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1. Norman Co., a fast-growing golf equipment company, uses U.S. GAAP. It is considering the issuance of convertible bonds. The bonds mature in 10 years, have a face value of $400,000, and pay interest annually at a rate of 4%. The estimated fair value of the equity portion of the bond issue is $35,000. Greg Shark is curious as to the difference in accounting for these bonds if the company were to use iGAAP.
(a) Prepare the entry to record issuance of the bonds at par under U.S. GAAP.
(b) Repeat the requirement for part (a), assuming application of iGAAP to the bond issuance.
(c) Which approach provides the better accounting? Explain.
saturn co. purchases a used machine for 167000 cash on january 2 and readies it for use the next day at an 3420 cost.
the good news company accumulated 460 hours of direct labor on job 345 and 810 hours on job 777. the direct labor was
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The depreciation expense is related to the company's sole $60,000 asset, which is predictable to last 4 years. The cost of capital is 10%.
1. miriam received nontaxable stock rights on june 4 2010. she allocated 12000 of the 60000 basis for the associated
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Even as late as 1876 the state of Colorado's legislature appointed Electors. As states moved away from legislative appointment to the current system of allowing a state's Electors to be chosen by a winner-take-all popular vote, the primary rationa..
Which of the following explanations might satisfy an auditor who discovers significant debits to an accumulated depreciation account?
Strengths and weaknesses of Community Health Systems.
At December 31, 2014, McGlaggen Corporation reported current assets of $638,000 and current liabilities of $384,000. The following items may have been recorded incorrectly.
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