exam 3part 1
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| show | F
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| Interest on bonds is tax deductible. T or F | show 🗑
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| show | $38,000
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| An annuity is a series of equal payments at equal time intervals. T or F | show 🗑
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| show | Debit Cash $383,793; debit Discount on Bonds Payable $16,207; credit Bonds Payable $400,000.
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| On January 1, 2013, Jacob issues $600,000 of 11%, 15-year bonds at a price of 102½. What is the journal entry to record the issuance of these bonds? | show 🗑
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| A bond's par value is not necessarily the same as its market value. T or F | show 🗑
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| When the contract rate is above the market rate, a bond sells at a discount. T or F | show 🗑
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| show | 1.29
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| show | The right to receive $1,000 at maturity
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| show | convertible bond
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| Amount by which the bond price exceeds par value | show 🗑
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| The legal contract between the issuers and the bondholders | show 🗑
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| Maintains a separate asset account from which bondholders are paid at maturity | show 🗑
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| show | Serial bond
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| show | unsecured bond
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| show | bond certificate
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| show | discount on bonds payable
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| show | Straight line method
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| show | Cost - salvage value / Total units of production
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| show | Deprecation Per unit x Number of units produced in the period
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| show | 100% / useful life
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| double declining balance rate = | show 🗑
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| depreciation expense = | show 🗑
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| show | -does not materially incr. the plant assets life or capabilities
- recorded as an expense in the current period
-reported on income statement
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| Capital expenditures characteristics | show 🗑
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| asset impairment def | show 🗑
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| show | journalizing this decline
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| show | record a gain
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| If cash < BV, | show 🗑
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| show | no gain or loss
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| show | Credit
debit
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| Recording cash received or paid | show 🗑
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| removing accumulated depreciation | show 🗑
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| removing the asset cost | show 🗑
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| show | credit
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| Natural resource examples | show 🗑
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| show | depletion expense over periods benefited
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| show | less accumulated depletion
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| plant assets tied into extracting may be required to | show 🗑
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| plant assets tied into extracting, assets are recorded in | show 🗑
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| show | -non-current without physical substance
- often provide exclusive rights or privileges
- usually acquired for operational use
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| show | including purchase price, legal fees, and filing fees
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| show | net sales/ average total assets
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| in an exchange | show 🗑
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| show | whether the transaction has commercial substance `
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| commercial substance implies | show 🗑
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