<span>1. journalize the entry to record the amount of cash proceeds from the issuance of the bonds on july 1, 2016.
Cash 42,309,236 Discount on bonds payable 3,690,764 Bonds payable 46,000,000
</span><span>2. journalize the entries to record the following: a. the first semiannual interest payment on december 31, 2016, and the amortization of the bond discount, using the straight-line method. (round to the nearest dollar.
Interest Expense 2,327,007.98 Discount on Bonds Payable 92,269.10 Cash 2,234,738.88
b. the interest payment on june 30, 2017, and the amortization of the bond discount, using the straight-line method. (round to the nearest dollar.
</span>nterest Expense 2,327,007.98 Discount on Bonds Payable 92,269.10 <span> Cash 2,234,738.88 </span><span> 3. </span><span>determine the total interest expense for 2016. </span>42,309,236 x 11% = 4,654,015.96 annual interest expense 4,654,015.96 x 6/12 = 2,327,007.98 semi annual expense
The supply of the product tend to be more inelastic when the prices of the goods are high. Supply inelasticity is caused by the sudden change of the price of goods needed to release the supply and more often than not, that change of price is a price hike; meaning, the increase of price reasonable or not.
A defined benefit pension plan is a type of pension plan where the employer gives a promise with respect to the particular pension payment that could be lumpsum for the retirement basis
Since in the question it is mentioned that the companies would not continue with the defined benefit plan and they move to the defined-contribution plans that save for the retirement so that it would create the more responsibility over the company due to this they would provide the retirement benefit but this statement is false as it is better to received the lumpsum amount
False Value Hardware began 2016 with a credit balance of $32,000 in the allowance for sales returns account.
Sales and cash collections from customers during the year were $650,000 and $610,000, respectively.
False Value estimates that 6% of all sales will be returned.
During 2016, customers returned merchandise for credit of $28,000 to their accounts.
False Value's 2016 income statement would report net sales of:
The closing balance in the allowance for sales returns account will be: 32,000 opening balance + 6% 0f 650,000 - sales returns within the year of 28,000 = $43,000
Hence Net Sales will be 650,000 - 43,000 = $607,000
