At the end of the year, Martin Company has a preliminary credit balance in the Manufacturing overhead account of $95. Please provide the year-end adjusting entry needed to clear the balance to zero.
Definitions:
Implicit Interest
The interest amount represented in the difference between the present value and the future value of a payment or investment.
Nominal Face Value
The stated value of a financial instrument (e.g., bond) at issuance, unrelated to market value.
Zero Coupon Bond
A debt security that doesn't pay interest but is traded at a deep discount, offering a profit at maturity when the bond is redeemed for its full face value.
Face Value
The nominal value stated on a financial instrument, such as a bond or stock, representing its worth at issuance or maturity.
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