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erastovalidia [21]
3 years ago
10

Splish Brothers Inc. issues $4.8 million, 5-year, 7% bonds at 102, with interest payable on January 1. The straight-line method

is used to amortize bond premium. Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2017, assuming no previous accrual of interest.
Business
1 answer:
Radda [10]3 years ago
5 0

Answer and Explanation:

The Journal entries are shown below:-

Interest expense Dr, $316,800

Premium on bonds payable Dr, $19,200 ($96,000 ÷ 5)

            To Interest payable $336,000    ($4,800,000 × 7%)

(Being interest expense and bond premium amortization is recorded)

Here we debited the interest expenses and premium on bonds as it increased the expenses and we credited the interest payable as it also increased the liabilities

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I hope this helps it’s all I know

7 0
2 years ago
Sales revenue $350,000 Accounts receivable $280,000 Ending inventory $230,000 Cost of goods sold $180,000 Sales returns $50,000
sesenic [268]

Answer:

$100,000

Explanation:

The computation of gross profit is shown below:-

Gross profit = (Sales revenue - Sales return - Sales discount) - Cost of goods sold

= ($350,000 - $50,000 - $20,000) - $180,000

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= $100,000

Therefore we simply applied the above formula for determining the gross profit

4 0
3 years ago
Can I get help on this job application please ?
Fynjy0 [20]

Answer:

The answer is below.

Explanation:

Most likely to do:

"Ask your store Manager if you can hold the markdown price for them so they can get it for the same price when it is back in store."

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Doing the above is detrimental to your store, as you will be sending your customers to a direct competitor.

6 0
2 years ago
Core self-evaluations (CSEs) represent a broad personality trait comprising four positive individual traits: (1) self-efficacy,
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Answer: True

Explanation:

Thw above statement is true. Core self-evaluations (CSEs) is made up of positive individual traits which are self-efficacy, self-esteem, locus of control, and then emotional stability.

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3 years ago
Crane Company purchases a patent for $161,900 on January 2, 2022. Its estimated useful life is 5 years. (a) Prepare the journal
Zina [86]

Answer:

Explanation:

The journal entry is shown below:

Amortization expense - Patent A/c Dr $32,380

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(Being amortization expense for the first year is recorded)

The computation is shown below"

= Purchase cost of patent ÷ estimated useful life

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For the intangible assets, the amortization expense is considered,not the depreciation expense and the same is to be taken.

7 0
3 years ago
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