On January 1 of the current year, a company issued bonds dated January 1 with a par value of $600,000. The bonds mature in 5 years. The contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds are sold for $555,844. The company uses the straight-line method of amortization.
Required:
(a) Prepare the general journal entry to record the issuance of the bonds on January 1 of the currentyear.
(b) Prepare the journal entry to record the first interest payment on June 30 of the current year.

If a seller prepaid the taxes of $4,400 and the closing is set for may 19, using the 12 month/30 day method what will the buyer owe the seller as prorated taxes?

How are interest rates calculated by financial institutions? financial institutions generally calculate interest as (1) interest or (.

Horace society is planning its annual western fair raceway gala. the gala committee has assembled the following expected costs for the event: dinner (per person) $10 gaming token and program (per person) $2 prize payouts $4,300 tickets and advertising $800 private box suite rental $1,700 lottery licenses $200 the committee members would like to charge $40 per person for the evening’s activities.required: 1. what is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. assume that last year only 200 persons attended the dinner-dance. if the same number attend this year, what price per ticket must be charged in order to break even? 3. refer to the original data ($40 ticket price per person). prepare a cvp graph for the dinner- dance from zero tickets up to 600 tickets sold.