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(Entries for Zero-Interest-Bearing Note) On December 31, 2010, Faital Company acquired a computer from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2014. Faital Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $70,000 salvage value.
(a) Prepare the journal entry for the purchase on December 31, 2010.
(b) Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31, 2011.
(c) Prepare any necessary adjusting entries relative to depreciation and amortization on December 31,2012.
Prepare all the required entries. Assume the investment is short-term - A company purchases 1,000 shares of stock at $12 per share. It sells 100 shares
Numeric Corporation produces and markets two types of electronic calculators: Model 100 and Model 200. The following data were gathered for last month:
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The following data are based on information in the 2010 annual reports of H&R Block, Inc. , and Jackson Hewitt Tax Services, Inc. Dollar amounts are in thousands.
under what circumstances may an auditor express an unqualified opinion when the related financial statements contain a
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