User Account

All Pages

What amount was assigned to the bond conversion privilege

Assignment Help Accounting Basics
Reference no: EM132808283

On January 2, 2020, the Ming Corp. issued P5,000,000 convertible bonds bearing an annual interest rate of 8%. Interest is payable
annually every December 31 and the bonds mature on December 31, 2024. The bonds were sold at 104. Each P5,000 bond is convertible
into 40 ordinary shares of P100 par. Without the conversion privilege, the bonds would have sold to yield 10%.
On December 31, 2022, after paying the periodic interest, P1,000,000 of the bonds were converted into ordinary shares. On December

  • 31, 2023, after paying the periodic interest, P2,000,000 of the bonds were retired at 101.

Problem 1: What amount was assigned to the bond conversion privilege on January 2, 2020?

Problem 2: What amount shall be credited to share premium on December 31, 2022?

Problem 3: How much shall be recognized as gain (loss) on early retirement of bonds on December 31, 2023?

Problem 4: What amount shall be presented as bonds payable on December 31, 2023?

Reference no: EM132808283

Questions Cloud

Data security policy for a bank : Part I: What elements should a data security policy for a bank include?
What is amount of interest expense that should be recognized : Jacobs Company, What is the amount of interest expense that should be recognized by Dains in 2020, using the effective interest method?
Membranes are essential components of all cells. : Briefly describe the structure of a eukaryotic plasma membrane, identifying at least two component macromolecules
What is compensation benchmarking : 1. What is compensation benchmarking and what are the benefits of compensation benchmarking surveys?
What amount was assigned to the bond conversion privilege : How much shall be recognized as gain (loss) on early retirement of bonds on December 31, 2023? What amount was assigned to the bond conversion privilege
Illustrate an example of a healthcare policy : Illustrate an example of a healthcare policy that you feel could be better crafted through the implementation of evidence-based public health (EBPH)
Strategic plan vs. business continuity plan : Strategic Planning and Business Continuity and Disaster Recovery Plans are crucial in the healthcare field.
Managing human resources in a unionized environment : What is the thesis of An Overview Of The Expectations For Managing Human Resources In A Unionized Environment?
Demonstrate ethical behaviour : 1. Describe an occasion on which you had to demonstrate ethical behaviour

Reviews

Write a Review

Accounting Basics Questions & Answers

  How does the process of blending

When reporting component units in a governmental organization financial statements, how does the process of blending differ from the process of discrete presentation?

  Did the company pay dividends during the most recent

refer to the financial statement of urban outfitters given in appendix c at the end of this book.1. how many shares of

  What is the maximum amount per unit the company would

what is the maximum amount per unit the company would be willing to pay to the outside manufacturer?

  The cumulative effect of this accounting change

with no residual value. At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is

  The aging of accounts receivable method

How does the use of calculated estimates differ between the aging of accounts receivable method and the percentage of credit sales method?

  What is the highest total contribution margin

Assuming that direct labor-hours is the company's constraining resource, what is the highest total contribution margin that the company can earn.

  Show the effects of adjustment on the accounting equation

During its second and third quarters of fiscal 2014, BlackBerry Limited wrote down its BB10 smart phone inventory by approximately $ 1,700,000,000 because its cost exceeded its market value. Show the effects of this adjustment on the accounting equat..

  Prepare the journal entries for each of the transactions

Dec 2 Purchased 6,330 shares of Andrew common stock at $33 per share. Prepare the journal entries for each of the following transactions that occurred

  Determine what is the break-even point in units

XYZ had sales of $19,500 (150 units at $130 per). manufacturing costs consisted of direct labor $2,550, direct materials $2,475, variable factor overhead.

  What are the implications of abc adoption

Mint Company wants to introduce a new product in the market. What are the implications of ABC adoption? Give the advantages and disadvantages of ABC

  What distinguishes moral obligation bonds

What distinguishes moral obligation bonds from other types of debt? Why would one government assume a moral obligation for another government's bonds?

  Prepare journal entries to record the sale of merchandise

Payment of $30,000 on March 31, 2014. The 8% rate is appropriate in this situation.

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