The JEM Corporation's fiscal year ends on December 31". On July 1, 2016, JEM authorized $1,000,000 of six-percent, eight-year, callable debentures, scheduled to pay interest annually on cach June 30th. On November 30, 2017, JEM issued half of the bonds, at a premium of $27,650, in return for both cash and a building that had a fair value of $250,000. All interest accrued to the issuance date was also paid in cash by the lender.
On March 1, JEM paid all interest due to date and then (1) called one-half of the bonds, paying each investor $1.200 for each bond held, and (ii) converted the remaining bonds into 2,000 shares of JEM's $100 par value preferred stock.

Although you may wish to understand all the journal entries made from the authorization date to redemption of The JEM Corporation's bonds, provide only the journal entries related to the bonds on July 1, 2016, November 30, 2017, and March 1, 2019.

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

1) u.s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u.s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.

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