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You are to select 1 business that does not already have a Web site, and develop an Internet strategy for it. Most large corporations already have Web sites, so you may have to think of something on a smaller scale such as a local bike store. Sole propriet

1.     On January 1, 2006, Jamona Corp. purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. The company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale. The fair value of the bonds at December 31 of each year is as follows:   ·         2006 – $320,500 ·         2007 – $309,000 ·         2008 – $308,000 ·         2009 – $310,000 ·         2010 – $300,000   Prepare the amortization table on the investment in bond.  Prepare the entries on the investment in bond on 1/1/06, the interest revenue and the amortization of the premium on 12/31/07, and the adjustment of the investment position to fair value on 12/31/07.   2.     On January 1, 2007, Jamona Corp. signed a 5-year, noncancelable lease for a machine. The terms of the lease called for Jamona to make annual payments of $8,668 at the beginning of each year, starting January 1, 2007. The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts to the lessor at the end of the lease term. Jamona uses the straight-line method of depreciation for all of its plant assets. Jamona’s incremental borrowing rate is 10%, and the lessor’s implicit rate is unknown.   ·         Determine how this lease would qualify as a capital lease. ·         Prepare the amortization table for the lease and the entries for signing the lease on 1/1/07, the lease payment on 1/1/07, the interest recognition and lease payment for 12/31/07, and the depreciation entry for 12/31/07. ·         Prepare appropriate note disclosure. 3.Your company is in financial trouble and is in the process of reorganization. Your manager wants to know  how you will report on restructuring the debt. Use the following information to help with this assignment.     ASSETS              CURRENT ASSETS            Cash and cash equivalents                          $   108,340  Trade accounts receivable, net of allowances             2,866,260  Other receivables                                            62,150  Operating supplies, at lower of average             cost or market                                                  58,630  Prepaid expenses                                         446,050                  Total Current Assets                                  3,541,430                  PROPERTY, PLANT AND EQUIPMENT (at cost)      Land                                                         1,950,000  Buildings and improvements                              2,327,410  Equipment                                              5,015,660  Other equipment and leasehold improvements             1,645,580    total           10,938,650  Accumulated depreciation and amortization            (7,644,430)    Net Property, Plant, and Equipment   3,294,220  OTHER ASSETS            Deposits and other assets                                1,000,080                  TOTAL ASSETS                                           $   7,835,730                                                  LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)                    CURRENT LIABILITIES               Accounts payable                                     $      972,160     Accrued liabilities                                    2,071,270     Accrued claims costs                                         793,620     Federal and other income taxes                                 19,710     Deferred income taxes                                             500     Current maturities of long-term debt and             capital lease obligations                                     50,610     Short-term borrowings                                        249,250        Total Current Liabilities                          4,157,120                  LONG-TERM LIABILITIES             Capital lease obligation                                          54,580     Note Outstanding                                 3,000,000     Mortgage Outstanding         608,030     Other liabilities                                             95,860          Total Long-term Liabilities       3,758,470                        Total Liabilities                                    7,915,590                  SHAREHOLDERS’ EQUITY (DEFICIT)           Common stock, $.01 par value; authorized             500,000 shares; issued 231,000 shares                    2,310     Additional paid-in capital                                    731,090     Accumulated other comprehensive loss                     (113,500)     Retained earnings (deficit)                                (639,180)     Treasury stock            (60,580)         Total Shareholders’ Equity (Deficit)               (79,860)                  TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $    7,835,730     ·         As stipulated, your company is having financial difficulty and has asked the bank to restructure its $3 million note  outstanding. The present note has 3 years remaining and pays a current interest rate of 10%. The present  market rate for a loan of this nature is 12%. The note was issued at its face value. The bank agrees to accept land in exchange for relinquishing its claim on this note. The land has a book value of $1,950,000 and a fair  value of $2,400,000.   Prepare the journal entry on the settlement of the note.   4.The company provides the following information related to its post employment benefits for the year 2007:   o    Accumulated postretirement benefit obligation at January 1, 2007 $810,000 o    Actual and expected return on plan assets $34,000 o    Unrecognized prior service cost amortization $21,000 o    Discount rate 10% o    Service cost $88,000   To satisfy various benefit issues that have arisen as a result of the restructuring, new post employment  benefits have been created. The company currently has a defined benefits plan and is considering switching  to a defined contribution plan to save costs. Compute the costs associated with keeping the current plan  versus the costs of a defined contribution plan where the employer pays 3% of payroll. Should the company  switch to a defined contribution plan?  (To make decision on this, you need to calculate the INDIFFERENCE  POINT of payroll amount at which the pension cost would be the same between the current defined benefit plan and the proposed defined contribution plan.   If you use Excel for completing this assignment, please use a separate TAB for each of the 4 problems  and submit only a SINGLE FILE for all 4 problems.  If you Word, please organize your answers sequentially for the requirements of the 4 problems.

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