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On January 1, 2012, Osborn Company sold 12% bonds having a maturity value of $800,000 for $860,651.79, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2012, and mature January 1, 2017, with interest payable December 31 of each year. Osborn Company allocates interest and unamortized discount or premium on the effective-interest basis.Instructions(a) Prepare the journal entry at the date of the bond issuance.(b) Prepare a schedule of interest expense and bond amortization for 2012-2014.(c) Prepare the journal entry to record the interest payment and the amortization for 2012.(d) Prepare the journal entry to record the interest payment and the amortization for 2014.
DEEDS OF ARRANGEMENT (D of A) 1. Nature of a D of A : To avoid the expense and delay involved in a bankruptcy, a debtor in trouble may make a private arrangement with the
What is the best way of doing reconciliations of control accounts like Purchases Ledger Control vs Purchases Ledger and Sales Ledger Control vs Sales Ledger
ACT presently is all-equity financed. This reflects the stance of the former CEO, a dominant personality who stated repeatedly: "I don't want us to be in thrall to the demands of t
1.The debtor retains ownership, but loses possession and control of his property
liabilities and its types
Liquidity Ratios - These ratios include the Current Ratio and the Quick Ratio or the acid test ratio. Liquidity ratios show the Liquid position of a company in the short term i.e
Loan stock in subsidiary The holding company may also invest in the loan stock of the subsidiary company or part of the loan stock of the subsidiary company. The cost of the loa
On 1 January 2009, a company, Yeti, granted an employee the right to choose between (i) 30,000 Yeti shares or (ii) a cash-payment equivalent to the price of 24,000 Yeti shares on 3
Persons Who May Petition A petition may be presented by any of the following: A Creditor : A creditor may petition if his debt exceeds Shs 1,000 and is undisputed. The ord
Your firm's research department has estimated the income elasticity of demand for Art Deco lawn furniture to be 1.5. You have just learned that due to an upturn in the economy, con
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