Homework Answers
Journal entry
| Account title and explanation | Debit | Credit |
| Bonds payable | 440000 | |
| Premium on bonds payable | 7400 | |
| Preferred stock (440000*20/1000)*50 | 440000 | |
| Paid in capital in excess of par value-Preferred stock | 7400 | |
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Vaughn Company has bonds payable outstanding in the amount of $440,000, and the Premium on Bonds...
Exercise 16-03 Cullumber Company has bonds payable outstanding in the amount of $480,000, and the Premium...
Exercise 16-03 Cullumber Company has bonds payable outstanding in the amount of $480,000, and the Premium on Bonds Payable account has a balance of $9,300. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock. Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
BACK Exercise 16-3 Swifty Company has bonds payable outstanding in the amount of $520,000, and the...
BACK Exercise 16-3 Swifty Company has bonds payable outstanding in the amount of $520,000, and the Premium on Bonds Payable account has a balance of $7,500. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock -5 Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Flounder Corporation has outstanding 1,800 $1,000 bonds, each convertible into 40 shares of $10 par value...
Flounder Corporation has outstanding 1,800 $1,000 bonds, each
convertible into 40 shares of $10 par value common stock. The bonds
are converted on December 31, 2017, when the unamortized discount
is $30,000 and the market price of the stock is $21 per
share.
Record the conversion using the book value approach.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0...
Brief Exercise 16-02 Ivanhoe Corporation has outstanding 1,700 $1,000 bonds, each convertible into 70 shares of...
Brief Exercise 16-02 Ivanhoe Corporation has outstanding 1,700 $1,000 bonds, each convertible into 70 shares of $10 par value common stock. The bonds are converted on December 31, 2020, when the unamortized discount is $26,900 and the market price of the stock is $21 per share. Record the conversion using the book value approach. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepar...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
Marin Corporation has outstanding 2,300 $1,000 bonds, each convertible into 40 shares of $10 par value...
Marin Corporation has outstanding 2,300 $1,000 bonds, each convertible into 40 shares of $10 par value common stock. The bonds are converted on December 31, 2020, when the unamortized discount is $27,900 and the market price of the stock is $21 per share. Record the conversion using the book value approach. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0...
Problem 17-02 On January 1, 2020, Vaughn Company purchased $440,000, 10% bonds of Aguirre Co. for...
Problem 17-02 On January 1, 2020, Vaughn Company purchased $440,000, 10% bonds of Aguirre Co. for $407,614. The bonds were purchased to yield 12% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2025. Vaughn Company uses the effective-interest method to amortize discount or premium. On January 1, 2022, Vaughn Company sold the bonds for $409,094 after receiving interest to meet its liquidity needs. Prepare the journal entry to record the purchase...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEX Question 14 Sergel Company issued $400,000 of bonds on...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEX Question 14 Sergel Company issued $400,000 of bonds on January 1, 2020 Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indente when the amount is entered. Do not indent manually.) Account Tities and Explanation Debit Credit Prepare the journal entry to record the redemption of the bonds before maturity at 97. Assume the balance in Premium...
Ivanhoe Company issued $12.000.000 par ex bonds at One deachable stock purchase wat was with each...
Ivanhoe Company issued $12.000.000 par ex bonds at One deachable stock purchase wat was with each $100 parvatubond. At the time of dance, the warrants were selling for $2 Gede accounts are automatically indented when amount is entered. Do not indet manuality s e ctory for the courts and enter the amounts Account Titles and Explanation Debit We were unable to transcribe this imageSuppose Google Inc. called its convertible debitin 2017. Assume the following related to the traction. The $3.700.000...
Pharoah Company issues $440,000, 10-year, 5% bonds at 96. Prepare the journal entry to record the...
Pharoah Company issues $440,000, 10-year, 5% bonds at 96. Prepare the journal entry to record the sale of these bonds on March 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 1 Notes Payable 440000 Interest Payable 22000 Cash 462000
Exercise 16-03 Cullumber Company has bonds payable outstanding in the amount of $480,000, and the Premium on Bonds Payable account has a balance of $9,300. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock. Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
BACK Exercise 16-3 Swifty Company has bonds payable outstanding in the amount of $520,000, and the Premium on Bonds Payable account has a balance of $7,500. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock -5 Assuming that the book value method was used, what entry would be made? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Flounder Corporation has outstanding 1,800 $1,000 bonds, each
convertible into 40 shares of $10 par value common stock. The bonds
are converted on December 31, 2017, when the unamortized discount
is $30,000 and the market price of the stock is $21 per
share.
Record the conversion using the book value approach.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0...
Brief Exercise 16-02 Ivanhoe Corporation has outstanding 1,700 $1,000 bonds, each convertible into 70 shares of $10 par value common stock. The bonds are converted on December 31, 2020, when the unamortized discount is $26,900 and the market price of the stock is $21 per share. Record the conversion using the book value approach. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
Problem 17-02 On January 1, 2020, Vaughn Company purchased $440,000, 10% bonds of Aguirre Co. for $407,614. The bonds were purchased to yield 12% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2025. Vaughn Company uses the effective-interest method to amortize discount or premium. On January 1, 2022, Vaughn Company sold the bonds for $409,094 after receiving interest to meet its liquidity needs. Prepare the journal entry to record the purchase...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEX Question 14 Sergel Company issued $400,000 of bonds on January 1, 2020 Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indente when the amount is entered. Do not indent manually.) Account Tities and Explanation Debit Credit Prepare the journal entry to record the redemption of the bonds before maturity at 97. Assume the balance in Premium...
Ivanhoe Company issued $12.000.000 par ex bonds at One deachable stock purchase wat was with each $100 parvatubond. At the time of dance, the warrants were selling for $2 Gede accounts are automatically indented when amount is entered. Do not indet manuality s e ctory for the courts and enter the amounts Account Titles and Explanation Debit We were unable to transcribe this imageSuppose Google Inc. called its convertible debitin 2017. Assume the following related to the traction. The $3.700.000...
Pharoah Company issues $440,000, 10-year, 5% bonds at 96. Prepare the journal entry to record the sale of these bonds on March 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 1 Notes Payable 440000 Interest Payable 22000 Cash 462000
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