A capital lease is a lease of property, plant, or equipment that is in effect an installment purchase
Indicate whether the statement is true or false
True
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On January 1, the Elias Corporation issued 10% bonds with a face value of $50,000 . The bonds are sold for$46,000 . The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31,ten years from now. Elias records straight-line amortization of the bond discount. The bond interest expense forthe year ended December 31 of the first year is
a. $5,000 b. $5,200 c. $5,800 d. $5,400
Identify the correct statement regarding consideration.
A. As a general rule, performing or agreeing to perform a preexisting duty is consideration. B. When new consideration is provided to support a modification, it is unenforceable. C. A promisor's promise not to commit a crime or a tort can never be consideration. D. A promise by public officials to perform their official duties is always a consideration.
The date on which the principal amount is repaid to the bondholder is known as the ________.
A) issuing date B) interest date C) maturity date D) installment date
The purpose of the Sarbanes-Oxley Act is to:
a. Reduce the environmental damage caused by of manufacturing b. Strengthen corporate governance c. Enhance the financial position of banks d. Require U.S. firms to adopt more automated manufacturing methods