Able Company issued $600,000 of 9 percent first mortgage bonds on January 1, 20X1, at 103. The bonds mature in 20 years and pay interest semiannually on January 1 and July 1. Prime Corporation purchased $400,000 of Able’s bonds from the original purchaser on December 31, 20X5, for $397,000. Prime owns 60 percent of Able’s voting common stock. a. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X5What is the bond premium?b. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X6.What is interest income?What is Interest Expense, Investment in Able. NCIof NA of Able

2. a computer equipment was acquired at the beginning of the year at a cost of $56,000 with an estimated residual value of $5,000, and an estimated useful life of five years. determine the second year’s depreciation expense using the straight-line method.

What is a potential negative effect of an expansionary policy? decreased borrowing increased interest rates increased inflation decreased available credit

Accounting! will give five star the bixby co. had the following transactions involving the purchase of merchandise. prepare the necessary general journal entries. any applicable freight costs are prepaid by the seller. the perpetual inventory method is in use. june 16 purchased merchandise having a price of 6,000 from the shelby manufacturing co. on account with credit terms 2/10, n/30. transportation terms fob destination. june 16 purchased merchandise having a price of 9,000 from the ajax supply house on account with credit terms 2/10, n/30. transportation terms fob shipping point. the freight costs were 175. june 17 received the goods from shelby june 17 received the goods from ajax june 20 returned for credit merchandise with an invoice price of 800 to ajax june 25 paid shelby the amount owed june 28 paid ajax the amount owed june 30 returned for cash, merchandise with an invoice price of 400 to shelby questions: prepare the necessary general journal entry for june 16, purchased merchandise having a price of 6000 from shelby manufacturing co prepare the necessary general journal entry for june 17, received goods from shelby merchandise inventory 6000 prepare the necessary general journal entry for june 25 prepare the necessary general journal entry for june 28