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intermediate accounting volume 2

Intermediate Accounting Volume 2 5th Edition Thomas H. Beechy - Solutions

Refer to the facts of A14-28.Data From Assignment14-28Clean Energy Ltd. began 20X2 with shareholders’ equity as follows:The company’s tax rate is 40%. In 20X2, the company reported transactions that affected equity accounts:1. Common shares, 2-for-1 stock split.2. Common shares, 91,000 shares
Boxwood Corp. had the following transactions for the year ended March 20X6:1. A cash dividend of $217,000 was declared and paid.2. 70,000 additional common shares were issued in exchange for a property. The land was valued at $1,450,000. Common shares have been trading, on average, for $23.50 per
Zu Corp. has the following items in shareholders’ equity at 31 December 20X8:The following transactions and events happened in 20X9, in chronological order:a. A cash dividend of $38,000 was declared and paid.b. 4,000 additional common shares were issued for land. The land was valued at $50,000,
The following transactions may change an account in shareholders’ equity in some way:a. Declare and issue a 2-for-1 stock split.b. Record donated building.c. Acquire treasury shares.d. Record a decrease in the value (an unrealized loss) of FVOCI investments carried at fair market value.e. Declare
Howard Corp. is a publicly owned company whose shares are traded on the TSX. At 31 December 20X4, Howard had unlimited shares of no-par-value common shares authorized, of which 15,000,000 shares were issued. The shareholders’ equity accounts at 31 December 20X4 had the following balances:During
Robinson Industries reported the following statement of shareholders’ equity for the year ended 31 December 20X7:Required:1. What is the nature of AOCI? Where does it appear in the financial statements?2. Earnings were $1,980. How much is comprehensive income?3. What amount was paid to retire
Below is a partially completed statement of changes in equity for Torino Capital Ltd. (in thousands of dollars).Required:Complete the statement of changes in equity to reflect the transactions and events described. Balance at 1 January 20X1 Comprehensive income, including earnings of $871 and
The following statement of changes in shareholders’ equity summarizes various equity transactions that occurred during 20X2:Required:Journalize the transactions in the statement of shareholders’ equity. For earnings, close the income summary to retained earnings. MORGAN CORPORATION Changes in
On 1 January 20X0, Reez reported the following in shareholders’ equity:The following transactions occurred during the year and have not yet been accounted for (in the order presented):1. Recorded earnings were $309,450.2. FVOCI investments with a fair value of $239,000 at the beginning of the
During 20X7, Greens Ltd. reported the following:a. FVOCI investments with a recorded fair value of $455,000 were sold for $500,500. The original cost of these investments had been $200,000 in 20X5. Accumulated gains are transferred to retained earnings but are not a component of income or
Tunito Corp., a public corporation, purchased equipment on 1 March and on the same day arranged for the supplier to begin customizing the equipment to meet Tunito Corp.’s specific needs. A payment was made to the supplier on 1 March in the amount of $260,000. On 30 April the supplier completed
Jerrow Corp. has recorded $520,000 of total interest expense from $9,500,000 of general borrowing, which consists of short-term bank debt of $1,500,000 and an $8,000,000 bond payable. Other financing for the company’s $14 million operation was sourced through equity financing, which has an
Use the facts from TR13-5.Data From TR13-5Cumming Corp. issues a $6,000,000, 5% bond on 1 April 20X3. At this time, market interest rates are in the range of 6%. The bond had a 10-year life from 1 April 20X3, and paid interest semiannually on 31 March and 30 September.Required:Prepare an
Refer again to the data in A17-6.Data From A17-6Tyler Toys Ltd. reported the following:Required:1. Provide the journal entry to record the benefit of the tax loss in 20X5, assuming that the tax loss is first used as a tax loss carryback and the remainder is available as a tax loss carryforward. Be
Moon Ltd. reported the following:Required:1. What is the amount of the taxable income or loss in each year?2. How much is the tax refund to be claimed in 20X8?3. What is the amount of the loss carryforward at the end of 20X8?4. Repeat requirements 1–3 based on the assumption that Moon decides to
Jupiter Ltd. reported the following:Required:1. What is the amount of the taxable income or loss in each year? What is the amount of the loss carryforward at the end of 20X8?2. Prepare a journal entry for income tax for 20X8 assuming probability of loss carryforward use is low.3. Repeat
