University of Virginia ACCT ACCT MISC Practice Problem 5: Kiyak Publishing Ltd. sells magazine subscriptions for a 1-year, 2-year, or 3-year period. Cash receipts from subscribers are

University of Virginia ACCT ACCT MISC Practice Problem 5: Kiyak Publishing Ltd. sells magazine subscriptions for a 1-year, 2-year, or 3-year period. Cash receipts from subscribers are

Practice Problem 5: Kiyak Publishing Ltd. sells magazine subscriptions

for a 1-year, 2-year, or 3-year period. Cash receipts from subscribers are credited to unearned subscription revenue, and this account had a balance of $1,700,000 on January 1, 2009. Below is the year ended December 31, 2009 data:
–        Cash receipts from subscribers = $2,100,000
–        Subscription revenue credited on December 31, 2009 = 1,500,000
1.    On December 31, 2009, what amount should be reported as unearned subscription revenue?
Practice Problem 60: On July 1, 2000, $300,000 face value bonds were issued to pay 4% interest annually every July 1, and matures on July 1, 2010. Kindly solve asked items independently of the succeeding or preceding item/s.
1.    If the market rate on the date of issuance is 6.5%. What is the total proceeds from the bond issuance?
2.    If the bond in no. 1 was issued for 101.5, how much is the total proceeds from the bond issuance?
3.    If the total proceeds from the bond issuance is $292,000, give the entry to record the bond issuance.

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