Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $7,800,000 of 10-year, 6% bonds at a market (effective) interest rate of 3%, receiving cash of $9,808,729.
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The Guitar Shoppe reports the following sales forecast: August, $150,000; September, $170,000. Cash sales are normally 30% of total sales, 55% are credit sales collected in the month following the sale, and the remaining 15% are credit sales that
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