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Phoenix [80]
3 years ago
5

Sheridan Company issued $6,500,000 of 6%, 10-year bonds for $5,614,000. The straight line method of amortization is to be used.

The journal entry to be recorded at the end of each year to record the accrued interest and the amortization of discount will include a
Business
1 answer:
Mrac [35]3 years ago
5 0

Answer:

The solution of the given query is explained throughout the segment below.

Explanation:

The given values are:

Company issued amount,

= $6,500,000

Rate of interest,

= 6%

Time,

= 10 years

Now,

On bonds payable amortization, the discount will be:

= \frac{6,500,000 -5,614,000}{10}

= \frac{886,000}{10}

= 88,600 ($)

Interest expenses will be:

= (6,500,000\times 6 \ percent) + 88,600

= 390,000+88,600

= 478,600 ($)

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A homeseller wants to net $75,000. The commission is 9%, the loan payoff is $450,000, and closing costs are $36,000. What must t
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Answer:

The home must sell for $616,500 to be able to settle all costs

Explanation:

The net to the formula can be used to ascertain the price of the property , the formula is given below:

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A __________ is a group of products that are closely related because they satisfy a class of needs, are used together, are sold
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Angelo invested $4,000 into two accounts. One account paid 4% interest and the other paid 9% interest. He earns 6% interest on t
inn [45]

Answer:

$2,400 was placed in the account earning 4%, and $1,600 was placed in the account earning 9%

Explanation:

In this case, we have two unknowns, so in order to be solved, we need to find two equations.

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Also we know, when we add the interest earned on amount 1 to the interest earned on amount 2, the total interest is 6% of 4000, it means: 240

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<em>x + y = 4000</em>

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