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Marina CMI [18]
3 years ago
14

When Congress passed a tariff in 1828, South Carolina tried to nullify it toa. To increase the price of exported and imported go

ods b. To assert the power of the state governments over the national government and to indicate that a state should have the ultimate authority over its citizens c. To indicate that a state should have the ultimate authority over its citizens d. To protect slavery e. To assert the power of the state governments over the national government
Business
1 answer:
nalin [4]3 years ago
5 0

To assert the power of the state governments over the national government and to indicate that a state should have the ultimate authority over its citizens

Answer: Option B.

<u>Explanation:</u>

In November 1832, the Nullification Convention met. The show announced the taxes of 1828 and 1832 unlawful and unenforceable inside the province of South Carolina after February 1, 1833. It was declared that endeavors to utilize power to gather the duties would prompt the state's withdrawal.

Calhoun, who restricted the government inconvenience of the duties of 1828 and 1832 and contended that the U.S. Constitution gave states the option to obstruct the authorization of a government law. In November 1832 South Carolina received the Ordinance of Nullification, pronouncing the duties invalid, void, and nonbinding in the state.

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On March 31, 2019, Brodie Corporation acquired bonds with a par value of $400,000 for $425,800. The bonds are due December 31, 2
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Answer:

1. March 31, 2019

Dr Investment in held-to-maturity debt securities

$413800

Dr Interest income $12,000

Cr Cash $425800

2. June 30, 2019

Dr Cash $12,000

Cr Investment in held-to-maturity debt securities

$300

Cr Interest income $11700

3. December 31, 2019

Dr Cash $24000

Cr Investment in held-to-maturity debt securities

$600

Cr Interest income $23400

2. Assets overstated

Profit overstated

Explanation:

1. Preparation of the journal entries for Brodie to record the purchase of the bonds and the first two interest receipts.

1. March 31, 2019

Dr Investment in held-to-maturity debt securities

$413800

Dr Interest income $12,000

(400000*12%*3/12)

Cr Cash $425800

(To record the purchase of held-to-maturity securities)

2. June 30, 2019

Dr Cash $12,000

(400000*12%*3/12)

Cr Investment in held-to-maturity debt securities

$300

[($12,000/10)*3/12]

Cr Interest income $11700

($12,000-$300)

(To record the interest and amortization)

3. December 31, 2019

Dr Cash $24000

(400000*12%*6/12)

Cr Investment in held-to-maturity debt securities

$600

[($12,000/10)*6/12]

Cr Interest income $23400

($24,000-$600)

(To record the interest and amortization)

2. Based on the information given assuming Brodie failed to SEPARATELY RECORD THE INTEREST AT ACQUISITION, the errors that would occur in the company’s financial statements would be OVERSTATED ASSETS in the balance sheet and the PROFIT would as well be OVERSTATED.

6 0
3 years ago
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