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Problem - On January 1, 2020, MANGO Corp. issues $100 million of convertible bonds at par value. The bonds have a stated annual interest rate of 4%, pay interest semiannually, and come due December 31, 2024. The bonds are convertible at any time after issuance at the rate of 25 shares of common stock for each $1,000 of the face value of the convertible bonds. Issuance costs total $300,000. The current annual market interest rate for non- convertible bonds with similar maturity is 6%.
Required -
1 - Prepare the journal entries to record the issuance of the convertible bonds (round to the nearest dollar).
2 - Determine the amount of expense related to the convertible bonds that the company should recognize each year (round to the nearest dollar) and prepare the journal entries for the first year only.
Moreno Company publishes a monthly sports magazine, Fishing Preview. Prepare the entry in November for the receipt of the subscriptions
prevatt inc. owns 80 of franklin company. during the current year a portion of the investment in franklin is sold.
Determine the amount of revenue that Concord Life would recognize in January, assuming that 210 memberships were sold as part of this promotion
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a disbursement by the general fund to another fund may be recorded as a receivable an expenditure or a fund transfer.
Present value of annuity of 1 2.44371 Refer to Exhibit 13-03. "What amount should Train record for the discount on Notes Receivable?
abigail corporation produces widgets. in 2008 its first year of operations the company produced 100000 widgets and sold
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