Answer:
10% of $32.50 is $3.25 so 20% is $6.50
then, $32.50 + $6.50 =$39.00
$39.00 ÷ 4 = $9.75 a piece
Answer:
An <u>account</u> is maintained for each financial statement item, whereas a(n) <u>general ledger</u> contains all of the accounts of the company.
Explanation:
Financial statements refers to a statement that that provides formal records of all financial activities and standing of a company or any entity in a structured and easily understandable manner.
For each item of financial statement, an account is kept with the aim of giving a an accurate record of all business activities that are germane to that specific financial statement item.
The purpose of a general ledger is to show individual transactions and resulting account balance of each account of a company as a single collection.
Therefore, an <u>account</u> is maintained for each financial statement item, whereas a(n) <u>general ledger</u> contains all of the accounts of the company.
Answer and Explanation:
The journal entries are shown below:
On Jan 1
Cash $500,000
To Bond Payable $500,000
(Being the issuance of the bond is recorded)
On Dec 31
Bond Payable $500,000
Loss on redemption $15,000 ($500,000 × 3%)
To Cash ($500,000 × 103%) $515,000
(Being the redemption of the bond is recorded and the remaining balance or we can say balancing figure is debited to loss on redemption)
