Reference no: EM132569868
Questions -
Q1. Q Inc. issued $ 2,000,000 par value, 10-year, 9% convertible bonds on January 1, 2018 at a $ 18,000 discount. Q Inc. reported net income (30% tax rate) of $ 1,600,000 for calendar 2020, and an average of 500,000 common shares outstanding during the year.. The bonds are convertible into 60,000 common shares. Barker uses the straight-line method for amortizing the bond discount.
Required - Calculate basic and diluted earnings per share for 2020.
Q2. On January 1, 2019, C Corp. acquired a machine for $ 200,000. It is to be depreciated straight line over five years, with no residual value. Because of a bookkeeping error, no depreciation was recognized in C's 2019 financial statements. The oversight was discovered during the preparation of C's 2020 financial statements.
Required - Calculate the Depreciation expense on this machine for 2020.
How should you record the 2019 depreciation and why?
How will you inform the users of the Financial Statements of this error?
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What barkley would record a loss on impairment of
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Calculate the depreciation expense on this machine
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