Prepare the journal entries to record the events

Assignment Help Financial Accounting
Reference no: EM132538267

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.)

Reference no: EM132538267

Questions Cloud

Interest rates and stock valuation-risk and returns : Now think about the industry in which you are employed or one in which you have past experience. To what macroeconomic factors is your industry most sensitive?
Prepare the journal entry to record the conversion : Prepare the journal entry to record the conversion. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
What is biggest loss that can suffer on the position : What is the maximum profit that you can realize on this position? Explain your answer. What is biggest loss that you can suffer on this position
What are her annual expenses : Deidre's gross salary is $75,000 and deductions at source reduce her paycheck by 30%. Her savings ratio is 5%. What are her annual expenses?
Prepare the journal entries to record the events : 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)
Find which source of financing should marcum select : What is the effective annual rate of interest on the loan from the computer sales firm? which source of financing should Marcum select?
BSBLDR511 Develop and use emotional intelligence Assignment : BSBLDR511 Develop and use emotional intelligence Assignment Help and Solution, Richmond School of Business - Assessment Writing Service
What amount of equity income would cantle report : What amount of equity income would Cantle report for its investment in Rockton for 20X3? Cantle Inc. purchased a 30% interest in Rockton Ltd.
What is the fifth-year balloon payment : In year 5, Harris must make a large balloon payment which will fully retire the outstanding loan balance. What is the fifth-year balloon payment?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Identify strengths and weaknesses of the book order process

Identify strengths and weaknesses of the book order process, and provide suggestions for any weaknesses you have identified.

  Selected accounts

Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014

  Prepare a schedule showing amounts -buildings and machinery

Land, Buildings, and Machinery - Prepare a schedule showing the amounts to be recorded as Land, Buildings, and Machinery.

  How much did they pay out to settle customer warranty claims

The ending warranty liability balance was $4300. How much did they pay out to settle customer warranty claims?

  What is net cash provided by operations

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

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..

  Discuss implications of selection alternative measurement

Identify and evaluate which measurement methods have been used by your approved company on current and non-current assets

  What impact would accepting special order

What impact would accepting this special order have on operating profitt and should Maria accept the order?

  Prepare firms closing entries for taylor maid services

Prepare the firm's closing entries for Taylor Maid Services on June 30, 2008. accounts were taken from the books of Taylor Maid Services

  Determine the cost of merchandise sold for march

Cost of Merchandise Sold - Based on the subsequent data, determine the cost of merchandise sold for March:

  Explain how much gain must the sa general partnership

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?

  Discuss conceptualism and operationalization

What do these terms mean and how do they apply in our studies of social psychology

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd