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On January 1, 2011, McLean Company makes the two following acquisitions.
1. Purchases land having a fair market value of $300,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $505,518.2. Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of $400,000 (interest payable annually). The company has to pay 11% interest for funds from its bank.(a) Record the two journal entries that should be recorded by McLean Company for the two purchases on January 1, 2011.(b) Record the interest at the end of the first year on both notes using the effective-interest method.
On June 30, 2012, Carmack Company concludes that a customer's $3,750 receivable(created in 2011) is uncollectible and that the account should be written off. What effect will this action have on Carmack's 2012 net income? Explain.
Assuming that specific identification costs are impracticable and that Jamison allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks?
What is the base interest rate paid on deposits among banks in the eurocurrency market called? A.LIBOR.B. INEU
Ellison Inc., a manufacturer of steel school lockers, plans to purchase a new punch press for use in its manufacturing process. After contacting the appropriate vendors, the purchasing department received differing terms and options from each vend..
If Rumper Company decides to rework the ratchers, how much should the company be willing to invest to ensure that no additional loss occurs on the sale of the ratchers?
NPV Project K costs $52,125, its expected net cash inflows are $12,000 per year for 8 years, and its WACC is 12 percent. What is the project's NPV?
Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How much will Brooks actually receive in cash under this arrangement?
Terri receives $30,000 cash and accounts receivable with a $20,000 basis and a $22,000 fair market value to the partnership. What gain or loss does Terri recognize, and what is her basis in the accounts receivable?
Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due.
Explain whether the ratios are leverage or profitability ratios. If a leverage ratio, is it coverage or capital structure? What is the difference between the two? If a profitability ratio, discuss why it is not completely satisfactory for measurin..
What are the advantages of loan agreements that contain covenants tied to accounting numbers? Are there any disadvantages? Please explain.
However, income statements do not reveal every aspect of a company's performance. Identify and describe two limitations of income statements.
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