Homework Answers
| Books of Glass Textiles | ||||
| Date | Journal General | Debit | Credit | |
| Jan 1 2021 | Cash | (24 Mill. /100 * 101) | 24240000 | |
| Premium on Bonds | 240000 | |||
| Convertible Bonds Payable | 24000000 | |||
| (To record issue of Bonds) | ||||
| Jun 30 2025 | Interest Exp | 1068000 | ||
| Premium on Bonds | (240000/10/2) | 12000 | ||
| Cash | (24 Mill.*9%) | 1080000 | ||
| (To record Inerest Payment on Bonds) | ||||
| Jul 1 2026 | Convertible Bonds Payable | (24 Million * 15%) | 3600000 | |
| Premium on Bonds | ((240000-(12000*11))*15%) | 16200 | ||
| Common Stock | 3616200 | |||
| (To record conversion of bonds by Century) |
| Books of Century | ||||
| Date | Journal General | Debit | Credit | |
| Jan 1 2021 | Investment in Bonds | (24 Mil * 15%) | 3600000 | |
| Premium on Bonds Investment | 36000 | 0 | ||
| Cash | (24 Mill. /100 * 101)*15%) | 3636000 | ||
| (To record Investment in Bonds) | ||||
| Jun 30 2025 | Cash | (3600000*9%/2) | 162000 | |
| Premium on Bonds Investment | (36000/10/2) | 1800 | ||
| Interest Revenue | 160200 | |||
| (To record Inerest received on Bonds) | ||||
| Jul 1 2026 | Investment in Common Stock | 3616200 | ||
| Premium on Bonds Investment | 16200 | |||
| Investment in Bonds | 3600000 | |||
| (To record conversion of bonds) |
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On January 1, 2021, Gless Textiles issued $24 million of 9%, 10-year convertible bonds at 101....
On January 1, 2021, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101....
On January 1, 2021, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 10% of the issue as an investment Required: 1. Prepare the journal entries for...
On January 1, 2018, Gless Textiles issued $10 million of 7%, 20-year convertible bonds at 101....
On January 1, 2018, Gless Textiles issued $10 million of 7%, 20-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless’s no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 15% of the issue as an investment. Required: 1. Prepare the journal entries for...
On January 1, 2021, Gless Textiles issued $28 million of 7%, 10-year convertible bonds at 101....
On January 1, 2021, Gless Textiles issued $28 million of 7%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless’s no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 20% of the issue as an investment. 1. Prepare the journal entries for the...
On January 1, 2021, