test 1 acct 3312 fall11 - Name: _ Test 1 Intermediate...

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Name: __________________________ Test 1 Intermediate Accounting 3312 Chapters 14-16 Fall 2011 Page 1
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1. Bond issue price and premium amortization. On January 1, 2011, Friedman Co. issued ten-year bonds with a face value of $10,000,000 and a stated interest rate of 5%, payable semiannually on June 30 and December 31. The bonds were sold to yield 4%. The proceeds were $10,817,572. Instructions (a) Prepare the amortization table for 2011 and 2012, assuming that amortization is recorded on interest payment dates. (b) Prepare journal entries for the sale; Interest payment on 12/31/2012; and the repurchase and retirement on 1/1/13 at 105. Carrying Value Cash Interest Amortization 6/30/11 12/31/11 6/30/12 12/31/12
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2. Treasury stock. In 2009, Pennington Co. issued 150,000 of its 500,000 authorized shares of $5 par value common stock at $34 per share. In January, 2010, Pennington repurchased 5,000 shares at $36 per share. Assume these are the only stock transactions the company has ever had. Instructions
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This note was uploaded on 03/27/2012 for the course ACCT 3312 taught by Professor Staff during the Spring '08 term at Texas A&M University, Corpus Christi.

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test 1 acct 3312 fall11 - Name: _ Test 1 Intermediate...

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