Answer:
A) Accounting for bonds and notes under US GAAP and IFRS is similar.
Explanation:
US GAAP and IFRS do not have the same accounting guideline for bond issue cost:
Under US GAAP, bonds payable is recorded at face value while premiums or discounts are recorded separately. While under IFRS, bonds payable is recorded using the carrying value, and amortization or premiums or discounts is done by using the effective-interest method. 
 
        
             
        
        
        
Answer:
$14,500
Explanation:
The size of Ginny's taxable capital gain = $64,500 - $50,000 = $14,500
Note: Capital gains tax is a tax on the profit realized on the sale of a non-inventory asset.
 
        
             
        
        
        
Answer: e. 8.61%
Explanation:
This is a perpetual bond so the price is calculable by;
Price = Coupon / Yield to Maturity 
Coupon = 7.75% * 1,000
= $77.50
900 = 77.50/ YTM
900 * YTM = 77.50
YTM = 77.50/900
= 8.61%
 
        
             
        
        
        
It is false that the market rate is used to calculate the actual cash payments made to bondholders rather it is the economic price for goods and services that is offered for them in free market or market place. It is also called a going rate, the market value or market price are equal only under conditions of market equilibrium and rational expectation.
        
             
        
        
        
Answer:
Date                        Account Details                                     Debit               Credit
Sept. 30, 2020       Accounts Receivable                          $5,000
                                Sales                                                                              $5,000       
                         
Date                        Account Details                                      Debit              Credit
Sept. 30, 2020       Cost of Goods Sold                             $2,000
                                Inventory                                                                       $2,000