Business, 06.03.2020 23:35 lyly214

On May 1, 2018 ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on january 1 and july 1, for $1,406,500 plus accrued interest. The bonds mature on January 1,2024. Amortization is recorded when interest is received by the straight-line method (by months and round to the nearest dollar). (Assume bonds are available for sale)Required:(a) Prepare the entry for May 1, 2018.(b) Complete the Interest Revenue Received and Bond Amortization Schedule.(c) The bonds are sold on November 1,2019 for $1,412,500 plus accrued interest. Prepare all entries required to properly record the sale.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 04:00

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

Answers: 2

Answer

Business, 22.06.2019 04:30

4. the condition requires that only one of the selected criteria be true for a record to be displayed.

Answers: 1

Answer

Business, 22.06.2019 05:30

Eliza works for a consumer agency educating young people about advertisements. instead of teaching students to carefully read advertisement claims, she encourages them to develop a strong sense of self and to keep their life goals and dreams separate from commercial products. why might eliza's advice make sense?

Answers: 2

Answer

Business, 22.06.2019 12:10

Laws corporation is considering the purchase of a machine costing $16,000. estimated cash savings from using the new machine are $4,120 per year. the machine will have no salvage value at the end of its useful life of six years and the required rate of return for laws corporation is 12%. the machine's internal rate of return is closest to (ignore income taxes) (a) 12% (b) 14% (c) 16% (d) 18%

Answers: 1

Answer

You know the right answer?

On May 1, 2018 ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on january 1 and...

Questions