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Flounder Corporation issued 5,300, five year, 3% bonds at 103 on January 1, 2020. Interest is paid annually. Each $1,000 bond carried one detachable warrant allowing the holder to purchase 100 common shares in Flounder at $11 per share, the price at which Flounder shares were trading on the day of the sale of the bonds. Similar straight bonds trading on the open market paid 6%. On June 30, 2020, 1,060 of the bond holders exercised the options to buy the shares.
Question 1: Prepare the journal entries to record these events. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Identify strengths and weaknesses of the book order process, and provide suggestions for any weaknesses you have identified.
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014
Land, Buildings, and Machinery - Prepare a schedule showing the amounts to be recorded as Land, Buildings, and Machinery.
The ending warranty liability balance was $4300. How much did they pay out to settle customer warranty claims?
Net income is $132,000, accounts payable increased $10,000 during the year, inventory decreased $6,000 during the year, and accounts receivable increased $12,000 during the year. Under the indirect method, what is net cash provided by operations?
Basic Motor Corporation uses target costing. Assume that Basic marketing personnel estimate that the competitive selling price for the QuikCar in the upcoming model year will need to be $23,300. Assume further that the QuikCar's total unit cost for t..
Identify and evaluate which measurement methods have been used by your approved company on current and non-current assets
What impact would accepting this special order have on operating profitt and should Maria accept the order?
Prepare the firm's closing entries for Taylor Maid Services on June 30, 2008. accounts were taken from the books of Taylor Maid Services
Cost of Merchandise Sold - Based on the subsequent data, determine the cost of merchandise sold for March:
His basis in the equipment is $8,000, and his basis in the building is $20,000. Explain how much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew?
What do these terms mean and how do they apply in our studies of social psychology
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