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Exercise 17-5 On January 1, 2013, Phantom Company acquires $312,100 of Spiderman Products, Inc., 9% bonds at a price of $296,847. The interest is payable each December 31, and the bonds mature December 31, 2015. The investment will provide Phantom Company a 11.00% yield. The bonds are classified as held-to-maturity. Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the straight-line method. (Round answers to 0 decimal places, e.g. 2,500.) Schedule of Interest Revenue and Bond Discount Amortization Straight-line Method Bond Purchased to Yield Date Cash Received Interest Revenue Bond Discount Amortization Carrying Amount of Bonds 1/1/13 $ 12/31/13 $ $ $ 12/31/14 12/31/15 Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the effective-interest method. (Round answers to 0 decimal places, e.g. 2,500.) Schedule of Interest Revenue and Bond Discount Amortization Effective-Interest Method Bond Purchased to Yield Date Cash Received Interest Revenue Bond Discount Amortization Carrying Amount of Bonds 1/1/13 $ 12/31/13 $ $ $ 12/31/14 12/31/15 * Difference due to rounding (c) Prepare the journal entry for the interest receipt of December 31, 2014, and the discount amortization under the straight-line method. (d) Prepare the journal entry for the interest receipt of December 31, 2014, and the discount amortization under the effective-interest method. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit (c) December 31, 2014 (d)December 31, 2014 Click if you would like to Show Work for this question: Open Show Work
NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
What happens to the value of the growth option if the variance of the project's return is 14.2%? What if it is 50%? How might this explain the high valuations of many startup high-tech companies that have yet to show positive earning?
base on three preceding situations, explain the effects of the disposal of an asset??
The common shares have a market price of $22.50 per share on the grant date. Suppose Magnetic Optical expected a 10% forfeiture rate on the restricted shares prior to vesting Determine the total compensation cost.
For several years a client's physical inventory count has been lower than what was shown on the books at the time of the count so that downward adjustments to the inventory account were required. Contributing to the inventory problem could be weak..
Prepare the general journal entries necessary to record the following selected transactions of the General Fund of the City of Roxyville.
Who should pay the external costs of driving? Identify the strongest two arguments in favor of such a tax and the strongest two arguments against such a tax.
X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-..
On July 31, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts.
Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter:
Ratzlaff Company issues $2.2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2008
Do you think favorable variances should be investigated? Why or why not?
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