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Question - The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 10% bonds having a face amount of $10 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%.Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2021, Twin Digital retired the bonds at 101 ($10.1 million) before their scheduled maturity.
Required - Make the necessary journal entries by Twin Digital on July 1, 2021.
On October 1, the beginning of the new term, Torres Institute, a private school, receives $209,500. How much revenue would Torres recognize
Use the information provided in BE12-7. Assume that the fair value of the division is estimated to be $750,000 and the implied goodwill is $350,000. Prepare Waters' journal entry, if necessary, to record impairment of the goodwill.
Assuming that you work for a U.S.-based textile company, how would you recommend responding to the low-cost imports
Equipment acquired under capital leases and used by activities accounted for in governmental funds should be recorded in the governmental activities accounts at the inception of the lease at:
The JOhn Company purchased a machine on Nov 1, 2002, for 148,000. At the time of acquistion, the machine was estimated to have a useful life of ten years and an estimated salvage value of $4,000. JOhn has recorded monthly depreciation usiing the s..
Canada, Write a memo outlining the general procedures used to calculate the Worker's Compensation assessment in all jurisdictions.
Assume the firm uses straight line depreciation, its marginal tax rate is 35%, How much value will this new equipment create for the firm
Beginning and ending work in process for 2009 are $8,000 and $10,000 respectively. How much is cost of goods sold for the year?
If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month
mr x saved 800000 during the 25 years that he worked for a major corporation. now he has retired at the age of 50 and
Required - Determine the expected annual net cash inflow / outflow for each of the first four years after Linton opens the new store
the income statement of rodriquez company is shown below.rodriquez company income statement for the year ended december
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