Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2021
Maturity amount and date: $290,000 due in 10 years (December 31, 2030)
Interest: 10 percent per year payable each December 31
Date issued: January 1, 2021

Required:
For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2021, financial statements immediately after the bonds are issued.

Miller company’s total sales are $171,000. the company’s direct labor cost is $20,520, which represents 30% of its total conversion cost and 40% of its total prime cost. its total selling and administrative expense is $25,650 and its only variable selling and administrative expense is a sales commission of 5% of sales. the company maintains no beginning or ending inventories and its manufacturing overhead costs are entirely fixed costs. required: 1. what is the total manufacturing overhead cost? 2. what is the total direct materials cost? 3. what is the total manufacturing cost? 4. what is the total variable selling and administrative cost? 5. what is the total variable cost? 6. what is the total fixed cost? 7. what is the total contribution margin?