Magic Company issued $500,000, 8%, 10-year bonds on December 31, 2017, for $470,000. Interest is payable annually on December 31. Magic uses the straight-line method of amortization and has a calendar year end. Prepare the appropriate journal entries on (a) December 31, 2017. (b) December 31, 2018.

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)