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20 Nelson and Murdock, a law firm, sells $8,000,000 of four-year, 8% bonds priced to yield 6.6%. The bonds are dated January 1, 2026, but due to some regulatory hurdles are not issued until March 1, 2026. Interest is payable on January 1 and July 1 each year. The bonds sell for $8,388,175 plus accrued interest. In mid-June, Nelson and Murdock earns an unusually large fee of $11,000,000 for one of its cases. They use part of the proceeds to buy back the bonds in the open market on July 1, 2026 after the interest payment has been made. Nelson and Murdock pays a total of $8,456,234 to reacquire the bonds and retires them. Required1.    The issuance of the bonds—assume that Nelson and Murdock has adopted a policy of crediting interest expense for the accrued interest on the date of sale.2.    Payment of interest and related amortization on July 1, 2026.3.    Reacquisition and retirement of the bonds.

13 Which of the following is correct about the difference between basic earnings per share (EPS) and diluted earnings per share?   Question 13 options:   Basic EPS uses comprehensive income in its calculation, whereas diluted EPS does not.   Basic EPS is not a required disclosure, whereas diluted EPS is required disclosure.   Basic EPS uses total common shares outstanding, whereas diluted EPS uses the weighted-average number of common shares.   Basic EPS is not adjusted for the potential dilutive effects of complex financial structures, whereas diluted EPS is adjusted.

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General Accounting Question Solution

Which is not an objective of internal controls?A. Safeguard assetsB. Improve profitsC. Ensure accurate recordsD. Promote operational efficiency