Lance brothers enterprises acquired $695,000 of 3% bonds, dated july 1, on july 1, 2018, as a long-term investment. management has the positive intent and ability to hold the bonds until maturity. the market interest rate (yield) was 4% for bonds of similar risk and maturity. lance brothers paid $615,000 for the investment in bonds and will receive interest semiannually on june 30 and december 31. prepare the journal entries (a) to record lance brothers’ investment in the bonds on july 1, 2018, and (b) to record interest on december 31, 2018, at the effective (market) rate

Reqwest llc agrees to sell one hundred servers to social media networks, inc. the servers, which social media networks expressly requires to have certain amounts of memory, are to be shipped “f.o.b. social media networks distribution center in tampa, fl.” when the servers arrive, social media networks rejects them and informs reqwest, claiming that the servers do not conform to social media networks’ memory requirement. a few hours later, the servers are destroyed in a fire at social media networks’ distribution center. will reqwest succeed in a suit against social media networks for the cost of the goods?

Palmer frosted flakes company offers its customers a pottery cereal bowl if they send in 3 boxtops from palmer frosted flakes boxes and $1. the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 675,000 boxes of frosted flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. if the bowls cost palmer company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?

Shelly bought a house five years ago for $150,000 and obtained an 80% loan. now the home is worth $140,000 and her loan balance has been reduced by $12,000. what is shelly's current equity?