Saturn Ltd. began operations in 20X3. For the first six years of operations, the company had the following pre-tax net earnings (loss):There have been no temporary differences between pre-tax accounting income and taxable income.In all years, the probability of loss carryforward use was
Remnant Inc. is a public company that reports under IFRS and has a 31 December year-end. Over the past three years the company has reported taxable income and paid taxes as follows:At the end of 20X7, Remnant Inc. reported a deferred tax liability on its SFP of $57,000, which relates to the
Senior Home Living (SHL) is a Canadian-based corporation located in British Columbia. SHL provides senior living residences across Canada. The company was incorporated in 1975, and has been successful ever since. The company has enjoyed considerable growth due to the insight of its management team
Melinda Ltd. had a gross $100,000 loss carryforward at the end of 20X6. This gross loss carryforward increased to $140,000 at the end of 20X7. In 20X8, $50,000 of the LCF was used. The enacted tax rates, enacted in the year to which they pertain, were 25% in 20X6, 27% in 20X7, and 28% in
Mercury Ltd. reported earnings of $75,000 in 20X9. The company has $55,000 of depreciation expense this year, and claimed CCA of $90,000. The tax rate was 25%. At the end of 20X8, there was a $10,000 loss carryforward reported in a deferred tax asset account valued at $2,200, and a deferred tax
Sol Ltd. reported earnings of $400,000 in 20X8. The company has $80,000 of depreciation expense this year, and claimed CCA of $120,000. The tax rate was 28%. At the end of 20X7, there was a $100,000 loss carryforward that was not recorded because use was considered less than probable. The company
Premium Blinds Ltd. specializes in the manufacture of custom and pre-finished blinds and drapes for windows and doors. The firm was founded by Bill Khadim, who retired 10 years ago and now lives in Orlando, Florida. When he retired, Bill assigned 60% of the shares of the corporation to Sara Khadim,
The following data is related to Cold Brook Resources Ltd.:During the year, the following transactions took place:a. Earnings were $2,600,000.b. Cash dividends were paid.c. The common share fractional rights converted into common shares (80%), and the remainder (20%) lapsed.d. Common shares plus $2
Signs and Designs Inc. (SDI) is a company operating in the advertising industry. SDL provides companies with designs for new signage and company logos. The company has a profit-sharing plan whereby 25% of the company’s earnings before taxes are distributed to employees who have been with the
Information has been gathered for two contracts:Contract A Cell Talk Corp (CTC) recently entered into a two-year contract with a local shopping mall to set up a cell phone kiosk. For the duration of the contract, the kiosk will occupy 275 square feet of mall space and CTC has the ability to
Softle Corporation is a privately owned corporation that sells exercise equipment. During the year, the company entered into a strategic partnership with an entrepreneur looking to work with a bigger brand. As part of the arrangement, Softle Corporation issued 30,000 common shares in exchange for a
Abolique has recently gone through the process of issuing common shares. The following costs were incurred during the year:• Underwriting fees: $15,000• Professional fees (accounting and legal): $42,000• Management salaries related to the share issuance: $30,000• Printing fees (directly
Globile Corporate is a public corporation listed on the Toronto Stock Exchange. The company has three classes of shares, as follows:• Common shares (no par-value, unlimited authorized)• Series A preferred shares (no par value, $0.75 cumulative, nonparticipating)• Series B preferred shares (no
Jenga Services Ltd. is a Canadian public company that owns a variety of online media platforms.While each platform varies, the mission of Jenga is to publish relevant news content that addresses social and economic issues. The company also provides a variety of strategic consulting to companies
Value Production Corp. currently has a debt to equity ratio of 3.2-to-1, based on $16 million of debt and $5 million of equity. The company is looking to raise $2 million in new financing for an expansion plan. There is a debt covenant that requires the debt to equity ratio to be no higher than
Canada Resources Ltd. issued a 14-year, $15,000,000 debenture with an interest rate of 5%; cash interest is paid semi-annually. The market rate of interest for debt of similar size, risk, and term is 8%. The obligation can be satisfied at maturity either by cash or by issuing common shares valued
Twixt Corp. issued $5,000,000 of convertible bonds on 1 January for $4,790,000 cash. The bond had the following terms:• Bonds mature in five years’ time.• Annual interest, 5%, is paid each 31 December.• Bonds are convertible to 400,000 common shares at maturity or can be repaid in cash.
