Block 2 Final Exam

Block 2 Final Exam - 2 Haladam Company had the following...

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ACT 232 Block 2 Final Exam 1 Final Exam answers are due on Friday, December 10, 2010 at 10:00 p.m. NO LATE SUBMISSIONS WILL BE ACCEPTED. You have five (5) days to do this and it counts as 30% of your grade. Schedule the time to answer the questions and type the answers so you can send it before the deadline. Type your answers in MS Excel or a compatible spreadsheet application. Email the answers to [email protected] . (Each question is worth 33.33 points.) 1. A company issued 9%, 10-years bonds with a par value of $1,000,000 on September 1, 2009 when the market rate was 9%. The bonds were dated June 30, 2009. The bond issue price included accrued interest. Interest is paid semiannually on December 31 and June 30. Requirement: (a) Prepare the issuer's journal entry to record the issuance of the bonds. (b) Prepare the issuer's journal entry to record the semiannual interest payment on December 31, 2007.
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Unformatted text preview: 2. Haladam Company had the following transactions relating to investments in trading securities during the year. Requirement: Prepare the required general journal entries for these transactions. ACT 232 Block 2 Final Exam 2 3. The following information is available for the Ehrens Corporation: Additional information: (1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired. (2) Old equipment with an original cost of $37,550 was sold for $2,100 cash. (3) New equipment was purchased for $67,550 cash. (4) Cash dividends of $33,600 were paid. (5) Additional shares of stock were issued for cash. Requirement: Prepare a complete statement of cash flows for calendar-year 2009 using the indirect method. Hint: Indirect method ignores depreciation amortization....
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This note was uploaded on 12/06/2010 for the course ACCT 231 taught by Professor Shan during the Spring '10 term at Allen University.

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Block 2 Final Exam - 2 Haladam Company had the following...

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