42. Marsh does not elect the fair value option for recording this note receivable. In accordance with the agreement, Saxe made payments to Marsh on December 31, year 3 and year 4. How much interest income should Marsh report for the year ended December 31, year 4?
43. If the payment of compensation is probable, the amount can be reasonably estimated, and the obligation relates to rights that vest, employees’ compensation for future absences should be
44. Witt Corp. has outstanding at December 31, year 1, two long-term borrowings with annual sinking fund requirements and maturities as follows:
45. In the notes to its December 31, year 1 balance sheet, how should Witt report the above data?
46. On January 1, year 1, Hansen, Inc. issued for $ 939,000, 1,000 of its 9 %, $ 1,000 bonds. The bonds were issued to yield 10 %. The bonds are dated January 1, year 1, and mature on December 31, year 10. Interest is payable annually on December 31. Hansen uses the interest method of amortizing bond discount. In its December 31, year 1 balance sheet, Hansen should report unamortized bond discount of
47. During year 1 Cain Corporation incurred the following costs in connection with the issuance of bonds:
48. What amount should be recorded as a deferred charge to be amortized over the term of the bonds?
49. Reserves for contingencies for general or unspecified business risks should
50. What amount should Pak report for professional fees expense for the year ended December 31, year 1?