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measterly_acc306week2 - Week 2 Assignment 1 Week 2...

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Week 2 Assignment- 1 Week 2 Assignment Michael Easterly Intermediate Accounting II ACC306 Prof. Lisbeth Bundli August 2, 2010
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Week 2 Assignment- 2 Week 2 Assignment P14-15 Livermore Laboratories (in mill) July 1, 06 Investment in bonds (face amount) 16,000,00 0 Discount on bonds payable 300,000 Bonds payable (face amount) 15,700,000 Oct 1, 06 Investment in bonds (face amount) 31,160,00 0 Premium on bond investment 1,160,000 Interest receivable 1,200,000 Cash (price + accrued interest) 32,360,000 Dec 1, 06 Cash (stated rate x face amount) 1,800,000 Premium on bond investment (10 yearsx12months- 4months= 1160000/116=10,000x2 20,000 Interest receivable 1,200,000 Interest revenue 580,000 Dec 31,06 Interest receivable (16,000,000x.05) 800,000 Discount on bond investment 7,500 Interest revenue 807,500 Interest receivable (30,000,000x..06x1/6) 300,000 Premium on investment 10,000 Interest revenue 290,000 Jan 1, 07 Cash 800,000 Interest receivable 800,000 June 1, 07 Cash 1,800,000 Premium on investment 10,000x5 50,000 Interest receivable 300,000 Interest revenue 1,450,000 July 1, 07 Cash (16 milx.05) 800,000 Discount on bond investment 7,500 Interest revenue 807,500 Sept 1, 07 Interest receivable 450,000 Premium on investment 15,000 Interest revenue 435,000
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