Problem 1: On January 1, 2018, Baltimore Company issued $250,000 face value, 4%, 10-year bonds at 102. Interest is paid annually on January 1. Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018 fiscal year.
Problem 2: The following financial information is for Chesapeake Corporation is for the fiscal years ending 2018 & 2017 (all balances are normal):
Item/Account 2018 2017
Cash $35,000 $24,000
Accounts Receivable 56,000 52,000
Inventory 42,000 46,000
Current Liabilities 76,000 42,000
Net Sales (all credit) 550,000 485,000
Cost of Goods Sold 290,000 265,000
Use this information to determine the number of days in inventory for 2018?
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