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Three years ago American Insulation Corporation issued 10 percent, $820,000, 10-year bonds for $780,000. Debt issue costs were $4,000. American Insulation exercised its call privilege and retired the bonds for $810,000. The corporation uses the straight-line method both to determine interest and to amortize debt issue costs.
Required:
Prepare the journal entry to record the call of the bonds. (If no journal entry is required for an event, select "No journal entry required" in the first account field.)
Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 2008 assuming the transaction is treated as a purchase combination.
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Neptune Company produces toys and other items for use in beach and resort areas. A small, inflatable toy has come onto the market that the company is anxious to produce and sell. The new toy will sell for $3 per unit. Enough capacity exists in the co..
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What amount of interest expense related to the bonds will LHD report in its income statement for the year ending December 31, 2012?
During 2013, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $720,000. Cost of goods sold totaled $6,360,000 (60% of sales). The company estimates that 8% of all sales will be returned.
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