Reference no: EM133091343
Question - On May 1, 2016, Cantu Excavating issued $3,960,000 of 11 year, 12%, convertible bonds at 109 plus accrued interest. The bonds paid interest on May 1 and November 1. Cantu Excavating follows ASPE and amortizes its bond premium using the straight-line method. On the same date, non-convertible bonds would have sold at 108 plus accrued interest. On May 1, 2017, $792,000 of the bonds were converted into 30,000 shares.
Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).
Please make sure your final answer(s) are accurate to 2 decimal places.
a) Cantu Excavating measures the equity component using the residual method. Record the following journal entries dealing with the bonds:
May 1, 2016: Issuance of the convertible bonds.
November 1, 2016: First interest payment.
December 31, 2016: Cantu Excavating's year end.
May 1, 2017: Second interest payment.
May 1, 2017: Conversion of the bonds.
b) Assume instead that Cantu Excavating measures the equity component using the alternate method stated in the ASPE accounting standards. Record the bond issuance and the first interest payment.
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