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Fogel Co. has $5,000,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2012, the holders of $1,600,000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $350,000. Fogel should record, as a result of this conversion, a _____. Selected Answer: [None Given] Response Feedback: $1,600,000 + ($350,000 × .32) - (1,600 × 30 × $30) = $272,000 i have arrived at the answer but need an explanation of where the .32 comes from.
Deana, Inc. purchased merchandise for $500,000, received credit for purchase returns of $25,000, took purchase discounts of $10,000, and paid transportation in of $20,000. Refer to Deana, Inc. If Deana, Inc. had $20,000 in beginning inventory.
Compute the partnership's ordinary income and separately stated items and show Mark's and Pamela's shares of the items in Part a.
These expenditures were incurred by Dunston Company in purchasing land: cash price $60,000; accrued taxes $5,000; attorney's fees $2,100; real estate broker's commission $3,300; and clearing and grading $3,500. What is the cost of the land
How many pounds of material does Midwest Inc. plan to purchase in July and what is the budgeted August 31 finished goods inventory balance (in dollars)?
Stock at 30 June 2012 was valued at cost $5200 and the net realization value $5300. With selling costs $200. What general journal entry?
Prepare general journal entries to account for the capital contributed by the partners. Include narrations and prepare a statement of financial position on the day of formation.
Determine the monthly breakeven sales during the first year of nacho sales, assuming a constant sales mix of 1 hotdog and 2 units of nachos.
Evaluate the eliminating entries required for the 20X9 consolidated financial statements and offer correct eliminating entries essential for the 20X9 consolidated financial statements.
There was no evidence of any similar device in use on two-man trams anywhere in the world. Will the plaintiff succeed in his negligence claim? Explain your reasoning.
Preparing a seminar on cost-volume-profit analysis for non accountants
Evaluate the subsequent amounts for the month of May cost of direct materials used and cost of direct labor used.
Prepare a compelling argument to convince a company's partners
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