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Aubrey Inc. issued $5,770,200 of 8%, 10-year convertible bonds on June 1, 2014, at 98 plus accrued interest. The bonds were dated April 1, 2014, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2015, $2,163,825 of these bonds were converted into 30,400 shares of $16 par value common stock. Accrued interest was paid in cash at the time of conversion.
Prepare the entry to record the interest expense at October 1, 2014. Assume that accrued interest payable was credited when the bonds were issued. (b) Prepare the entry to record the conversion on April 1, 2015. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.
his basis in the building is $20,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?
1. cost of goods sold is given by a. beginning inventory - net purchases ending inventory b. beginning inventory
Assume the company is considering investing in a new machine that will increase its fixed cost by $40,500 per year and decrease its variable costs of $9 per unit. Prepare a forecasted contribution margin income statement for 2016 assuming the compani..
The land to labor ratio in the production of cloth is higher than that in the production of wheat. The opportunity cost of producing cloth is higher than the opportunity cost of producing wheat in country A. .
Evaluate both the direct labor cost and the direct materials cost per equivalent unit.
A partnership begins its first year of operations with the following capital balances. The was a net loss of 19,000 in the first year and net income of 410,000 in the second year. Each partner withdraws the man amount allowed each year. Calculate the..
Calculate Present Value. Mary Martinez is ready to retire and has a choice of three pension plans. Plan A provides for an immediate cash payment of $350,000. Assume a tax rate of 35 percent and that current losses can be used to offset taxable income..
Digregory makes all purchases on account, subject to the following payment pattern: If purchases for January, February, and March were $206,000, $186,000, and $236,000, respectively, what were the firm's budgeted payments in March?
Choose which of the following governmental funds should be used for journal entries to record these listed transactions and then write the journal entries. Warrant Township issues a $750,000 bond at face value to be used for the construction costs of..
Oscar Joyous has sales of 15,000 units of its product at a unit price of $7.50 Actual sales for the years were 14,100 units at $9.00 each. Variable costs were budgeted at $2.60 per unit, and actual variable costs were $2.70 per unit. Actual fixed cos..
Foyert Corp requires a minimum $30,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $3..
Fillon operates manufacturing facilities in states A and B. Fillon has nexus with both states; apportionment factors are .70 for A and .30 for B. Taxable income for the year totaled $150,000, with a $200,000 A profit and a $50,000 B loss. Calculate t..
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