Chat with AIExam 6: Bonds and Long-Term Notes Payable
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Arcinet Limited reported the following items on their Balance Sheet: Unearned Revenue \ 85,000 Prepaid Rent 56,200 Mortgage liabilities 135,000 Long-term note payable 150,000 Bonds payable 195,000 Other Current Liabilities 23,000 Share capital 125,000 Retained earnings 157,500 The debt to equity ratio for Arcinet (rounded to two decimal places)is
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(39) Bond interest rates change as the market rate of interest changes.
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(31) On January 1,2019,when the market rate was 8%,Valtra Corporation issued $800,000,10%,10-year bonds.Interest is payable semiannually on July 1 and January 1.The bonds were issued for $908,732.When the July 1,2019 interest payment is recorded,what amount should be recorded as interest expense,using the effective interest method?
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