Answer:
A. $153,000
Explanation:
The Journal Entry is shown below:-
Property Dr, $1,173,000
To Treasure stock $1,020,000
To additional paid-in-capital $153,000
The computation is given below:-
For Property
= 25,500 × $46
= $1,173,000
For Treasure stock
= 25,500 × $40
= $1,020,000
For Additional paid-in-capital
= $1,173,000 - $1,020,000
= $153,000
Answer:
(a) His AGI is $103,300.
$2,000 since only one of your daughters qualifies for the child tax credit (must be under 17 at year end).
(b) His AGI is $426,200.
$2,000 - (27 x $50) = $2,000 - $1,350 = $650
For 2018, the income threshold to qualify for the child tax credit increased to $400,000, and it starts to fade away up to $440,000. It phases out $50 per each $1,000 of additional AGI.
(c) His AGI is $428,900, and his daughters are ages 10 and 12.
($2,000 x 2 children) - (29 x $50 x 2 children) = $4,000 - $2,900 = $1,100
Voluntary exchange is the actions of buyers and sellers freely coming together in the marketplace to buy and sell goods. They are not restricted or told what to buy, how to buy it, or how much, by the government or any other regulator.
Answer:
1. $550,000
Explanation:
1. It is given in the question that the stated interest rate and the market interest rate both are having the same rate, i.e, 12%.
Hence, the bonds are issued at the face value that is $550,000.
2. The Journal entries are as follows:
(i) On January 1,
Cash A/c Dr. $550,000
To bonds payable $550,000
(To record the bond issuance)
(ii) On December 31,
Interest Expense A/c Dr. $66,000
To cash A/c $66,000
(To record the first interest payment on December 31 assuming no interest has been accrued earlier in the year)
Workings:
Interest expense = $550,000 × 12%
= $66,000
Brainstorming.
Brainstorming is the process in which you'll start thinking about what you'll wrte, how, etc.
Hope it helped,
BioTeacher101
