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On August 1, 2013, Limbaugh Communications issued $30 million of 10% nonconvertible bonds at 104. The bonds are due on July 31, 2033. Each 1.$1,000 bond was issued with 20 detachable stock warrants, each of which entitled the bondholder to purchase, for $60, one share of Limbaugh Communications' no par common stock.Interstate Containers purchased 20% of the bond issue. On August 1, 2013, the market value of the common stock was $58 per share and the market value of each warrant was $8. In February 2024, when Limbaugh's common stock had a market price of $72 per share and the unamortized discount balance was $1 million, Interstate Containers exercised the warrants it held.Required:1. Prepare the journal entries on August 1, 2013, to record (a) the issuance of the bonds by Limbaugh and (b) the investment by Interstate.2. Prepare the journal entries for both Limbaugh and Interstate in February 2024, to record the exercise of the warrants.
1. an audit in accordance with the single audit act does not involve reporting upon a. compliance with provisions of
The land originally cost Stark $85,000. Stark reported net income of $200,000, $180,000 and $220,000 for 2009, 2010, and 2011 respectively. Parker sold the land it purchased from Stark in 2009 for $92,000 in 2011. Which of the following will be in..
Turquoise and Topaz Sisters had retained earnings of $15,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments.
A new retail store has offered to buy 8,300 of its skateboards for $59 per unit. The store is in a different market from Calla's regular customers and it would not affect regular sales. A study of its costs in anticipation of this additional busin..
kelm company purchased a new machine on october 1 2010 at a cost of 120000.the company estimated that the machine will
Norton's outstanding stock consists of (a) 13,000 shares of noncumulative 8% preferred stock with a $10 par value and (b) 32,500 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and pai..
1. the journal of ward technology solutionsincludes the following entries for may 2012 may 1 the business received
the finishing department had 7500 incomplete units in its beginning work-in-process inventory which were 100 complete
chambers inc. uses flexible budgets. at normal capacity of 16000 units budgeted manufacturing overhead is 64000
bkf.com provides banks access to sophisticated financial information and analysis via the web enabling them to
what are examples of irregular items? how does a change in accounting principles affect the financial statements? who
for the current year bill had short-term capital loss of 4000 a short-term capital gain of 1900 a short-term capital
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