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Nina [5.8K]
3 years ago
12

Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15,000,000 of 20-year, 9

% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.

Business
1 answer:
konstantin123 [22]3 years ago
3 0

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $15,000,000

      To Bonds payable $15,000,000

(Being issue of bonds is recorded)

2. Interest expense on bonds Dr, $675,000

        To cash $675,000 ($15,000,000 × 9% × 6 ÷ 12)

(Being payment of interest is recorded)

3. Bonds payable Dr, $15,000,000

       To Gain on redemption of bonds $600,000

       To Cash ($15,000,000 × 0.96) $14,400,000

(Being redemption on bonds is recorded)

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4 0
3 years ago
Santino bought a book for $23.54 the price of the book was $22. what was the sales tax rate
notka56 [123]
Hi there! The answer is 7%

The price of the book is $ 22.
Santino bought it for $ 23.54.
Therefore, the amount of tax is $ 1.54

Now we can find the sales tax rate by using the following formula:
tax \: rate = \frac{tax}{price \: excluding \: tax} \times 100\%

Filling in gives:
tax \: rate \: = \frac{1.54}{22} \times 100\% = 7\%
3 0
3 years ago
What is the margin of safety (in sales) when a business has sales of $485,000, sales of $225,000 at break-even point, and unit s
lilavasa [31]

Answer:

Margin of safety= $260,000

Explanation:

Giving the following information:

Sales= $485,000

Break-even point in dollars= $225,000

<u>To calculate the break-even point in sales dollars, we need to use the following formula:</u>

Margin of safety= (current sales level - break-even point)

Margin of safety= 485,000 - 225,000

Margin of safety= $260,000

5 0
3 years ago
Suppose that the U.S. Government decides to charge draft beer drinkers a tax. Before the tax, 35 million glasses of draft beer w
RUDIKE [14]

Answer:

$3 per glass

Explanation:

THe consumer are paying (9-6) per glass, so $3 higher.

Most other data in the question seems irrelevant.

7 0
3 years ago
With _____ outsourcing, an organization chooses an outsourcing company in the same country.
Lemur [1.5K]
Answer:  "onshore" .
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