Answer:
1.
1 Jan 2019
Cash 2100000 Dr
Bonds Payable 2100000 Cr
2.
30 June 2019
Interest expense 73500 Dr
Cash 73500 Cr
31 Dec 2019
Interest expense 73500 Dr
Cash 73500 Cr
3.
31 Dec 2022
Bonds Payable 2100000 Dr
Cash 2100000 Cr
Explanation:
1.
The bonds are assumed to be issued at par value as the market interest rate is not given and is assumed to be the same as the interest rate on bonds of 7%. The issuance of bonds on par is recorded as a debit to the cash received against the bonds and a credit to the bonds payable account.
2.
The semi annual interest payment on bond is,
Bond interest-semi annual = 2100000 * 0.07 * 6/12 = 73500
The interest rate given is the annual interest rate of 7%. That is why we multiply it with 6/12 to get the semi annual interest.
3.
The disposal of bonds will be a reversal of the issuance entry. The bonds payable will be debited by the par value amount and the cash will be credited.
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Hope this helps
Answer:
$267,142.86
Explanation:
The sales less the variable cost gives the contribution margin. The contribution margin less the fixed cost gives the net operating income.
As such, the total sales less the total cost gives the net income.
Let the required sales be $Y
Y - 0.3Y - 147,000 = 40,000
0.7Y = 40,000 + 147,000
Y = 187,000/0.7
= $267,142.86
The answer is
B) Western States
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