10,000 bushels of corn currently sells in the U. S. for $57,300. The current exchange rate is 55.02 rupees to the dollar. If purchasing power parity prevails, what is the price of 10,000 bushels of corn in rupees?

A) 2,152,646 rupees
B) 10,414.44 rupees
C) 55,020 rupees
D) 215,265 rupees


Answer: A

Business

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On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the first interest payment using the effective interest method of amortization is:

A. Debit Interest Expense $15,351.72; credit Discount on Bonds Payable $1,351.72; credit Cash $14,000.00. B. Debit Interest Expense $15,351.72; credit Premium on Bonds Payable $1,351.72; credit Cash $14,000.00. C. Debit Interest Payable $14,000.00; credit Cash $14,000.00. D. Debit Interest Expense $12,648.28; debit Premium on Bonds Payable $1,351.72; credit Cash $14,000.00. E. Debit Interest Expense $12,648.28; debit Discount on Bonds Payable $1,351.72; credit Cash $14,000.00.

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What will be an ideal response?

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