Answer:
Explanation: Only in exceptional cases may inventories be stated above cost according to the Accounting Standards Codification. For instance, precious metals, which have a fixed monetary value with no substantial cost of marketing may be stated at its monetary value, which may be above cost; For agricultural, mineral, and other products that can be substituted for one another and have immediate marketability at quoted prices, it may be difficult to obtain appropriate costs leading to inventory being stated above costs.
Answer:
Dr Cash 4,160,000
Cr Premium on Bonds Payable 160,000
Cr Bonds Payable 4,000,000
Explanation:
Preparation of the entry to record the issuance
Based on the information given The entry to record the issuance is:
Dr Cash $4,160,000
[(4000*1000)*104%]
Cr Premium on Bonds Payable $160,000
($4,160,000-$4,000,000)
Cr Bonds Payable $4,000,000
(4000*1000)
(To record the issuance)
In the bank reconciliation they will need to add the difference to the company’s cash balance. They subtracted too much (541-514 = $27 difference) from their cash balance. They need to add $27 to their cash balance so that it will be correct and balance with the bank.
Answer:
The statement is: False.
Explanation:
A life estate comprehends the property that someone owns during a lifetime. The benefit of a life estate is that property will transfer without the need of the beneficiary appearing in the will after the holder is deceased. They cannot put the property on sale until the holder's decease, though. As well, holders cannot do anything at will without consulting their simple-fee owners.
