On November 1, 2010, Phillips Corporation raised $ 2,382,041.19 by issuing a five- year, $ 3,500,000 noninterest- bearing note. The amortization table for the note follows. Make the entries for the note from November l, 2010, to December 31, 2011.
Answer to relevant QuestionsUsing the information in E15.15, show how Phillips Corporation’s income statement and balance sheet report the impact of this note for the years ended December 31, 2010, and December 31, 2011. Scott Corporation issued a $ 100,000, eight- year, 7 percent note for cash on June 1, 2011. The note pays interest semiannually and the market rate of interest was 6 percent when the note was issued. Given this information, ...Burrell Industries’s board of directors authorized the issuance of $ 60,000,000 in 10- year, 9 percent bonds. The bonds are dated November 1, 2011, and interest is paid semiannually on May 1 and November 1. Burrell closes ...Distinguish between capital and revenue expenditures. What is a natural resource? What is depletion?
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