Butler, Inc. paid $90,000 to retire a note with a face value of $99,600 . The note was issued with an 8% coupon rate paid semiannually. The note was three years from maturity and had a net book value of $81,840 . What is the net gain or loss on the redemption of the note? Select one: a. $9,600 loss b. $9,600 gain c. $8,160 gain d. $8,160 loss e. None of these are corr

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A: Cash: Cash is the money that is readily available in the form of currency. Since cash can be easily…

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A: Journal entry on 07/1/20 , 12 /31/ 20  are as follows

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Q: Halep Inc. borrowed $54,000 from Davis Bank and signed a 4-year note payable stating the interest…

A: Given: Period = 4 years Payment = $14,876.46 Loan = $54,000 Interest rate = 4%

Q: Find i.

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A: Simple interest is quite simple and only there is interest on the pricipal amount and there is no…

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A: It is pertinent to note that under the accrual basis of accounting transactions are recorded as and…

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A: Annual payment = $16,000Rate = 6%Number of years = 4 years

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A: The interest amount to be received by the company shall be considered while calculating the amount…

Q: Required information [The following information applies to the questions displayed below.] On…

A: The accounting equation is sum of assets=sum of liabilities and owner's equity. The items of income…

Q: LISA Corp. received from MIK Corp. a one-year, $375,000 note bearing annual interest of 8%. After…

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Q: Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight…

A: Introduction: Non current liability: The liabilities which are to be paid more than 1 year period of…

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A: Requirement a:   Prepare an amortization table.

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Q: A Company borrowed money from a local bank. The note the company signed requires five annual…

A:

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A: FUTURE VALUE  Future value is the value of an asset at a specific date.  Future value is the value…

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A: Payment should be credit by cash. Interest expense and LT notes payable is debited.

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A: 1.The Note payable is one of the  form of liability of an business which needs to be settled either…

Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: Solution :  Calculate the PV of the Ordinary Annuity: Payment $10,000 n 5 i   7% Present…