On January 1, 2020 Paige Corporation issued $4,000,000, 10 year, 12% bonds. The bonds pay interest semi-annually. At the time of issuance the market rate of interest is 8%.  Calculate the issue price of the bond.

Which of the following have we covered Week 1? 

Oceanography is divided into four different academic disciplines or subfields of study. Which one is not mentioned in the textbook?

The shape of Earth’s hypsographic curve can be used to support the existence of plate tectonics.

Braun Company acquired a piece of equipment from Tipper Company under a lease. The lease requires eight annual lease payments of $30,000 with the first payment due when the lease begins, on January 1, 2020. Future lease payments are due on January 1 of each year of the lease term.  The interest rate in the lease is 6%.  What amount should Braun Company debit the equipment account on the date of acquisition. 

On January 1, 2020, Sweetwater Inc. issued $3 million of 5 year bonds at an 10% stated interest rate to be paid annually. Sweetwater Inc. issued the bonds at 103 since the market rate of interest was 9%. What amount would Sweetwater Inc. report as the interest expense of the bond on the income statement for the year ending December 31, 2021 (round to the nearest dollar).

Dora Enterprises has 200,000 shares of $1 par common stock outstanding. Suppose Dora Enterprises declares a 15% stock dividend when the market value of the stock is $40 per share. What journal entry should Dora Enterprises record for the declaration of the dividend?

Snowman Company has 70,000 shares of $10 par, 7%, cumulative preferred stock outstanding and 125,000 shares of $0.50 par common stock issued and 30,000 shares of treasury stock. Dividends were paid in full through 2017. In 2018 Snowman Company paid $20,000 of total dividends and in 2019 Snowman Company paid $50,000 in total dividends.  Total dividends declared in 2020 were $150,000.  What is the dividend per share that common stockholders will receive in 2020 (round your answer to two decimal places)?

Davis Corporation signed a notes payable with Town Park Bank on June 1, 2020. The note provides that Davis Corporation must pay principal plus all accrued interest at 8% compounded annually in the amount of $650,000 on June 1, 2025. Assuming Davis Corporation has not made any payment on the note prior to the due date, how much did Davis Corporation borrow from Town Park Bank on June 1, 2020?  Use the present value equation to answer the question and round the answer to the nearest dollar.

Harris Foods’ 2020 income statement reported total revenues of $500,000 and total expenses of $515,000 (including $30,000 of depreciation). The 2020 comparative balance sheet reported the following: cash- beginning balance, $65,000 and ending balance, $55,000; accounts receivable- beginning balance, $50,000 and ending balance $45,000; inventory- beginning balance, $35,000 and ending balance, $48,000; Equipment- beginning balance, $200,000 and ending balance, $225,000; accounts payable- beginning balance, $65,000 and ending balance $70,000. In addition to this information, Harris Foods also reported a $10,000 loss on the sale of equipment.  Therefore, based only on this information, 2020 net cash flow from operating activities was: