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On January 1, 2009, when its $30 par value common stock was selling for $80 per share, a corporation issued $10 million of 10% convertible debentures due in 10 years. The conversion option allowed the holder of each $1,000 bond to convert it into six shares of the corporation's $30 par value common stock. The debentures were issued for $11 million. At the time of issuance the present value of the bond payments was $8.5 million, and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2010, the corporation's $30 par value common stock was split 3 for 1. On January 1, 2011, when the corporation's $10 par value common stock was selling for $90 per share, holders of 40% of the convertible debentures exercised their conversion options. The corporation uses the straight line method for amortizing any bond discounts or premiums.Required:1. Prepare the journal entry to record the original issuance of the convertible debentures.2. Prepare the journal entry to record the exercise of the conversion option, using the book value method. Show supporting computations in good form.
Mourtinsen and Thrane (2006) state that "Trust is a problematizing devise. It is raised as a concern in the networks when trusting is absent." Explain what they mean by this statement.
Can the state revenue agency collect the outstanding payroll tax from greater under the Federal joint and several liability rules for tax obligation of consolidated return affiliates?
harris fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. at the beginning
Question 1: The type of graph which is used to emphasize the proportionate distribution of something is a:
sellars corp. sells bags of popcorn. the marketing department prepared the following first-quarter sales forecast
percentage of completion using architects estimates southern california builders inc. entered into a contract to
Prepare the journal entry to record the replenishment of the petty cash fund.
Objective: Compare and contrast managerial and financial accounting
A static budget is appropriate in evaluating a manager's performance if:
At an activity level of 7,900 machine-hours in a month, Manchester Corporation's total variable maintenance cost is $430,550 and its total fixed maintenance cost is $417,120.
Consider two firms producing smart phones. One uses a highly automated robotics process, while the other uses human workers on an assembly line and pays overtime when there is heavy production demand. Which firm will have higher profits in a recessio..
after reading an article about activity-based costing in a trade journal for the furniture industry santana rey
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