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At January 1, 2011, Brainard Industries, Inc., owed Second BancCorp $12 million under a 10% note due December 31, 2013. Interest was paid last on December 31, 2009. Brainard was experiencing severe financial difficulties and asked Second BancCorp to modify the terms of the debt agreement. After negotiation Second BancCorp agreed to: a.Forgive the interest accrued for the year just ended. b.Reduce the remaining two years' interest payments to $1 million each and delay the first payment until December 31, 2012. c.Reduce the unpaid principal amount to $11 million.
Required: Prepare the journal entries by Brainard Industries, Inc., necessitated by the restructuring of the debt at(1) January 1, 2011; (2) December 31, 2012; and (3) December 31, 2013. (Enter your answers in dollars.
What is the purpose of balance sheet classification? How useful is the information produced from a classified balance sheet? What are some alternative classification systems that could be used?
Really Welcome, Inc., a tax exempt organization, receives 30% of its support from disqualified persons. Another disqualified person has agreed to match this support if Really Welcome will appoint him to the organization's board of directors. What ..
A fire station that the city of plenty constructed many years ago is sold and is accounted for as an other financing source. Where should entries be made?
During 2010, 4,000,000 packages of light bulbs are sold, and 140,000 $1 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2010 financial statements dated December 31?
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On March 1, 2010, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
assume your company just sold a mainframe computer. The computer originally cost $300,000 and had accumulated depreciation of $100,000 on the date of the sale. Instead of the buyer paying cash, she gave you a $400,000 noninterest-bearing note due ..
Henry transfers property with an adjusted basis of $95,000 and a FMV of $100,000 to a newly formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $85,000 and a short-term note with a $15,000 FMV. Henry's basis in the stock ..
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Which approach do you favor from (1) a customer's perspective and (2) management's perspective? Explain.
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