Assume that on July 1, 2021, Togo's Sandwiches Issues a $2.53 million, one-year note. Interest Is payable at maturity. Determine the amount of Interest expense that should be recorded In a year-end adjusting entry under each of the following Independent assumptions: (Enter your answers In dollars, not In mllllons. Do not round Intermedlate calculatlons. Round your answers to the
Assume that on July 1, 2021, Togo's Sandwiches Issues a $2.53 million, one-year note. Interest Is payable at maturity. Determine the amount of Interest expense that should be recorded In a year-end adjusting entry under each of the following Independent assumptions: (Enter your answers In dollars, not In mllllons. Do not round Intermedlate calculatlons. Round your answers to the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer both. This is part A and B
Transcribed Image Text:Assume that on July 1, 2021, Togo's Sandwiches Issues a $2.53 mllion, one-year note. Interest Is payable at maturity. Determine the
amount of Interest expense that should be recorded In a year-end adjusting entry under each of the following Independent
assumptions: (Enter your answers In dollars, not In mllllons. Do not round Intermedlate calculatlons. Round your answers to the
nearest dollar amount.)
Fiscal Year
Interest
Expense
Interest Rate
End
1.
9 %
December 31
2.
10 % September 30
3.
5 %
October 31
4.
7%
January 31
Transcribed Image Text:On December 2, Coley Corp. acquired 1,500 shares of Its $5 par value common stock for $21 each.
On December 20, Coley Corp. resold 1,100 shares for $11 each. Whlch of the following Is correct regarding the journal entry for the resold shares?
Multiple Cholce
Credit Additional Pald-in Capital $6,600
Credit Treasury Stock $12,100
Credit Treasury Stock $23,100
Debit Cash $$16,500
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