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The long term liability section of Twin Digital Corporation's balance sheet as of December 31, 2010, included 12% bonds having a face amount of $20 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%.Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 each year. On July 1, 2011, Twin Digital retired the bonds at 102 ($20.4 million) before their scheduled maturity.
1. Prepare the journal entry by Twin Digital to record the semi annual interest on July 1, 2011.
2. Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2011.
What is meant by the dual-track approach of accounting for the government-wide level besides the fund level, and how does it compare to a worksheet approach?
prepare in good form journal entries for the following transactions from buster brown corporation.may 1 stockholders
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Construction of Building B on the newly acquired land began on October 1, 2010. By September 30, 2011, Thompson had paid $210,000 of the estimated total construction costs of $300,000. Estimated completion and occupancy are July 2012.
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Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2010, assuming an income tax rate of 40% for all years.
The unadjusted trial balance for the general fund of the City of Jordan
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Now that she is selling mixers and her customers can use credit cards to pay for them, Natalie is thinking of upgrading her website so that she can sell mixers online, to broaden her range of customers. She will need to known how to account for th..
Prepare a retained earnings statement for the year - Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions.
rolandos employer pays year-end bonuses each year on december 31. rolando a cash basis taxpayer would prefer to not pay
A manufacturer is developing a new board game geared towards children. To be competitive with other board games, the company has set a target price of $25 for the game. The company likes to maintain a target profit equal to 35 percent of the produ..
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