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Fogel Co. has $2,500,000 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, 2010, the holders of $800,000 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 $175,000. Fogel should record, as a result of this conversion, a :
a) credit of $136,000 to Paid-in Capital in Excess of Par.
b) credit of $120,000 to Paid-in Capital in Excess of Par.
c) credit of $56,000 to Premium on Bonds Payable.
d) loss of $8,000.
Which of the following businesses would not report cost of sales on their income statements?
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
A company has unlimited funds to invest at its discount rate. The company should invest in all projects having:
During 20X3, Blue provided engineering services to Skyler and has not yet been paid for them. There were no other receivables or payables between Blue and Skyler at December 31, 20X3.
A special order to purchase 10,000 units was recently received. Kandeed has enough capacity to fill the order, and filling the order would not disrupt current production or sales of K.
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
Prepare the stockholder's equity section of the balance sheet in proper form for Vicario Corporation as of December 31, 2012. Account for treasury stock using the cost method.
Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program.
What are the accounting and reporting guidelines for a change in accounting principle related to depreciation methods?
integrating Case 5-23 Balance Sheet
On January 1, 2010 (the date of grant), Lutz Corporation issues 2,150 shares of restricted stock to its executives. The fair value of these shares is $89,100, and their par value is $11,880.
predict what the probability would be of this situation happening again. Then, suggest what management can do to prevent future embezzlement. Provide specific examples to support your response.
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