Rebelcork Minerals is a publicly traded company listed on the Toronto Stock Exchange. On 1 January 20X4, the company granted 40,000 stock options to 50 of its employees. Relevant information about Rebelcork Minerals on 1 January 20X4 and the share issuance is as follows:• Common Shares, no par
Listed below are six independent sources of deferred income tax. For each item, indicate whether the deferred income tax account from this source alone would be a debit or a credit. Item a. Accelerated amortization (CCA) for income tax and straight-line depreciation for accounting b. Estimated
Renat Mehali is a junior accountant, working in the same group as you at your public accounting firm, P&A Partners. Renat looks up to you and often turns to you for guidance and mentorship. Renat is studying for her final CPA certification board examinations and is making connections
Fellows Inc. started operations on 1 January 20X8 and purchased $2,000,000 of equipment. The income tax rate was 40% in 20X8 and 38% in 20X9. The following is information related to 20X8 and 20X9:Required:1. Prepare all income tax journal entries for 20X8 and 20X9.2. What are the deferred tax
The records of Samuel Corp. provided the following data at the end of years 1 through 4 relating to income tax allocation:The above amounts include only one temporary difference; no other changes occurred. At the end of year 1, the company prepaid an expense of $45,000, which was then amortized for
Dauphinee DL Corp. plans to purchase 100,000 shares of Santos Technology Ltd., a publicly traded company. Dauphinee has signed a contract to acquire the shares from Holding Co. in 90 days, after certain approvals are obtained; these approvals are routine but time consuming. The agreed-upon price
The records of Boomer Corp., in its first year of operation, at the end of 20X8, provided the following data related to income taxes:a. Golf club dues expense in 20X8, $10,000, properly recorded for accounting purposes but not tax deductible at any time.b. Investment revenue in 20X8, $325,000,
Lin Ltd. reported the following:Required:1. What is the amount of the taxable income or loss in each year?2. How much is the tax refund to be claimed in 20X8?3. How much is tax expense (recovery) in 20X8, assuming that use of the loss carryforward is not probable? Earnings (loss) Depreciation
Penguin Corp. reported accounting earnings before taxes as follows: 20X6, $675,000; 20X7, $57,000. Taxable income for each year would have been the same as pre-tax accounting income except for the tax effects, arising for the first time in 20X6, of $7,200 in rent revenue, representing $1,200 per
Cell Image Corp. reported a deferred tax liability of $120,000 in 20X5, caused by equipment with a UCC of $1,500,000 and net book value of $1,980,000. The tax rate was 25%. In 20X6, accounting earnings were $350,000, depreciation expense was $150,000, and CCA was $200,000. The tax rate is
Compass Direction Ltd. has constructed a warehouse facility, paying $560,000 for land on 1 February 20X2, $500,000 to a contractor in late March 20X2, another $2,000,000 in late August 20X2, and finally $1,200,000 in late November 20X2. The warehouse was put into use in early December 20X2. The
Early in 20X1, Nitro Demolition Ltd. borrowed money to partially finance the acquisition of a bulldozer. The loan was a five-year, $90,000 loan, secured by a first charge on the bulldozer and the guarantee of the company president. The interest rate was 2%, with interest paid annually at the end of
Xing Corp. has a 31 December year-end and adopts IFRS for financial reporting.The following data relate to bonds issued by Xing Corp:• Bond issue date: 1 January 20X6• Total face value: $100,000• Stated interest rate: 7%• Effective interest rate: 6%• Interest payment date: 31 December•
The following cases are independent: Case A On 1 January 20X5, Radar Co. issued $200,000 of bonds payable with a stated interest rate of 12%, payable annually each 31 December. The bonds matured in 20 years and had a call price of 103, exercisable by Radar at any time after the fifth
On 1 July 20X2, Hendrie Corp. issued $6,000,000 of 5% (payable each 30 June and 31 December),10-year bonds payable. The bonds were issued to yield 6%. The company uses effective interest amortization for the discount. Due to an increase in general interest rates, these bonds were selling in the
The following two cases are independent.Case A At 31 December 20X3, QML Ltd. reports the following on its statement of financial position:Accrued interest payable of $450,000 was recorded on 31 December 20X3 ($15 million × 6% × 6/12) and the bond discount was correctly amortized to 31
Pasquali Ltd. issues $600,000 of 9% bonds on 1 July 20X1. Additional information on the bond issue is as follows:Required:1. Record the bond issue and the first interest payment under the effective interest method.2. On 1 August 20X6, the company defeased 30% of the bonds for the market price of
The following balances are from the statement of financial position of Merit Ltd.Additional information:a. A portion of the 7% bond payable was retired at 101. Discount amortization of $14,700 was recorded during the year.b. A portion of the 6.5% bond payable was retired at 97.5. Discount
Return to the facts of Assignment 13-10.Data From Assignment 13-10The following partial amortization table was developed for a 5.4%, $800,000 5-year bond that pays interest each 30 September and 31 March. The table uses an effective interest rate of 5%. The bond was dated 1 April 20X1.Required:1.
