A _______ instructs the broker to buy or sell a security at the best available current market price.

Presented below is the partial bond discount amortization schedule for Cullumber Corp. Cullumber uses the effective-interest met

Kazeer [188]

Answer:

Journal entry is given below

Explanation:

To record the payment of interest and the discount amortization at the end of period 1 we should debit the Interest expense and credit cash and discount

DATA

Interest expense in year 1 = $38,936

Interest to be paid = $36,450

Discount amortization = $2,486

Entry DEBIT CREDIT

Bond interest expense $38,936

Cash $36,450

Discount on bonds $2,486

4 0

3 years ago

Jamie has an undergraduate degree in finance and is employed full-time by a bank. She is taking courses at a local university le

ivann1987 [24]

Answer:

Please find the detailed answer as follows:

Explanation:

a) The cost of obtaining an MBA degree for someone who is employed in a business position normally is a deductible education expense. But if the reason for taking course is to qualify her for a new trade or business then the expense will not be deductible or disallowed.

Reasons Deductible or Nondeductible

It is to maintain or improve existing skills required in her present job. Deductible

It is to meet the minimum educational standards for qualification in her existing job. Deductible

It is to qualify her for a new trade or business. Nondeductible .

It is to meet the express requirements of her employer or the requirements imposed by law to retain her employment status. Deductible.

b) $4,000 will be allowed as deduction for qualified tuition under § 222. Except for this amount of tuition portion, Jamie must itemize to claim the deduction and it will also be subject to the 2% of AGI limitation.

5 0

4 years ago

What is a career cluster for cook

MAVERICK [17]

Baker,chef,personal cook,professional chef,and many others

4 0

3 years ago

Zibba Company enters materials at the beginning of the process. In January, there was no beginning work in process, but there we

ruslelena [56]

Answer:

units started less 200.

Explanation:

Unit at which the process is started on the beginning of January minus the closing inventory is the number of completed units in work in process when there is No beginning Work in process.

Using following formula we will calculate the Units completed in WIP.

Work in process Closing Inventory = Opening WIP + Addition during the period - Completion during the period

200 units = $0 + Addition during the period - Completion during the period

Completion during the period = Addition during the period - $200 units

In the absence of Beginning Inventory the the addition during the period is the number of unit at which the process is started.

7 0

3 years ago

You are considering a 10-year, $1,000 par value bond. Its coupon rate is 8%, and interest is paid semiannually. If you require a

Schach [20]

Answer:

$1,061.28

Explanation:

We need to calculate the present value of the bond using the minimum effective rate of 7.1225%

First we calcualte the present value of an annuity of $80 for 10 years

$C * \frac{1-(1+r)^{-time} }{rate} = PV\\$

$80 * \frac{1-(1+7.1225%)^{-10} }{7.1225%} = PV\\$

PV = $558.72

Then we calculate the $1,000 in 10 years present value

$\frac{Principal}{(1 + rate)^{time}}= PV$

$\frac{1,000}{(1 + 7.1225%)^{10} } = PV$

PV = $502.57

Then we add both values

$502.57 + $558.72 = $1,061.28

This will be the present value AKA market price which yields the minimun rate of 7.1225%

7 0

3 years ago