Answer:
#See attached photos of both the Jan 1,2018 journal entry and the bond ammortization schedule.
Explanation:
Answer:
The answer is: B) Contracts under seal, letters of credit, and also implied-in-law contracts
Explanation:
Only 10 states allow contracts under seal. A contract under seal does not require consideration and has the seal of the signer attached to it.
Letters of credit are legal contracts between banks and the sellers of goods (LC are usually related to export and import activities).
Implied contracts are contracts that are not written but they are valid based on the parties' actions.
Answer:
d. 3 Years.
Explanation:
Payback period calculates the amount of time it takes to recover the amount invested in a project from its cumulative cash flows.
Payback period = amount invested / cash flow
$75,000,000 / $25,000,000 = 3 years
I hope my answer helps you
Answer:
(b) Land 547000
Preferred Stock 450000
Paid-in Capital in Excess of Par-Preferred 97000
Explanation:
The journal entry is shown below;
Land $547,000
To Preferred stock $450,000 (4,500 shares × $100)
To Paid in capital, in excess of par- preferred $97,000
(being the preferred stock is issued in exchange of land)
Here the land is debited as it increased the asset and credited the preferred stock & paid in capital as it increased the equity
Therefore the correct option is b.