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The accounting for bond premiums is not the mirror image of that for bond discounts.Paci?c Independent School District issued $100 million of general obligation bonds to ?nance the construction of new schools. The bonds were issued at a premium of $600,000.1. Prepare the capital projects fund journal entries to record the issue of the bonds and the transfer of the premium to an appropriate fund.2. Suppose, instead, that the bonds are issued at a discount of $600,000 but that the project still costs $100 million. Prepare the appropriate entries.a. Contrast the entries in this part and in part 1.b. Indicate the options available to the school district and tell how they affect the entries required of the district.c. Suppose the government chose to ?nance the balance of the project with general revenues. Prepare the appropriate capital projects fund entry.
Which of the following would not be included in the Lease Receivable accounts?
a finance professor and a marketing professor were recently comparing notes on their perceptions of corporations. The finance professor claimed that the goal of corporation should be to maximize the valur to the shareholders. The marketing profess..
Beta Corporation incurs a $60,000 regular tax liability and a $20,000 AMT liability. Assuming no restrictions on Beta's ability to use the minimum tax credit, what journal entry would be necessary to record tax expense?
Bowman Company reported translation adjustments in its stockholders' equity section of $2,000,000. Such adjustments were added to the other items disclosed in Bowman's stockholders' equity.
Which of the following internal controls most likely would reduce the risk of diversion of customer receipts by an entity's employees?
The enacted tax rate increased to 30 percent in Year 2 compared to an enacted rate of 20 percent in the prior year. At December 31, Year 2, the company would record a deferred tax expense of:
Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its unit costs are as follows.
Molly, a CPA in public practice is on the board of directors of a local bank. One of Molly's clients has a $100,000 ninety day loan from the bank. Molly, while preparing the clients tax return finds that the client's revenues from their business i..
On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40000 shares of $10 par common stock at $34, and on May 9, it issued for cash 100000 shares of $5 par preffered stock at $7. a. Illustrate the effects on the accounts and fi..
What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?
Please describe the various approaches required by current GAAP standards for reporting changes in accounting principles? Discuss how these approaches may be impacted by the adoption of new IFRS standards.
Even with the best possible internal control system in place, its effectiveness still depends on what?
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