Determine cash payments for income tax reported
Income tax was $303,279 for the year. Income tax payable was $26,951 and $41,632 at the beginning and end of the year. Determine cash payments for income tax reported on the cash flow statement using the direct method.
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A $320,000 bond was redeemed at 103 when the carrying value of the bond was $332,480. What amount of gain or loss would be recorded as part of this transaction?
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