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Martin Corporation issued $3,000,000 of 8%, 20-year bonds payable at par value on January 1, 2009. Interest is payable each June 30 and December 31.
(a) Prepare the general journal entry to record the issuance of the bonds on January 1, 2009.
(b) Prepare the general journal entry to record the first interest payment on June 30, 2009.
Prepare the consolidated financial statements for Peony at December 31, 20X6 using the direct method. Show all your work.
Given a business combination with outside ownership (minority interest), elucidate the applicable theories and appropriate accounting for items that arise from less than 100% ownership, including the reporting of assets, liabilities, revenues and ..
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Evaluate the economic order quantity for the spice in terms of 10 pound bags - Find the reorder point
Namiki, CPA, is auditing the financial statements of Taylor Corporation for the year ended December 31, 2011. Illustrate what subsequent events should be considered? What procueruse should be considered?
A firm is selling an existing asset for $5000. The asset when purchased cost $10,000, was depreciated under MACRS using a five-year recovery period and has been depreciated for four full years.
The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2012. Illustrate what should Campbell record as net deferred tax asset
The Company is considering an investment that will return a lump sum of $700,000, 10 years from now. Evaluate amount should they pay for this investment in order to earn an 6% return
It purchased goods for $380,000 and had beginning inventory of $70,000. A count of its ending inventory determined that goods on hand was $50,000. Illustrate what was its cost of goods sold?
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