The graph shows Huli Corp.’s interest expense and interest paid for the period 20X1 to 20X6. Huli Corp.’s overall debt composition has not changed in the period shown. The debt includes an operating line of credit and a term loan. Principal on the term loan is not due until 20X7.In 20X6 Huli
Fast Transportation Co. sold $1,500,000 of five-year, 12% bonds on 1 August 20X2. Additional information on the bond issue is as follows:Required:1. Record the bond issuance on 1 August 20X2.2. Prepare the adjusting journal entry on 31 December 20X2.3. Give the entry to record the interest payment
The following accounts are taken from the general ledger of GRL Trading Ltd. on 31 December 20X1:Required:Prepare the shareholders’ equity section of the SFP at year-end. Assume accounts have normal (i.e., debit or credit) balances.Explain the meaning of each account in equity. Preferred shares,
Tollmark Ltd. (Tollmark) is a private company founded 20 years ago by Karam Raynan. The company is in the medical supply industry, providing medical equipment to hospital and doctors offices. Tollmark’s main focus has been major cities across Canada; however, the company is quickly expanding into
Match the description with the type of dividend. Description 1. Pay dividend with non-cash item 2. Dividend takes form of certificate issued (promissory note) 3. If dividends not declared the dividend is missed 4. Distribution to shareholders of additional shares 5. If dividends not declared
Wonder Ltd. has treasury stock transactions in 20X9 as follows:At the end of 20X8, Wonder Ltd. had reported the following in shareholders equity:Required:1. Prepare journal entries for the treasury stock transactions.2. Calculate the balances in the equity accounts, after the effects of the
During 20X5, Walter Ltd. retired 4,000 common shares and 2,000 preferred shares, respectively. Earnings were $100,000 in 20X5, and dividends declared, $40,000. The comparative equity accounts for 20X4 and 20X5:Required:1. Calculate the original average issue price of the common and preferred
Halo Ltd. has the following statement of equity as of 31 December 20X9:Where applicable, the matching dividend is $0.30 per share. Dividends were not paid in 20X7 or 20X8.Required:Compute the amount of dividends payable in total and per share on the common and preferred shares for each separate
On 31 December 20X6, Wave Exploration Ltd. reported the following in shareholders’ equity:Comprehensive income for 20X7 is as follows:Required:1. Calculate the balance in each equity account, reflecting disposition of 20X7 comprehensive income.2. Explain the meaning of each account. What would
In 20X4, L Concept entered into an agreement with J Trax whereby J Trax agreed to purchase common shares from L Concept. Details of the transaction are as follows:• $420,000 will be paid in in order to acquire 28,000 shares• 5% of the total contract is due immediately, the remaining balance
On 1 January 20X5, Dolphin Operations Ltd. reported the following in shareholders’ equity:In 20X5, the company declared and issued a 10% stock dividend. The stock dividend was to be valued at $5 per share. The dividend resulted in a number of full shares being issued, but also there were 8,000
Indicate if each item would increase or decrease retained earnings. Item 1. Dividends 2. Earnings 3. Share issue costs 4. Loss 5. Spinoff of investment to shareholders Increase/Decrease
The records of Victoria Corp. showed the following balances on 1 November 20X5:On 5 November 20X5, the board of directors declared a stock dividend to the shareholders of record as of 20 December 20X5. The dividend was one additional share for each five shares already outstanding; issue date, 10
On 1 June 20X5, Lush Corp. issued $40,000,000 of 7.5% bonds, with interest paid semi-annually on 30 April and 31 October. The bonds were originally dated 1 November 20X4, and were 15-year bonds. The bonds were issued to yield 8%; accrued interest was received on issuance. The company uses the
Shurely Inc. lent $5,000,000 to Beeti Corp. in 20X3. Beeti Corp. has recently brought a new product to market and is having a tough time selling it. As a result, Beeti Corp. is experiencing cash flow problems and cannot repay the loan to Shurely Inc. that is maturing. After discussions between the
At the end of 20X8, Minnow Reserves Corp. reported the following in shareholders’ equity:The company had treasury stock transactions in the following sequence during 20X9:1. Purchased 100,000 common shares as treasury stock at $8 per share.2. Reissued 40,000 treasury shares at $9 per share.3.
