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Schuss Inc. issued $3,000,000 of 10%, 10-year convertible bonds on June 1, 2012, at 98 plus accrued interest. The bonds were dated April 1, 2012, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2013, $1,000,000 of these bonds were converted into 30,000 shares of $20 par value common stock. Accrued interest was paid in cash at the time of conversion. (A). Prepare the entry to record the interest expense at October 1, 2012. Assume that accrued interest payable was credited when the bonds were issued. (B). Prepare the entry(ies) to record the conversion on April 1, 2013. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.
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Are capital assets taxed the same as other items of income? Be certain to identify items that affect valuation of the asset for accurate calculation of a gain or loss to the asset owner upon disposal, and explain how these items influence, or dete..
Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)
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A firm is trying to determine whether to replace an existing asset. The proposed asset has a purchase price of $50,000 and has installation costs of $3,000. The asset will be depreciated over its five year life using the straight-line method.
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Compute the taxable income and tax liability for James and Jonas.
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reed merchandising company expects to purchase 90000 of materials in july and 105000 of materials in august.
far side corporation is expected to pay the following dividends over the next four years 12 9 5 and 2. afterward the
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James Olds buys a four-year, $1,000,000 certificate of deposit from the Second National Bank. James will receive 5% interest in year 1; 5.5% in year 2; 6% in year three; and 6.5% interest in year 4. If James "redeems" this certificate before ..
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