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On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainder by making four equal payments each December 31 at the implicit rate of 12%.(1)Determine the amount of the annual payments to be made under the financing agreement.(2)Prepare the journal entry to record the acquisition of the machinery on December 31, 2004.(3)Prepare the journal entry at December 31, 2005.
1-Dec $92,000.00 of 5% bonds are purchased with check. Interest is paid once a year and will mature in 5 years. The market yield for these bonds is 4%.
INTER-COMPANY TRANSACTIONS AND BALANCES As the associate company is not consolidated, care should be taken when there are trading transactions and inter-company balances between
Q. Prior period adjustments a. may only increase retained earnings. b. may only decrease retained earnings. c. may either increase or decrease retained earnings. d. do not affect r
Thatcher Corporation's bonds will mature in 12 years. The bonds have a face value of $1,000 and an 11.5% coupon rate, paid semi-yearly. The price of the bonds is $1,050. The bonds
Suppose that the risk-free rate is 7% and that the market risk premium is 7%. What is the needed rate of return on a stock with a beta of 1.2? What is the needed rate of retu
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I am an AAT student studying lvl 3 AAT at college. I wish to learn how to complete self assessment end of year tax return forms for other people. That is because I have already bee
Prepare the journal entries required to record the following transactions of a nongovernment, not-for-profit organization. 1. Unrestricted cash contributions received duri
Q. Limitations of the five year period of analysis? A number of restrictions to the analysis potentially arise - The approach doesn't take account of future benefits/costs a
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