Answer:
Explanation:
FASB Accounting Standards CodificationTM(Codification) will become the source of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. On the effective date of this Statement, the Codification will supersede all then-existing non-SEC accounting and reporting standards. All other nongrandfathered non-SEC accounting literaturenot included in the Codification will become nonauthoritative. This Statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009.
Answer:
Please see journal entries below
Explanation:
The entries below are made in the books of Farmland Corporation, the issuer of the bond.
Upon redemption, journal entries would be as follows.
Debit: Bond Account $396,000 (cash paid to bond investors)
Credit: Cash/Bank Account $396,000 (cash paid to bond investors)
Debit: Profit/Loss Account $8,000 (premium paid over carrying value of bond, calculated below: )
Credit: Bond Account $8,000 (premium paid over carrying value)
Premium over carrying value is calculated as follows:
Redemption value - carrying value
= 
=
= $396,000 - $388,000
= $8,000
Answer:
In order to make the distribution to common shareholders, each preferred share must be paid a dividend of:
$5 per share.
Explanation:
The preferred stock is non-cumulative. This implies that XYZ's preferred stockholders are not being owed for the previous two year's dividend that was not paid. Non-cumulative preferred stock does not attract dividend arrears whenever it was not declared. It is cumulative preferred stock that attracts such arrears to be carried forward until they are paid.
Answer:
multinational company
Explanation:
According to my research on different types of organizations, I can say that based on the information provided within the question the type of organization being described is called a multinational company. Like mentioned in the question this is a type of organization that has some sort of control or facilities within other countries as opposed to only it's home/originating country. Coca-Cola can be an example of this.
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