Answer:
b. credit to Cash $60,000.
Explanation:
Given that:
Hurley Corporation issues the principal amount of $500,000
Time = 5 years
Rate = 12% at 96 with interest payable on January 1
Discount on issue =500000 × (1 - 0.96) = 20000
Annual discount amortization= 20000/5 = 4000
Interest payable = 500000× 12% = 60000
From the information given in the question; we can have a journal entry to determine the what the straight-line method will include.
So, let have a look at the table below:
Discount on issue 20000
Annual discount 4000
amortization
Debit Credit
Interest expense 64000
Discount on Bonds payable 4000
Interest payable 60000
Now; The January 1 entries will now be as follows:
Debit Credit
Interest payable 60,000
Cash 60,000
Thus; The entry on January 1 to record payment of bond interest assuming amortization of bond discount used the straight-line method will include a: <u>Credit to cash $60,000</u>
<span>Corporate Social Responsibility (CSR) can be described as an approach of business that contributes to continuous development of business by providing/delivering economic, environmental and social benefits to all the stakeholders of the company. CSR means that a corporation should take accountability of its actions on people, community and the environment in which it exists.</span>
Answer:
Deferred tax asset balance on December 31, 20X3 = $115,500
Explanation:
The computation of the amount of deferred income taxes should Mill report is shown below:
<u>Year Tax purpose Book purpose Difference Deferred tax book
</u>
20X1 $400,000 $0 $400,000 $84,000
20X2 $625,000 $375,000 $250,000 $52,500
20X3 $750,000 $850,000 ($100,000) ($21,000)
Deferred tax asset balance on December 31, 20X3 = $115,500
Answer:
O The size of the labor force is 40 million
Explanation:
Given:
Participation rate is 75%
Unemployment rate is 10%
Employment rate is 67.5%
The number of employed is 27 million.
As the employment rate is 67.5% of the size of the labor force which means that 27 million people are employed, we can say that number of people are employed equals to 67.5 percent of the total size of the labor force and we can write it numerically as:
27 = size of the labor force 
67.5%
27 = size of the labor force
27 = size of the labor force 
Dividing both side by 0.675
Size of the labor force = 40 million
Therefore, (O The size of the labor force is 40 million) option is correct.
