User Account

All Pages

Prepare the journal entry to record the issuance of the bond

Assignment Help Accounting Basics
Reference no: EM131129815

Nocioni Company issued $1,000,000 of bonds on January 1, 2010.

Instructions

(a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2), 98, and (3) 103.

(b) Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100.

(c) Prepare the journal entry to record the retirement of the bonds before maturity at 98.
Assume the balance in Premium on Bonds Payable is $9,000.

(d) Prepare the journal entry to record the conversion of the bonds into 30,000 shares of $10 par value common stock. Assume the bonds were issued at par. 

Reference no: EM131129815

Questions Cloud

Prepare the journal entries to record the mortgage loan : Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2010.
Presented below are three independent situations : Sigel Corporation retired $130,000 face value, 12% bonds on June 30, 2010, at 102.The carrying value of the bonds at the redemption date was $117,500.
Prepare the entry to record the payment of interest on july : Prepare the entry to record the payment of interest on July 1, 2010, assuming no previous accrual of interest on the remaining bonds.
Compute the total cost of borrowing for these bonds : Repeat the requirements from part (a), assuming the bonds were issued at 105.
Prepare the journal entry to record the issuance of the bond : Prepare the journal entry to record the conversion of the bonds into 30,000 shares of $10 par value common stock. Assume the bonds were issued at par.
Prepare the journal entries to record the following events : The redemption of bonds at maturity, assuming interest for the last interest period has been paid and recorded.
Prepare journal entries to record the following events : On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.
Interest is payable semiannually on july 1 and january 1 : The payment of interest on July 1, assuming that interest was not accrued on June 30.
Determine the effect on net income and earnings per share : Issue 60,000 shares of common stock at $45 per share. (Cash dividends have not been paid nor is the payment of any contemplated).

Reviews

Write a Review

Accounting Basics Questions & Answers

  Evan transferred real estate to a corporation in a code

evan transferred real estate to a corporation in a code section 351 transaction. the real estate was a capital asset in

  The alberts are considering buying another house their

the alberts are considering buying another house. their mortgage payments would increase by 500 to 1500 per month which

  Occidental produce company has 40000 shares of common stock

occidental produce company has 40000 shares of common stock outstanding and 2000 shares of preferred stock outstanding.

  Amount reported for operating expenses

During 2010, Burlington Company incurred operating expenses amounting to $600,000, of which $550,000 was paid in cash; the balance will be paid in January 2011. On the 2010 income statement of the company, what amount should be reported for operat..

  Razz corporations common stock is currently selling on a

razz corporations common stock is currently selling on a stock exchange at 175 per share and its current balance sheet

  Explain why companies develop predetermined overhead rates

Explain why companies develop predetermined overhead rates

  Deduction associated with the charitable activity

In addition, she incurred the following costs in connection with the trip: $600 for transportation, $1,200 for lodging, and $400 for meals. What is Emily's deduction associated with this charitable activity?

  Bkfcom provides banks access to sophisticated financial

bkf.com provides banks access to sophisticated financial information and analysis via the web enabling them to

  Consultant to investigate a potential violation of corporate

Suppose a large aerospace engineering firm has immediately hired you as a consultant to investigate a potential violation of corporate policy and data theft. You have been informed that an employee may have been using corporate email to send confi..

  Identify and define five operating ratios

Identify and define five operating ratios. Define a package plan and discuss the accounting procedures associated with it. Define the chart of accounts. Is it unique for each firm?

  Begone manufactures spray cans of insect repellent on

begone manufactures spray cans of insect repellent. on august 1 2010 the company had 9800 units in the beginning wip

  Differences between bac and eac

How would a project manager use the CPI? What are the differences between BAC and EAC?

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