On January 1, a company issued a $500,000, 10%, 8-year bond payable, and received proceeds of $473,845. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The amount of interest expense to be recorded on June 30 is $25,000.

Morgan Company issues 9%, 20-year bonds with a par value of $750,000 that pay interest semiannually. The current market rate is 8%. The amount paid to the bondholders for each semiannual interest payment is:

The amount of federal income tax withheld from employee pay depends on the employee’s annual earnings rate and the number of withholding allowances claimed by the employee.

Asset turnover is computed by dividing net sales by average total assets.

Betterments are a type of capital expenditure.

An annuity is a series of equal payments at equal time intervals.

The amount of federal income tax withheld from employee pay depends on the employee’s annual earnings rate and the number of withholding allowances claimed by the employee.

Asset turnover is computed by dividing net sales by average total assets.

Accrued vacation benefits are a form of estimated liability for an employer.

On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the payment of the note by Jarrett Company on the maturity date?