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mixas84 [53]
3 years ago
11

On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note. Interest was payable at maturi

ty. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period.
Business
1 answer:
taurus [48]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below:

Cash $84,000,000  

         To Notes payable  $84,000,000

(Being issuance of the note is recorded)

Interest expense($84,000,000 × 15% × 3 ÷ 12) $3,150,000  

          To Interest payable  $3,150,000

(Being interest expense is recorded)

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1 year ago
Black Diamond Company produces snow skis. Each ski requires 2 pounds of carbon fiber. The company’s management predicts that 6,1
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Answer:

Production for the third quarter   159,500

Explanation:

Sales for the period           161,000

Desired ending inventory    4,600

Total production needs     165,600

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Production for the third quarter   159,500

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3 years ago
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saveliy_v [14]

Answer:

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Explanation:

3 0
3 years ago
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A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office bu
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Answer:

$651,300

Explanation:

Cost of an item of property, plant and equipment comprises of purchase price and any cost directly attributable to bringing the asset to the location and condition for operation as intended by management.

<u>Calculation of the cost of  purchase of the land:</u>

Purchase price                            $ 620,000

Demolition of the old building      $ 23,000

Land preparation and leveling       $ 8,300

Cost of  purchase of the land       $651,300

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3 years ago
Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expens
algol [13]

Answer:

30 months

Explanation:

expenses is 2000 and she wants to save for 6 months of them so 2000x6= 12000 10% of 4000 is 400 so we divide 400 into 12000 and get the awnser 30 months

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2 years ago
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