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At the start of the year, Triple T Company issued $6 million of 7% notes along with warrants to buy 400,000 shares of its $10 par value common stock at $18 per share. The notes mature over the next 10 years, starting one year from date of issuance, with annual maturities of $600,000. At the time, Triple T had 3,200,000 shares of common stock outstanding, and the market price was $23 per share. The company received $6,680,000 for the notes and the warrants. For Triple T, 7% was a relatively low borrowing rate. If offered alone, at this time, the notes would have been issued at a 20 to 24% discount.
Prepare journal entries for the issuance of the notes and warrants for the cash consideration received. Notes would have been issued at a 20% to 24% discount.
What is the importance of the tax file for engagement continuity? In addition, what role does the staff accountant play in making sure the tax file is useful in future years?
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What considerations should the owners make in this termination? Should they consider making an S election and then later, terminating the S corporation? If you were their tax advisor, what would you recommend?
The U. S.- based MNC Fairwon is contemplating a major corporate investment in Mexico to construct turbines. The level of long- term interest rates is about 6 percent higher in Mexico at 12 percent. Fairwon estimates that its USD cost of capital (for ..
Identify the budgets in Column B from which dollar amounts are transferred directly in constructing the budgets listed in Column A.
Complete journal entries: Jan. 1 Accepted Kent's 90 days, 10% note, as settlement of an outstanding. Received payment in full from Sam's. for outstanding note & interest
Mitzu Co. pays $2,650,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $600,000, with a useful life of 20 years and a $75,000..
Describe the reasons why corporations invest in securities. Discuss how the market would be affected if they stopped this practice?
The debit to Cash short and over would be: Which of the following would be included in a journal to record an NSF check? Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12.00 per unit. Early in the month, the..
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