TURBO Incorporated sells household appliances. Each applianc…

TURBO Incorporated sells household appliances. Each appliance includes a quality-assurance warranty against manufacturer’s defects for three years after purchase. TURBO sold $89 million in 2024. The balance of the liability was $457,000 at the beginning of 2024 and $506,000 at the end of 2024. Warranty expense is based on 3% of sales,   What amount of warranty costs were paid during 2024?  

DEM-REP Company issued 10% bonds, dated January 1, with a fa…

DEM-REP Company issued 10% bonds, dated January 1, with a face amount of $850,000 on January 1, 2024. The bonds sold for $752,501 and mature in 2034 (10 years Interest is paid semiannually on June 30 and December 31. DEM-REP uses the straight-line method to amortize the discount.   DEM-REP elected the option to report these bonds at their fair value. On December 31, 2024, the balance of the unamortized discount on bonds payable was $92,624 and the fair value of the bonds was $810,000. Changes in fair value are attributable changes in the general (risk-free) rate of interest.   DEM-REP’s financial statements will include: 

WALGREENS borrowed $2,000,000 on November 1, 2024 for workin…

WALGREENS borrowed $2,000,000 on November 1, 2024 for working capital purposes and signed an 8-month note bearing interest at 10%. Interest is payable in full at maturity on June 30, 2025. In connection with this note, WALGREENS should report interest payable at December 31, 2024, in the amount of (rounded):