Return to the facts of A13-6Data From Assignment -13-6Mathieson Co. issues a $10,000,000, 6 ½ % bond on 1 October 20X4. At this time, market interest rates are in the range of 6%. The bond had a 10-year life from 1 October 20X4, and paid interest semi-annually on 31 March and 30
Roland Garment Inc. is a private company that uses ASPE for financial reporting. On 1 April, 20X5 Roland Garment Inc. issued bonds with the following characteristics:• Bond date: January 1, 20X5• Bond term: 10 years• Proceeds on issuance: $980,500 plus accrued interest• Future value:
The following are independent statements pertaining to long-term liability disclosures:a. Title of the debt issue with maturity date, interest rate and amount outstanding must be disclosed.b. The aggregate amount of payments required in the next three years to meet sinking fund provisions must be
As at 31 December 20X3 Biraca Corp. has three sources of long-term debt outstanding:1. $1.3M note payable that matures on July 31, 20X62. $3M bonds payable that mature October 31, 20X83. $2.5M bank loan, due April 30, 20X6The note payable has a 6% interest rate. The bonds payable have a stated rate
Below are selected accounts from O’Hara Oil Corp. at 31 December 20X1. The accounts have not a been closed for the year but transactions have been correctly recorded.Required:1. Calculate comprehensive income.2. Calculate the closing balance in retained earnings and the amount in AOCI re: FVOCI
Altitude Ltd. had the following shareholders’ equity on 31 December 20X8:Earnings for 20X8 had been $216,000, and comprehensive income, which also included a $13,500 unrealized gain on an investment, was $229,500. Basic earnings per share was calculated as $1.18:During 20X8, the company paid the
1. Cumulative preferred shares are required to receive dividends every year.2. Par-value shares cannot be issued below par.3. Issued shares will be higher than outstanding shares if there are treasury shares outstanding.4. Share issue costs are always treated as a reduction of the amount received
On 1 January 20X5 100,000 shares of ABC Corp. are subscribed by Lucas Mapplebeck for $50 per share. The shares will be paid for in four equal instalments due every six months. The first instalment is due 1 July 20X5.Required:1. Assume all payments are made. Provide all journal entries for the
Cranberry Ltd. (CL) was incorporated in 20X6. Unlimited no-par common shares were authorized. IFRS was chosen for external reporting. During the first week, the company had the following share transactions:a. The company issued 80,000 shares to the group of four people who were instrumental in
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year:a. To record authorization of shares by board of directors (memorandum).b. Issued 100,000 shares at $20; collected cash in full and issued the shares. Share issue costs amounted
On 1 January 20X1, Grey Corp. issued 375,000 no-par common shares at $4 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $3 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were
At the end of 20X2, Provoe Products Ltd. had 222,000 common shares outstanding, with a recorded value in the common share account of $875,000. Retained earnings was $673,500. During 20X3, the following transactions affecting shareholders’ equity were recorded:a. Split common shares 3-for-1.b.
