Question 1 of 6 < > 0.93 / 8 View Policies Show Attempt History Current Attempt...
ssignment #5: Chapter 6 Gradebook 13.35/ Question 7 View Policies Show Attempt History Current Attempt in Progress On March 1, 2020, Carla Vista Company sold goods to Tamarisk Inc. for $654.000 in exchange for a five-year, zero-interest- bearing note in the face amount of $1.053.274. The goods have an inventory cost on Carla Vista's books of $406.000. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY...
View Policies Show Attempt History Current Attempt in Progress Nash's Steelers Inc. (MSI) is a steel manufacturing company located in Ontario. On November 1, 2018, MSI acquired land on which it constructed a facility for steel manufacturing purposes. Since its manufacturing process produces excessive waste, the government of Ontario has imposed a requirement for MSI to clean up property. As part of its agreement with the province of Ontario, MSI is allowed to operate on this site for only 15...
View Policies Current Attempt in Progress On January 1, 2017. Tamarisk Corporation issued $560,000 of 7% bonds, due in 10 years. The bonds were issued for $601,659, and pay interest each July 1 and January 1. The effective-interest rate is 6%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Tamarisk uses the effective-interest method. (Round intermediate calculations to 6 decimal places , eg. 1.251247...
Next > Question 1 0/1 View Policies Show Attempt History Current Attempt in Progress On January 1, 2021. Buffalo Ltd. issued bonds with a maturity value of $5.40 million for $5.175.360, when the market rate of interest was 7%. The bonds have a contractual interest rate of 6% and mature on January 1, 2026. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. On January 1, 2021. Sunland Company, a public company purchased...
Question 8 0.67/1 View Policies Show Attempt History Current Attempt in Progress Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume...
View Policies Show Attempt History Current Attempt in Progress Sandhill Co. issued $310,000 of 8 % , 20- year bonds on January 1, 2022, at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit...
Question 7 of 7 7 0.5/ 13 View Policies Show Attempt History Current Attempt in Progress Visage Cosmetics, a public company, acquires 40% of Marin Inc's 26,600 common shares for $17 per share on January 2, 2021. On June 15, Marin pays a cash dividend of $26,600. On December 31, Marin reports profit of $382,800 for the year. At December 31, Marin shares are trading at $22 per share. Your answer is correct. Prepare the required journal entries to record...
Question 2 0.88/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. On January 1, 2020, Flint Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). The company has to pay 12% interest for funds from its...
Question 2 0.79/1 View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. On January 1, 2020, Kingbird Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $270,000 (interest payable annually). The company has to pay 12% interest for funds from...
On July 1, 2020 Pronghorn Limited issued bonds with a face value of $980,000 due in 20 years, paying interest at a face rate of 10% on January 1 and July 1 each year. The bonds were issued to yield 11%. The company’s year-end was September 30. The company used the effective interest method of amortization. Using 1. factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the premium or discount on the bonds. (Round factor values...