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Answer with working notes is given below
Problem 16-08 Your answer is partially correct. Try again. The information below pertains to Wildhorse Company...
Problem 16-08 The information below pertains to Pearl Company for 2021. $1,250,000 2,070,000 Net income for the year 7% convertible bonds issued at par $1,000 per bond); each bond is convertible into 30 shares of common stock 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock Common stock, $10 par value Tax rate for 2021 Average market price of common stock 4,120,000 6,060,000 20% $25 per share There were no changes...
Problem 16-08 The information below pertains to Novak Company for 2021. Net income for the year $1,220,000 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 1,990,000 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 3,990,000 Common stock, $10 par value 6,140,000 Tax rate for 2021 20% Average market price of common stock $25 per share There were no...
The information below pertains to Stellar Company for 2021. Net income for the year $1,250,000 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 2,080,000 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 3,800,000 Common stock, $10 par value 5,770,000 Tax rate for 2021 20% Average market price of common stock $25 per share There were no changes during...
The information below pertains to Windsor Company for 2021. Net income for the year $1,190,000 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 1,970,000 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 4,000,000 Common stock, $10 par value 6,280,000 Tax rate for 2021 20% Average market price of common stock $25 per share There were no changes during...
The information below pertains to Sarasota Company for 2021. Net income for the year $1,220,000 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 1,990,000 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 3,990,000 Common stock, $10 par value 6,140,000 Tax rate for 2021 20% Average market price of common stock $25 per share There were no changes during...
The information below pertains to Cheyenne Company for 2021. $1,140,000 2,010,000 Net income for the year 6% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock Common stock, $10 par value Tax rate for 2021 Average market price of common stock 3,820,000 5,820,000 20% $25 per share There were no changes during 2021...
The information below pertains to Johnson Company for 2021. Net income for the year $1,230,000 8% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 2,090,000 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 3,830,000 Common stock, $10 par value 6,110,000 Tax rate for 2021 20% Average market price of common stock $25 per share There were no changes during...
The information below pertains to Bonita Company for 2021. Net income for the year $1,190,000 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 1,970,000 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 4,000,000 Common stock, $10 par value 6,280,000 Tax rate for 2021 20% Average market price of common stock $25 per share There were no changes during...
The information below pertains to Barkley Company for 2021. Net income for the year $1,200,000 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 2,000,000 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock 4,000,000 Common stock, $10 par value 6,000,000 Tax rate for 2021 20% Average market price of common stock $25 per share There were no changes during 2021...
The information below pertains to Ivanhoe Company for 2021.Net income for the year$1,170,0008% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock2,060,0006% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock3,990,000Common stock, $10 par value6,290,000Tax rate for 202120%Average market price of common stock$25 per shareThere were no changes during 2021 in the number of common shares, preferred shares, or convertible bonds outstanding. There...