond and identify all the sources of risk associated with holding this bond.
If no special allocations are made, what portion of the reduced tax rate benefits of Sec. 11(b) can be claimed in the current year by the affiliated group? In future years?
How much money will be paid to the creditor associated with each debt. Salary during last month owed to Mr. Key Salary during last month owed to Ms. Rankin Unsecured accounts payable Government claims to unpaid taxes Administrative expenses
The building has an FMV of $45,000, an adjusted basis of $30,000, and is secured by a $35,000 nonrecourse mortgage that the business LLC will assume. Illustrate what is Brett's outside tax basis in his LLC interest?
How will you adjust the net present value analysis to compensate for inclusion of the interest expense ?
Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. Illustrate what amounts should be considered product and period costs respectively for the first year of coverage?
Costello Corporation manufactures a particular product. The standard cost per unit of product is shown below.
Great Lakes statutory tax rate for 2010 is 35%. Illustrate what is Great Lake’s effective tax rate?
Assume the company’s minimum acceptable rate of return is 12%. Using the net present value method, find out whether the machine should be purchased.
The tax rate is expected to remain at 40 percent and On the basis of this information, what will be the forecast for Robert's year-end net income?
Melanie could like you, the staff accountant, to charge the advertising expense for the Hobby department to Toy's. With only these facts, would you modify the accounting for the two departments?
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