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On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.
A. Prepare the journal entry to record the issuance of the bonds on January 1, 2010.B. Prepare the journal entry to record the first interest payment on December 31, 2010. Use straight-line amortization. No adjusting journal entries have been made during the year.
Which of the following describes a change in reporting entity?
State two tax advantages resulting from the use of "debt" rather than equity in creating the capital structure of a corporation.
Suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense doubled. How would this change affect Brandywine's net income, total profit margin, and cash flow?
Knique Shoes issued a 100,000, 8 month, noninterest-bearing note. The loan was made by Second Commercial Bank whose stated discount rate is 9%. The effective interest rate on this loan (rounded) is:
The parent company's share of the fair value of the net assets of a subsidiary may exceed acquisition cost. How must this excess be treated in the preparation of the consolidated financial statements? What is the reasoning that supports this treat..
Financial statements are prepared in accordance with what? What governing bodies set accounting standards? Why do you think financial statements are required to be prepared using the same standards?
The records of Nevada Co. indicated that $420,000 of merchandise should be on hand on December 31, 2010. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage ..
Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.
Signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205.
The process by which accounting standards has evolved over time worldwide differs significantly from country to country based on many factors.
Peter Company obtains all of the common stock of Sam Inc. by issuing 50,000 shares of its own stock. Under these circumstances, why might the determination of an acquisition price be difficult?
What amount of the acquired net capital loss of $80,000 can be used to offset Gate Corp's net capital gain for 2010?
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