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ICE Princess25 [194]
3 years ago
6

On January 1, a company issues bonds dated January 1 with a par value of $290,000. The bonds mature in 5 years. The contract rat

e is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 6% and the bonds are sold for $302,371. The journal entry to record the first interest payment using straight-line amortization is: (Rounded to the nearest dollar.)
Business
1 answer:
Alenkasestr [34]3 years ago
5 0

Answer:

the journal entry used to record the issuance of the bonds is:

January 1, $290,000 in bonds payable issued

Dr Cash 302,371

    Cr Bonds payable 290,000

    Cr Premium on bonds payable 12,371

since the premium will be amortized using the straight line method, the $12,371 must be divided by 10 (10 semiannual payments) = $1,237.10

the journal entry required to record the first coupon payment is:

June 30, first interest payment on bonds payable

Dr Interest expense 8,912.90

Dr Premium on bonds payable 1,237.10

    Cr Cash 10,150

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The correct answer is C. Federal income tax

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3 years ago
The distance a fragment of dna moves into the gel is proportional to the of the fragment in .
strojnjashka [21]

'The distance a fragment of DNA moves into the gel is proportional to the of the fragment in logarithms of the size.

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Intracellular molecules containing genetic information are involved in the development and function of an organism. DNA molecules allow this information to be passed on from generation to generation.

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6 0
1 year ago
Which is true?
attashe74 [19]

Answer:

Property plant and equipment is listed at net value

Explanation:

Good will is intangible as it is an asset without physical attributes. Depreciation is the systematic allocation of cost for an asset based. It is an expense and not a cash expense, R and D is not an investment but an expense. R and D is not usually capitalized.

Balance sheet items are listed at market value. This is not true. For instance, Inventory is a balance sheet item and it is carried at the lower of cost or net realizable value.

Property plant and equipment is listed at net value. This is true as Property plant and equipment is listed at the net of the historical cost and the accumulated depreciation.

5 0
3 years ago
Fidelity investments is one of the largest mutual fund and brokerage services providers worldwide. it has various offices in cit
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8 0
2 years ago
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February
Ksenya-84 [330]

Answer:

                                      Dr.             Cr.

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Inventory                    $30,000

Account Payable                          $30,000

February 10, 2012

Account Payable       $30,000

Discount received                        $600

Cash                                              $29,400

Explanation:

Term 2/10, n/30 means there is a cash settlement discount of 2% is available if the payment is made within 10 days after the purchase of goods. Net credit period is 30 days. Purchases were made on February 2 and Payment was made on February 10 within the discount period, so Shankar Company is entitled to claim the discount of 2%. Cash will be paid net of discount.

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