Activity 7:  The squid utilizes a very large-diameter, unmye…

Activity 7:  The squid utilizes a very large-diameter, unmyelinated axon to execute a rapid escape response when it perceives danger.  Due to the large-diameter, the velocity of the action potential is [a] that of a smaller diameter axon, because the larger fiber has less internal resistance to local current.  This allows a greater flow of ions in a set time bringing adjacent areas of the membrane to threshold, allowing a [b] conduction velocity of action potentials and a rapid escape response. This helps compensate for the lack of myelin.

A company issues $500,000 of bonds at 10% on January 1, 2022…

A company issues $500,000 of bonds at 10% on January 1, 2022.  These bonds are due in 10 years with interest payable annually.  The market rate for the bonds was equal to 8%.  The selling price of the bonds is $567,099. What is the journal entry to record interest expense on December 31, 2022, using the effective interest method?  Round all calculations to the nearest whole dollar. Answer should be expressed as : DR (ACCOUNT NAME)  $X,XXX CR (ACCOUNT NAME)  $X,XXX No dates or explanations are needed.

Peter Corporation borrows $100,000 from Wisconsin State Bank…

Peter Corporation borrows $100,000 from Wisconsin State Bank on November 1, 2021.  The loan has a rate of 6% and is due on May 1, 2022.  How much interest expense should Peter Corporation record on its income statement on December 31, 2021 (assuming this is their only debt)?  Round your answer to the nearest whole dollar.