Mr. and mrs. smith, an elderly couple, had no relatives. when mrs. smith became ill, the smiths asked a friend, henrietta, to with various housekeeping chores, including cleaning and cooking. although the smiths never promised to pay her, henrietta performed the chores for eighteen months. henrietta now claims that she is entitled to the reasonable value of the services performed. is she correct? explain.
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On january 1, year 1, purl corp. purchased as a long-term investment $500,000 face amount of shaw, inc.’s 8% bonds for $456,200. the bonds were purchased to yield 10% interest. the bonds mature on january 1, year 6, and pay interest annually on january 1. purl uses the effective interest method of amortization. what amount (rounded to nearest $100) should purl report on its december 31, year 2, balance sheet for these held-to-maturity bonds?
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Mr. and mrs. smith, an elderly couple, had no relatives. when mrs. smith became ill, the smiths aske...
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