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Garr Co. issued $4,000,000 of 12%, 5-year convertible bonds on December 1, 2014 for $4,016,900 plus accrued interest. The bonds were dated April 1, 2014 with interest payable April 1 and October 1. Bond premium is amortized each interest period on a straight-line basis. Garr Co. has a fiscal year end of September 30. On October 1, 2015, $2,000,000 of these bonds were converted into 28,000 shares of $15 par common stock. Accrued interest was paid in cash at the time of conversion. (a) Prepare the entry to record the interest expense at April 1, 2015. Assume that interest payable was credited when the bonds were issued (round to nearest dollar). (b) Prepare the entry to record the conversion on October 1, 2015. Assume that the entry to record amortization of the bond premium and interest payment has been made.
galehouse gas stations inc. expects sales to increase from 1550000 to 1750000 next year. mr. galehouse believes that
During 2007, a company began researching and developing a new product for market. By June 30, 2008, the company had determined the new product was technologically feasible and developed a business plan including identification of a ready market fo..
Explain how producing more products can be sold in a period can increase the organization's operating income. Is this a sustainable tactic to increase the organization's operating income?
The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $230 accrued interest for June has not yet been paid or recorded.
When a fire truck purchased from General Fund revenues was received, the appropriate journal entry was made in the governmental activities general journal. What account, if any, should have been debited in the General Fund?
Gold Company was experiencing financial difficulties, but was not bankrupt or insolvent. The National Bank, which held a mortgage on other real estate owned by Gold, reduced the principal from $110,000 to $85,000.
The mean shopping time for the sample of 50 shoppers is 25.36 minutes with a standard deviation of 7.24 minutes. Using the 0.10 level of significance, is there evidence that the mean shopping time at the local supermarket is different from the cla..
zeller electronics inc. produces and sells two models of pocket calculators xq-103 and xq-104. the calculators sell
trigen corp. management will invest cash flows of 905963 529350 1038985 818400 1239644 and 1617848 in research and
Why is determining cost to manufacture a product quite a different activity from determining how to control such costs?
in april of the current year steelman press company transferred ken sherm from its factory in louisiana to its plant in
Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy.
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