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MariettaO [177]
3 years ago
13

ack and Jackie had been living together in Kansas for about a year. Jack wanted to marry Jackie, so he bought a $10,000 engageme

nt ring and romantically gave it to her when they went out to dinner. She accepted his proposal of marriage and the ring and went about arranging their wedding ceremony for about six months later. She had to make several non-refundable deposits. But about 3 weeks before the wedding, without any explanation Jack called off the engagement and demanded that Jackie return the engagement ring, which she refused to do. Is Jack entitled to get the ring back or can Jackie keep it? For up to 20
Business
1 answer:
Dahasolnce [82]3 years ago
8 0

Answer:

Jack is NOT entitled to get the ring back and Jackie keep it.

Explanation:

A Contract existed between Jack and Jackie and the ring was given to Jackie after <u>the acceptance of a marriage proposal</u> because 'she accepted his proposal of marriage'. Therefore there is an oral enforceable contract in place.

Another thought or evidence in support of Jackie's position is the fact they had lived together for over a year, hence <u>it is more likely than not that a marriage intention must have been in place</u>.

Furthermore, Jack cannot be entitled to get back the ring because in the United States <u>statute of frauds also cover a prenuptial agreement</u>

<u>Therefore, for Jack to enforce any position or claim of the ring, there must be an agreement to prove that  (something in writing), that Jackie had signed; stating that she would return the ring if he changed his mind.</u>

In the scenario, that condition is not present and Jackie would keep the ring.

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Bringham Company issues bonds with a par value of $540,000 on their stated issue date. The bonds mature in 6 years and pay 9% an
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Answer:

1. $24,300

2. 12

3. the bond is trading at a discount.

4. $470,090.86

5. <u>Journal Entry</u>

Cash $470,090.86 (debit)

Bond Payable $470,090.86 (credit)

Explanation:

<u>1. seml-annual Interest payment</u>

Seml-annual Interest payment = ($540,000 × 9 %) ÷ 2

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<u>2. Number of seml-annual Interest payment</u>

Number of seml-annual Interest payment = 6 years × 2

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<u>3. Issue</u>

The annual market rate for the bonds (YTM) ,  12% is greater than the coupon rate of the bond 9%.

The Price will be less than the par value and we say that the bond is trading at a discount.

<u>4. Computation of the Issue Price, PV</u>

PMT = $24,300

n = 12

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FV = $540,000

p/yr = 2

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Using a Financial Calculator, the Issue Price, PV is $470,090.86

<u>5. Journal Entry</u>

Cash $470,090.86 (debit)

Bond Payable $470,090.86 (credit)

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