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Nickel Inc. bought $400,000 of 3-year, 9% bonds as an investment on December 31, 2012 for $436,000. Nickel uses straight-line amortization. On May 1, 2013, $80,000 of the bonds were redeemed at 115. How much, and what type of gain or loss, most likely results from this redemption? (Do not round your intermediate calculation.)
$5,600 extraordinary gain.
$5,600 ordinary loss.
$5,600 extraordinary loss.
$5,600 ordinary gain.
Prepare the journal entries to record the events - The issuance of the bonds and the accrual of interest on December 31, 2007.
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Determine the amount of the lease payments. Provide the entries required on the lessor's books to record the lease and the first payment. Calculate the total income to be recognized by ABC Company in the first year of the lease.
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Make the Journal entries required to create and close the warranty period
She believes 10% is the more accurate estimate but knows that both the corporation's internal and external auditors allow some flexibility in estimates. Does Mary Beth's proposal present an ethical dilemma?
Purpose Smart Toys income statement performance report for 2009, including both flexible budget variances and sales volume variances.
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