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Orlov [11]
3 years ago
10

Patton Company purchased $900,000 of 10% bonds of Scott Company on January 1, 2015, paying $846,225. The bonds mature January 1,

2025; interest is payable each July 1 and January 1. The discount of $53,775 provides an effective yield of 11%. Patton Company uses the effective-interest method and plans to hold these bonds to maturity. On July 1, 2015, Patton Company should increase its Debt Investments account for the Scott Company bonds by :
$5,382.

$1,542.

$3,084.

$2,691

Business
1 answer:
jolli1 [7]3 years ago
3 0

Answer:

Answer for the question:

Patton Company purchased $900,000 of 10% bonds of Scott Company on January 1, 2015, paying $846,225. The bonds mature January 1, 2025; interest is payable each July 1 and January 1. The discount of $53,775 provides an effective yield of 11%. Patton Company uses the effective-interest method and plans to hold these bonds to maturity. On July 1, 2015, Patton Company should increase its Debt Investments account for the Scott Company bonds by :

$5,382.

$1,542.

$3,084.

$2,691

Is given in the attachment.

Explanation:

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Rowe Furniture Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it reported the following activit
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$5,857; $1,105

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3 years ago
The Golden Goose is considering a project with an initial cost of $46,700. The project will produce cash inflows of $10,000 for
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2 years ago
Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During
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Answer:

paid in capital in excess of par value = $2000

and There will be a debit to Organisation expenses for $4,700

Explanation:

given data

charter authorized = 100,000 shares

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issued  = 270 shares      

payment = $4,700        

solution

we know here that

Paid up value of the stock = $10 per share

and here shares issue to the attorney satisfying the organisation expenses is 270 shares

so common stock = 270 shares × $10

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so paid in capital in excess of par value = $2000

and There will be a debit to Organisation expenses for $4,700

8 0
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