Answer:
I have formulated the answer in the table and the table is attached in the attachment please refer to the attachment 1.
Explanation:
<em>Please refer to the attachment 1. And here is the explanation</em>
Inherited property is the property which is transferred to ones beloved after she/he passes away or makes a will, so statement A, E and F are inherited properties.
Purchased property are the ones that one acquires after paying certain price of the good, so B is purchased property.
Abandoned property is the goods or intangible thing left somewhere and the owner is not known, so statement C and D are abandoned properties.
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Answer:
Jan. 1
Dr Cash $210,000
Cr Bonds Payable $210,000
Dec. 31
Dr Loss on Bond Redemption $4,200
Bonds Payable $210,000
Cr Cash $214,200
Explanation:
Porter Incorporated Journal entries
Jan. 1
Dr Cash $210,000
Cr Bonds Payable $210,000
Dec. 31
Dr Loss on Bond Redemption $4,200
Bonds Payable $210,000
Cr Cash $214,200
(102%×$210,000=$214,200)
Answer:
So book value at the end of December will be $9676
Explanation:
We have given amount of the bond = $10000
Rate of interest = 8 %
So interest paid Interest paid = 10000×0.08 = 800
Issue price = $9611
Effective interest rate = 9 %
Interest expense = 9611×0.09= 865
Discount amortization = 865-800 = 65
Book value at the end of December 31,2019 = 9611+65 = 9676
When it has a small population
