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Volker Inc. issued $2,500,000 of convertible 10-year bonds on July 1, 2012. The bonds provide for 12% interest payable semiannually on Jan 1 and July 1. The discount in connection with the issue was $54,000, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Volker Inc.'s $100 par value common stock for each $1000 of bonds. On August 1, 2013, $250,000 of bonds were turned in for conversion into common stock. Interest has been accrued and paid as due. At the time of conversion, any accrued interest on bonds being converted is paid in cash. Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates. (round to the nearest dollar) A. August 1, 2013 (assume book value method is used B. August 31, 2013 C. December 31, 2013, including closing entries for end-of-year The attatchment the prof gave us also has tables ot fill in. 1. Unamortized discount on bonds payable and it starts with Amount to be amortized over 120 months 2. Amortization of bond discount charged to bond interest expense in 2013 would be as follows 3. Interest on Bonds: 4.Interest for 2013 would be as follows: 5.Total interest
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Steiner recliner purchased a delivery truck at the beginning of 2008. The truck cost $17,500 and is expected to last 5 years. Assume the truck has a salvage value of $1,000. Calculate the trucks depreciation using the double declining balance.
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What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes? - Answer in 150-200 words.
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