Answer:
1,073.54 total interest
Explanation:
39,000 x 9% x 80days/360 = 780 interest expense
Payment 4,200 - 780 = 3,420 deducted form the note:
39,000 - 3,420 = 35,580
35,580 x 9% x 33/360 = 293.54 interest expense
6,200 - 293.54 = 5,906.47 deduced form the note
35,580 - 5,906.47 = 29,673,53
293.54 interest expense
780 interest expense
1,073.54 total interest
B) its businesses can invest in the future
Answer:
It's fair value at the date of the transfer
Explanation:
Transfers of securities between categories of investments should be accounted for at FAIR VALUE, with unrealized holding gains or losses treated in accordance with the nature of the transfer.
Available-for-sale securities are reported at fair value; changes in value between accounting periods are included in accumulated other comprehensive income in the equity section of the balance sheet.
The fair value option gives companies the option to report most financial instruments at fair value with all gains and losses related to changes in fair value reported in the income statement.
Answer:
"The face of the instrument"
Explanation:
This is a legal phrase which means the contract (aka the "instrument") must be read "on its face." Basically, you should put everything you want the contract to say in plain language and the parties are only held to the plain, common understanding of exactly what is written down.
The idea is that no party can go back and say that something else is expected or implied from the contract unless it is actually written down.
