User Account

All Pages

ACC 306 Intermediate Accounting Assignment

Assignment Help Accounting Basics
Reference no: EM132458276

ACC 306 Intermediate Accounting Assignment - Ashford University, USA

Question - On January 1, 2018, Tracy Technology, Incorporated issued $840,000 of $1,000 par value, 5%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1, 20182018. The market rate of interest for similar non-convertible bonds on the date of the bond issue was 8%. However, because these bonds are convertible, the effective rate is 6%. Each bond is convertible into 90 shares of Tracy Technology's $2 par value common stock. Assume there is no beneficial conversion option.

Requirements -

A. Calculate the Issued price of the debt?

B. Prepare the amortization table for the bond issue through 01/01/2021 using the effective interest rate of method of amortization.

C. Prepare journal entry for the bond issuance.

D. Prepare journal entry for first interest payment.

E. Journal entry to record the bond conversion on 01/01/2021.

Reference no: EM132458276

Questions Cloud

How much net income would they have recorded : If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May
Important aspects of computer and electronics revolution : What were the most important aspects of the computer and electronics revolution? What are the social consequences of this changing technology?
Explain ecofeminism : Explain ecofeminism and note one contemporary social or political problem affecting both ecology and the lives of women that it could potentially fix.
Assignment-essay-exploring ancient mysteries : Choose one (1) of the topics below and develop a three to four (3-4) paragraph essay (of at least 250-500 words) which adequately address the topic
ACC 306 Intermediate Accounting Assignment : ACC 306 Intermediate Accounting Assignment Help and Solution - Ashford University, USA. Prepare journal entry for the bond issuance
What kind of government was most prevalent in latin america : What kind of government was most prevalent in Latin America during the twentieth century, and how did this change after 1980?
Major impact of the british empire on the mughal empire : 1. What was the major impact of the British Empire on the Mughal Empire and on India as a whole?
What is the environmental issue that is addressed : What is the environmental issue that is addressed by this article?Were you aware of the issue before you read the article?What is the source of the article?
Distrust-dislike of government intervention : A distrust/dislike of government intervention and big government is inherent in the state of Texas. Using what you learned

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd