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On January 1, 2013, McLean Company makes the two following acquisitions.
1. Purchases land having a fair value of $336,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $592,147.2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $440,000. (interest payable annually).
The company has to pay 12% interest for funds from its bank.
(a) Record the two journal entries that should be recorded by McLean Company for the two purchases on January 1, 2013.(b) Record the interest at the end of the first year on both notes using the effective-interest method.
The Container Store currently sells a “Bento Salad Bowl,” which it is currentlymanufacturing in South Carolina. A representative from a company in Vietnam is offering to sell them for 15% less than the manufactured cost.
On January 1, 2003, Marina Clothing Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $4,700. Marina Clothing Company prepares financial statements annually. During the year the following selected transactions occur..
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
On September 1, 2010, the Baker Company received $44,940 from 4-Most Finance Company. To pay off this loan, the Baker Company will have to pay 4-Most $10,000 each year for 10 years. The first payment is due September 1, 2011. Which interest rate comp..
Prepare the Journal Entries in the General Journal, Post Journal Entries to the General Ledger, Post Adjusting Entries to the General Ledger
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Identify the authoritative literature that provides guidance on the zero-interest-bearing note. Use some of the examples to explain how the standard applies in this setting.
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Assuming that MARR is 10% and all maintenance costs and production savings are incurred at the end of the year, should the present lease be continued, or one of the two machines be purchased?
Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Vance is the only employee
How many distinct steps or requirements are contained in the language of IRC Section 351 (a) for non-recognition treatment, and what are they?
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