User Account

All Pages

Prepare the journal entry to record the conversion

Assignment Help Accounting Basics
Reference no: EM131570976

Question - On July 1, 2017, Crane Ltd. issued 1,000 convertible, five-year, $1,000 bonds. Each bond is convertible into 20 common shares at the bondholder's option. On the date of issuance, the bond's conversion rights were valued at $52,000.

On July 1, 2020, the bonds had a carrying value on Crane's books of $969,000, and the fair market value of the bonds without the convertible option was $973,000.

Assume all the bondholders voluntarily decided to convert their bonds to common shares on July 1, 2020.

Prepare the journal entry to record the conversion. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM131570976

Questions Cloud

Write a for loop that computes : Write a for loop that computes the following sum: 5+10+15+20+...+485+490+495+500. The sum should be placed in a variable.
Write an essay about should cities preserve old buildings : Write an essay about Should Cities Preserve Old Buildings? And use 3 cited sources to support your argument. 0 % plagiarism please.
Explain the need to validate result of any research study : What are some things that Jan should consider to ensure that there is high internal validity in her study design?
Discuss different kinds of evidence : There are many different kinds of evidence that can be gathered from a crime scene. Footprints from footwear, feet and tires can be be left in blood or dust on
Prepare the journal entry to record the conversion : On July 1, 2017, Crane Ltd. issued 1,000 convertible, five-year, $1,000 bonds. Prepare the journal entry to record the conversion
Explain the importance of disk partitioning : Explain the importance of disk partitioning. Differentiate between pull-down menu and pop-up menu as used in Graphical User Interface ( GUI ) operating systems
How did the works of the great gatsby address the question : How did the works of (The Great Gatsby, Quicksand, and The Lost Lady) address the question of "family values"?
Explain what these views or models describe : What are the three views or models that an architecture-centric process produces? Explain what these views or models describe.
What are the three basic characteristics : What are the three basic characteristics of all object-oriented systems analysis and design approach?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Euipment costing 76000 was purchased by spence inc at the

equipment costing 76000 was purchased by spence inc. at the beginning of the current year. the company will depreciate

  Adjusting entries data relating to the balances of various

adjusting entries data relating to the balances of various accounts affected by adjusting or closing entries appear

  A bond have a 95 percent coupon and pay interest

a bond have a 9.5 percent coupon and pay interest semi-annually. currently the bonds are priced at 1063.15. the company

  What is the machines net present value

Rayburn Industries is evaluating the investment of $144,900 in a new packing machine that should provide annual cash operating inflows of $31,060 for 6 years. At the end of 6 years, the packing machine will be sold for $4,850. Rayburn’s required rate..

  Wolford company borrowed 750000 from us bank on january 1

wolford company borrowed 750000 from u.s. bank on january 1 2009 in order to expand its mining capabilities. the

  Which cost accumulation procedure is most applicable in

which cost accumulation procedure is most applicable in continuous mass-production manufacturing

  Aquaman stock has exhibited a standard deviation in stock

aquaman stock has exhibited a standard deviation in stock returns of 0.7 whereas green lantern stock has exhibited a

  Prepare the cash flows from operating activities

Bloom Corporation had the following 2010 income statement. The following accounts increased during 2010: accounts receivable $12,000; inventory $11,000; accounts payable $13,000.

  Potential advantage of electronic communication

Software that allows users to view others' real-time availability and readiness to communicate is known as

  Williams industries has outstanding 30 million common shares

Which, if any, of the shares should be reported in Williams' balance sheet as liabilities? Explain.

  What transaction-related audit objective is supported

Identify what transaction-related audit objective is supported by each control if it is effective. Be sure to explain how the control supports the objective.

  Determine the equivalent units of production for the sewing

1. a company that uses a job order cost accounting system would make the following entry to record the flow of direct

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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