Book Title
10th Edition
ISBN: 9781337605656
Author: CROSS
Publisher: CENGAGE L
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Question
Chapter 10, Problem 1CT
Summary Introduction
Case summary:During the weekend, two homes and a business center were burgled. A day after this incident, cleaning personnel found a bag that belonged to one of the burglarized homes. Following the trails, the person S was arrested. The police found other stolen items in his possession. He claimed that he bought some of them from a person M or from a website.
To Find:The eligible person for; evaluating the truthfulness of the testimony and the credibility of witnesses, and citing the reasons for the same.
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MCQ
Blockbuster Co is building a new state of the art Cineplex at a cost of
$3,500,000. They received a capital investment of $1,500,000. The remainder of
funds will have to be borrowed so they decided to issue bonds. They have
issued 10.5%, 5-year bonds. These bonds were issued on January 1st, 2020, and
pay semi-annual interest on July 1st and January 1st. The bonds yield 10%. The
year-end is December 31st.
Requirements: (Show all workings)
I. Calculate the proceeds from the sale of the bond. Clearly, show the
II.
III.
IV.
amount of the premium or discount and state two reasons, which
support the premium or discount calculated.
Prepare a bond amortization schedule for the bond's life.
Prepare all the journal entries for 2020, 2023 & 2025.
Assume that on July 1 2023, Blockbuster Co. retires the bond at a cost
of 1,065,000 plus accrued interest, if applicable. Prepare the journal
entry to record this retirement.
What is the net income during year 2 on these accounting question?
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