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Accounting for bond related transaction through journal entries.
(Entries for Conversion, Amortization, and Interest of Bonds) Counter Inc. issued $1,500,000 of convertible 10-year bonds on July 1, 2007. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $34,000, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Counter Inc.'s $100 par value common stock for each $1,000 of bonds. On August 1, 2008, $150,000 of bonds were turned in for conversion into common. Interest has been accrued monthly and paid as due. At the time of conversion any accrued interest on bonds being converted is paid in cash. Hint: (LO 1) Instructions (Round to nearest dollar) Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates.
a. August 1, 2008. (Assume the book value method is used.)b. August 31, 2008.c. December 31, 2008, including closing entries for end-of-year.
Discuss the major differences between your analysis of the 30 June 2013 report and the 30 June 2011 report (prior to the takeover of CTEC).
What type of serial bond schedules an increase each year in annual principal repayment approximately equivalent to the decrease in interest payments?
the land carried a value of $250,000. Nikle paid $300,000 down in cash and signed a note payable for the balance. Prepare the journal entry to record this transaction.
Compute the current ratio, quick ratio, cash to existing liabilities ratio, over a two-year period. Show and interpret the ratios that you evaluated.
during its first month of operation the rawls repair corporation which specializes in bicycle repairs completed the
The income tax rate for that year was 26%. Bodily had an unused $110,000 net operating loss carryforward from 2009 when the tax rate was 33%. Bodily's income tax payable for 2011 would be?
The extent of internal control features adopted by a company must be evaluated in terms of cost-benefit and Companies that fail to maintain an adequate system of internal control
question consider that next year research in motion sells off its interest in tip communications one of its
Kaitlyn's company needs to obtain funds in order to keep the business going; however, she does not want stockholders influencing the direction of her company. Illustrate what type of financing should Kaitlyn acquire?
q1. on 28th june 2011 a corporation sold an apartment building for 150000 exclusive of the land. the building
It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, illustrate what is the amount of Cost of goods sold on the December 31 income statement
Gardner Corporation purchased a truck at the beginning of 2012 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 18,000 miles in 2012 and 32,000 miles in 2013. What is the depr..
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