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hi can you please help me with all these question. @ 1 74%. . 11:04 PM a courses.yorkvilleu.ca Question 1 Time Traveler Magazine completed the
hi can you please help me with all these question.
@ 1 74%. . 11:04 PM a courses.yorkvilleu.ca Question 1 Time Traveler Magazine completed the following transactions during 2016: Oct 31: Sold one-year subscriptions, collecting cash of $1,750, plus HST of 13%. Dec 31: Remitted (paid) HST to Canada Revenue Agency (CRA). Dec 31: Made the necessary adjustment at year-end 1. Journalize these transactions and then report any liability on the company's balance sheet at December 31st Question 4 On June 30, 2016, the market interest rate is 7%. Starship Enterprises issues $500,000 of 8%, 20- year bonds at 110.625. The bonds pay interest on June 30 and December 31. Starship amortizes bonds by the effective-interest method. 1. Record issuance of the bonds on June 30, 2016, the payment of interest at December 31, 2016, and the semi-annual interest payment or June 30, 2017. Question 5 Alliance Agreement Corporation is considering two plans for raising $2,500,000 to expand its current operations. The first plan involves the sale of $2,500,000, 8%, 10-year bonds sold at face value. The second plan involves selling 50,000 common shares at $50 each. Alliance Agreement Corporation currently has outstanding 200,000 shares of stock and net income of $900,000. Either plan is expected to generate additional income of $400,000 before interest and taxes. The income tax rate is 30%. 1. Calculate earnings per share for both plans. Question 6 Loki Corporation earned net income of $90,000 during the year ended December 31 2016. On December 15, Loki had declared the annual cash dividend on its $0.35 preferred shares (5,000 shares issued for $80,000) and a $0.40 per share cash dividend on its common shares (20,000 shares issued for $60,000). Loki then paid the dividends on January 4, 2017 1. Journalize the following for Loki Corporation: Declaring the cash dividends on December 15, 2016 Paying the cash dividends on January 4, 2017. 2. Did Retained Earnings increase or decrease during 2016? If so, by how much Step by Step Solution
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