On January 1, Nicholas Corporation issued ($ 1,000,000), 14%, 5 -year bonds with interest payable on December
Question:
On January 1, Nicholas Corporation issued \(\$ 1,000,000\), 14%, 5 -year bonds with interest payable on December 31 . The bonds sold for \(\$ 1,072,096\). The market rate of interest for these bonds was \(12 \%\). On the first interest date, using the effective-interest method, the debit entry to Interest Expense is for:
a. \(\$ 120,000\).
b. \(\$ 125,581\).
c. \(\$ 128,652\).
d. \(\$ 140,000\).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
c The debit to Interest Exp...View the full answer
Answered By
Larlyu mosoti
I am a professional writer willing to do several tasks free from plagiarism, grammatical errors and submit them in time. I love to do academic writing and client satisfaction is my priority. I am skilled in writing formats APA, MLA, Chicago, and Harvard I am a statistics scientist and I can help out in analyzing your data. I am okay with SPSS, EVIEWS, MS excel, and STATA data analyzing tools.
Statistical techniques: I can do linear regression, time series analysis, logistic regression, and some basic statistical calculations like probability distributions. . I'm ready for your working projects!
Services I would offer:
• Academic writing.
• Article writing.
• Data entry.
• PDF conversion.
• Word conversion
• Proofreading.
• Rewriting.
• Data analyzing.
The best reason to hire me:
- Professional and Unique work in writing.
- 100% satisfaction Guaranteed
- within required time Express delivery
- My work is plagiarism Free
- Great communication
My passion is to write vibrantly with dedication. I am loyal and confident to give my support to every client. Because Client satisfaction is much more important to me than the payment amount. A healthy client-contractor relationship benefits in the longer term. Simply inbox me if you want clean work.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Tools For Business Decision Making
ISBN: 9781119191674
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
Step 2 - Journalize the transactions Record the transactions for Sharpe Inc. in the general journal. There is no journal form provided, you will need to use your own journal forms or print some from...
-
CRM has changed aviation to make air travel safer for everyone. CRM skills are always improving and courses and refresher courses are always improving. explain where you see CRM in the next 20 years....
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
A Monica who is aged 54, is employed as a Senior Manager with Abacus, a large accounting firm based in Sydney. During the 2020 tax year Abacus contributed $20,000 into QRest Super, which Monica...
-
A point (a, b) on the graph of y = f (x) is given, and the equation of the line tangent to the graph of f (x) at (a, b) is given. In each case, find f'(a) and f(a). 1. (4, - 11); 7x - 3y = 61 2. (-1,...
-
The field K = Q(2, 3, 5) is a finite normal extension of Q. It can be shown that [K : Q] = 8. Compute the indicated numerical quantity. The notation is that of Theorem 53.6. {K : Q} Data from 53.6...
-
What are the dangers inherent in using general-purpose accounting data for various different decisions? How might these be overcome?
-
In business circles, one frequently hears references to the old boy network. Many women in professional firms complain that their gender precludes them from becoming a member of the old boy network...
-
USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (5) QUESTIONS: Magic Cleaning Services has a fiscal year end of December 31st. It is in its first year of operations. As of December 31, Magic has the...
-
Sampson Corp. purchased a piece of equipment by issuing a \(\$ 20,000,6 \%\) installment note payable. Quarterly payments on the note are \(\$ 1,165\). What will be the reduction in the principal...
-
On January 1, Holly Ester Inc. issued \(\$ 1,000,000\), 10 -year, \(9 \%\) bonds for \(\$ 938,554\). The market rate of interest for these bonds is \(10 \%\). Interest is payable annually on December...
-
Evaluate the limit. lim (tan x) x(T/2)- cos x
-
A survey of 214 of the seniors graduating with a bachelor of science degree from a university found that 15% planned to obtain entry-level jobs in the health field. In Exercises 2534, identify the...
-
In January 2021, 54% of the governors of the 50 states in the United States were Republicans. In Exercises 3542, determine whether the number describes a population parameter or a sample statistic....
-
A market research company maintains a database of applications of 3-D printing in industry worldwide. It records which industry the application is used in, whether the material used is a metal alloy...
-
You are planning an audit sample for confirmation of accounts receivable. The aged trial balance of receivables after removal of individually significant items has a remaining population of...
-
For each one of the following statements indicate whether the statement is true or false. a. Decisions about the nature of auditing procedures to be applied are confined to selecting the particular...
-
Kaui Surf Boards is seeking to raise capital from a large group of investors to expand its operations. Those investors currently hold the S&P 500 index, which has a standard deviation of 18% and...
-
APC16550D UART has a clock running at18.432 MHz and its baud rate is set to 2000.Determine the HEX contents of its DLM and DLL registers. Please can you explain step by step and in detail how you get...
-
Hangzhou Corporation had the following selected transactions in the month of November. The company adjusts its accounts monthly. 1. Hangzhou has a biweekly payroll of $6,000. Salaries are normally...
-
The following independent events for Repertory Theatre Ltd. during the year ended December 31, 2015, require a journal entry or an adjusting journal entry, or both. The company adjusts its accounts...
-
A review of the ledger of Greenberg Corporation at October 31, 2015, produces the following unadjusted data for the preparation of annual adjusting entries: 1. Prepaid Advertising, October 31...
-
Cobe Company has already manufactured 21,000 units of Product A at a cost of $15 per unit. The 21,000 units can be sold at this stage for $500,000. Alternatively, the units can be further processed...
-
The May 2018 revenue and cost information for Boise Outfitters, Inc. follows: (Click the icon to view the revenue and cost information.) Prepare a standard cost income statement for management...
-
Problem 13 Jon's Auto Parts Ltd. is a CCPC which manufactures small equipment, was incorporated in 2006, and had the following balances in its records concerning its capital assets as at January 1,...
Study smarter with the SolutionInn App