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Clarkston Inc issued $1,000,000 of convertible 10- year, 11% bonds on July 1, 2014. The interest is payable semiannually on January 1 and July 1. The discount in connection with the issue was $9,500, which is amortized monthly using the straight line basis. THe debentures are convertible after one year into five shares of the company's $1 par common stock for each $ 1,000 of bonds
On August 1, 2015, $100,000 of the bonds were converted. Interest has been accured monthly and paid as due. Any interest accured at the time of conversion of the bonds is paid in cash.
Prepare the journal entries on Clarkstons books to record the conversion, amortization, and interest on the bonds as of August 1 amd August 31, 2015
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
The economic life of the software is estimated at four years. 2012 amortization of the software development costs would be:
Internal users of accounting information include: Of the following accounts, the one which normally has the credit balance is:
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..
The tax rate in Sweden is 55%. There is an additional shipping charge of $50 per unit to ship the material to Sweden. Transfer prices must be set at U.S. manufacturing cost or the selling price in the U.S.
Rooney Inc. recently completed a 3-for-2 stock split. Prior to the split, its stock price was $90 per share. The firm's total market value was unchanged by the split.
If disposal of a plant asset occurs during the year, depreciation is: a. not recorded for the year. b. recorded for the whole year. c. recorded for the fraction of the year to the date of the disposal. d. not recorded if the asset is scrapped.
In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
Calculate the overhead rates per direct-labor hour for the Etching Department and the Finishing Department. Usethe direct method to allocate service department.
Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2008.
Elton, Inc., which owes Boston Co. $900,000 in notes payable, is in financial difficulty. To eliminate the debt, Boston agrees to accept from Elton land having a fair market value of $680,000 and a recorded cost of $510,000.
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