Answer and Explanation:
The journal entries are shown below"
On Aug 26
Cash Dr $768,000
To Common stock $640,000
To Additional paid in capital $128,000
(Being issuance of the common stock is recorded)
On Oct 1
Cash Dr $410,000
To preferred stock $410,000
(Being the issuance of the preferred stock is recorded)
On Nov 30
Cash Dr $187,000
To Common stock $170,000
To Additional paid in capital $17,000
(Being issuance of the common stock is recorded)
Merit employment system is a personal system under which public employees are selected for government jobs through competitive examinations and the systematic evaluation of job performance.
<h3>What is merit employment system?</h3>
The civil service, also known as the merit system, was established to ensure that hiring and retaining talented workers, as well as the selection and promotion of workers who provide public services and are paid with taxpayer money, are done so in a fair, unbiased, and competitive manner.
The concepts of the Federal Government's merit system are frequently understood as being created to guarantee fair and open hiring, competition, and employment processes devoid of political interference or other non merit elements. The deregulation of performance reviews and rewards has given agencies the power and latitude they need to manage performance well. Nevertheless, enhanced accountability is a side effect of delegating, deregulation, and simplification. The values of the merit system serve as a foundation for moral conduct and are essential to mission accomplishment.
Learn more about merit employment system here:
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Answer: $70610
Explanation:
Following the information given, the issue price of the bond will be:
= $6,140,000 × 1.04
= $6,385,600
The premium on bonds payables will be:
= $6,385,600 - $6,140,000
= $245,600
Cash interest Payables will be:
= 6,140,000 × 5% × 3/12
= $76,750
Bond Premium amortization for Each Year will be:
= 245,600 / 10
= $24,560
Then, the premium amortized will be:
= $24,560 × 3/12
= $6,140
Therefore, the interest expenses on Dec 31 will be:
= Cash interset Payables - Premium amortized
= $76,750 - $6,140
= $70,610
Explanation:
a)
Mid-month MACRS convention is applicable here because real property is placed in service in the middle of the month in which acquired.
b)
The life of the asset following MACRS is 39 years.
c)
Cost recovery deduction:
The building is listed as the non-residential real property holding 39 years lifetime
Cost recovery deduction for 2015:
= $3,800,000 x 0.535%
= $20,330
Cost recovery deduction for 2019:
= $3,800,000 x 2.564% x (6.5/12 months)
= $52,776
