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Which of the following statements regarding the effective interest method of accounting for bonds characteristics is false?
a. GAAP requires use of the effective interest method.
b. The amount of periodic interest expense decreases over the life of a discounted bond issue when the effective interest method is used.
c. Over the life of the bond, the carrying value increases for discounted bonds when using the effective interest method.
d. The effective interest method applies a constant percentage to the bond carrying value to compute interest expense
Lance Brothers Enterprises acquired $750,000 of 1% bonds, dated July 1, on July 1, 2011, as a long-term investment. Management has the positive intent and ability to hold the bonds until maturity.
What criteria of an "Investment in Stock" can be categorized as long term investment (Long term investment) and what the long-term investment objectives in the form of shares issued by another company?
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Using the Internet or Strayer databases, research the rules regarding the transfer of property and services to a corporation in exchange for stock. Include a review of the IRS to determine its level of interest and audits conducted related to this..
Prepare the journal entry to record the sale of the bonds on January 1, 2008, and the proper balance sheet presentation on this date. Prepare the journal entry to record interest expense on December 31, 2008, and the proper balance sheet presentat..
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