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Ganezh [65]
3 years ago
11

Presented below is information related to Equipment owned by Bobcat Manufacturing, Inc. at December 31, 2019.

Business
1 answer:
Sonbull [250]3 years ago
7 0

Answer and Explanation:

The journal entries are shown below:

a. Loss on Impairment  Dr $ 3200,000  

             To Accumulated Deprecation  - equipment  $3,200,000

(Being the impairment loss is recorded)      

For recording this we debited the impairment loss as it increased the loss and credited the accumulated depreciation as it reduced the asset value

The computation is shown below:

Cost                                                                $7,000,000

Less: Accumulated depreciation to date    -$800,000

Carrying amount                                             $6,200,000

Less: Fair value                                              -$3,400,000

Loss on impairment                                        $2,800,000

b. Depreciation expense Dr  $850,000

               To Accumulated depreciation - equipment  $850,000

(Being the depreciation expense is recorded)

For recording this we debited the depreciation expense as it increased the expense and credited the accumulated depreciation as it reduced the asset value

The computation is shown below:

= $3,400,000 ÷ 4 years

= $850,000

c. No journal entry is required for increase in fair value

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5 0
2 years ago
Watters Umbrella Corp. issued 15-year binds two years ago at a coupon rate of 6.2 percent. The bonds make semiannual payments. I
Sholpan [36]

Answer:

YTM = 6.42%

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current market value = $1,000 x 98% = $980

n = (15 - 2) x 2 = 26

coupon = $1,000 x 6.2% x 1/2 = $31

face value = $1,000

YTM = [coupon + [(face value - market value)/n]} / [(face value + market value)/2]

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5 0
3 years ago
On october 31, 2009, sky co. borrowed $16 million cash and issued a 7-month, noninterest-bearing note. the loan was made by star
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Answer: Sky's effective interest rate on this loan is 8.39%.

In this question, we assume that interest is compounded annually.

Since Sky issues a non-interest bearing note, Star Finance will deduct 7 months' interest at 8% on the Face Value of the loan and pay the rest as principal to Sky.

Face value of the note            $16 million

Discount Rate p.a                        8%  

Tenure of the note                    7 months

Discount on Note = Face Value * Discount Rate * \frac{Tenure in months}{Months in a year}

Discount on Note = 16 * 0.08 * \frac{7}{12}

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Loan Amount received by Sky = 16 - 0.746666667

Loan Amount received by Sky = 15.25333333 million

So, Sky pays an interest of 0.746666667 on a sum of 15.25333333  for 7 months. This works out to a seven month interest of:

Seven month Interest Rate = \frac{Interest}{Loan amount}

Seven month Interest Rate = \frac{0.746666667}{15.25333333}

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From this we can work out the effective interest rate for Sky as follows:

Sky's Effective Interest Rate = Seven month interest rate * \frac{12}{7}

Sky's Effective Interest Rate = 0.048951049* \frac{12}{7}

Sky's Effective Interest Rate = 0.083916084

4 0
3 years ago
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