Amount of the unamortized bond discount

Assignment Help Financial Accounting
Reference no: EM132421154

Problem: Crane Company issued $5880000 of 11%, ten-year convertible bonds on July 1, 2017 at 96.1 plus accrued interest. The bonds were dated April 1, 2017 with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2018, $1360000 of these bonds were converted into 600 shares of $20 par value common stock. Accrued interest was paid in cash at the time of conversion.

Required:

Question: What should be the amount of the unamortized bond discount on April 1, 2018 relating to the bonds converted? (rounded to the nearest dollar)

Reference no: EM132421154

Questions Cloud

Describe characteristics or variables of offenders : Criminal justice agencies are often interested in determining whether certain characteristics or variables of offenders can predict certain outcomes.
Equipment and receives the full price in cash : If the company sells one of these packages on July 1, how much revenue should the company recognize on July 1 when it delivers the equipment
Provide journal entry using residual method : Riverbed Corp. issued $10,000,000 of par value, 7% convertible bonds at 98. If the bonds had not been convertible, the company's investment
Provide a journal entry-cullumber corporation : On March 1, 2020, Cullumber Corporation issued $300,000 of 6% non-convertible bonds at 105, which are due on February 28, 2040.
Amount of the unamortized bond discount : What should be the amount of the unamortized bond discount on April 1, 2018 relating to the bonds converted? (rounded to the nearest dollar)
Discuss about pricing : which do you prefer? Why? If the average price were to stay the same, which would you prefer an organization to do:(1) set one price and not deviate
Assume you win the lottery and have a choice : Assume you win the lottery and have a choice to receive your winnings one of two ways.
Write an outline of your community policing proposal : Your first task is to post an outline of your Community Policing Proposal to the discussion area so that other students are able to review your plan.
Describe contemporary social work theories : Describe what theory is and its link with practice and Describe contemporary social work theories and their underlying assumptions about the social, cultural

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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