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What is the amount of paid-in capital in excess of par

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Reference no: EM133053031

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Q1. Sheffield Corp. issued at a premium of $11300 a $190000 bond issue convertible into 4700 shares of common stock (par value $20). At the time of the conversion, the unamortized premium is $4000, the market value of the bonds is $210000, and the stock is quoted on the market at $60 per share. If the bonds are converted into common, what is the amount of paid-in capital in excess of par to be recorded on the conversion of the bonds?

Q2. When the cash proceeds from a bond issued with detachable stock warrants exceed the sum of the par value of the bonds and the fair value of the warrants, the excess should be credited to

a. additional paid-in capital from stock warrants.

b. premium on bonds payable.

c. retained earnings.

d. a liability account.

Reference no: EM133053031

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