Massive Corp. is authorized to issue unlimited $0.80 no-par preferred shares and unlimited no-par common shares. There are 15,000 preferred and 45,000 common shares outstanding. In a five-year period, annual dividends paid were $2,000, $8,000, $64,000, $10,000, and $180,000,
Locomotive Co. decided to raise new equity using a rights offering and on 15 June announced that it would issue one right for each share owned to existing shareholders. The company currently has 1,800,000 shares outstanding, which are priced at $45 per share. The subscription price is $30 and it
Assume the same scenario as in TR14-12.Data From TR14-12Prepare the journal entries for the following unrelated transactions:1. A truck valued at $62,000 is purchased in exchange for 4,000 preferred shares. The current share price is $14.25.2. Land that was purchased for $300,000 is exchanged for
Prepare the journal entries for the following unrelated transactions:1. A truck valued at $62,000 is purchased in exchange for 4,000 preferred shares. The current share price is $14.25.2. Land that was purchased for $300,000 is exchanged for 105,000 common shares. The land is currently valued at
Gupta Corp. was authorized to issue unlimited common shares and had 452,000 common shares outstanding on 8 March 20X2, with a recorded value of $1,367,000. On this date, the board of directors declared a 5% stock dividend, valued at the fair value of shares, $4.50 per share.Required:Prepare journal
At the end of the 20X4 fiscal year, the shareholders’ equity section of the statement of financial position of Chomney Corp. was as follows:The board of directors was considering three alternatives:Case 1 A 200% stock dividend for common shares, to be recorded as a memo entry.Case 2 A 200% stock
Collirs Inc. has the following accounts and account activity as of 30 June 20X5:Other information, not included in above accounts:1. Dividends of $205,000 were declared on 14 June 20X5. The last time dividends were declared and paid was on 14 June 20X3.2. 16,700 common shares were retired for $18
In order to take advantage of lower U.S. interest rates, Zhang Ltd. borrowed $8 million from a U.S. bank on 1 May 20X2. Annual interest, at 7¼%, was due each subsequent 1 May, with lump-sum principal due on 1 May 20X5. Zhang Ltd. has a 31 December year-end. Exchange rates were as
On 1 May 20X9, All-Man Imports Ltd. (AML) obtained a five-year loan from a major New York bank. The loan is for US$20,000,000, bears interest at 6% per annum (paid annually on the loan anniversary date), and matures on 31 December 20X14. AML reports in Canadian dollars. At the date the note was
On 1 January 20X8, a borrower arranged a $1,000,000 three-year 2% bond payable, with interest paid annually each 31 December. There was an upfront fee of $106,920, which was deducted from the cash proceeds of the loan on 1 January 20X8.Required:1. Calculate the effective interest rate associated
A 3% loan was granted to Simeoni Ltd. in 20X2. The principal amount was $8,000,000 and the term was three years. Interest is paid at the end of each year. In addition, the lender charged an upfront fee of $435,700 for evaluating the loan application. Simeoni plans to expense this as a financing fee
Return to the facts of A13-10. The bond is now issued on 1 August 20X1.Data From A13-10The following partial amortization table was developed for a 5.4%, $800,000 5-year bond that pays interest each 30 September and 31 March. The table uses an effective interest rate of 5%. The bond was dated 1
The following partial amortization table was developed for a 5.4%, $800,000 5-year bond that pays interest each 30 September and 31 March. The table uses an effective interest rate of 5%. The bond was dated 1 April 20X1.Required:1. Assume that the bond was issued on 1 April 20X1. Prepare all
The following partial amortization table has been prepared for a 9%, $100,000 5-year bond that pays interest each 30 April and 31 October. The table uses an effective interest rate of 10%. The bond was dated 1 May 20X7.Required:1. When the end of the fiscal period falls between bond interest
Arbuckle Ltd. issued $80,000 of four-year, 7% bonds dated 1 December 20X5. Interest is payable semi-annually on 31 May and 30 November. The bonds were issued on 1 February 20X6. The effective interest rate was 8%.Required:1. Calculate the present value of the bond assuming that it had been issued
Randy Corp. issued $200,000 of 7.6% (payable each 28 February and 31 August), 4-year bonds. The bonds were dated 1 March 20X4, and mature on 28 February 20X8. The bonds were issued (to yield 8%) on 30 September 20X4, for appropriate proceeds plus accrued interest. The accounting period ends on 31
Leader Inc. has the following foreign financing: The company borrowed US$325,000, for five years, when US$1.00 = Cdn$1.01. The exchange rate at the end of the first year is US$1.00 = Cdn$1.03, and at the end of the second year is US$1.00 = Cdn$0.98. Assume the debt was raised at par. Ignore
Hambelton Ltd. issued $4,000,000 of 5% bonds payable on 1 September 20X9 to yield 4%. Interest on the bonds is paid semi-annually and is payable each 28 February and 31 August. The bonds were dated 1 March 20X8, and had an original term of five years. The accountingThe following partial
Li Corp. purchased a container load of antiques for resale at an invoice cost of $1,200,000. The goods were paid for when they were shipped in early June. The container arrived in Canada at the end of August, and then at Li’s location, by rail, at the end of September. The goods were then
On 30 September 20X1, Golf Mania Co. issued $3 million face-value debentures. The bonds have a nominal interest rate of 10% per annum, payable semi-annually on 31 March and 30 September, and mature in 10 years, on 30 September 20X11. The bonds were issued at a price to yield 8%.Golf Mania

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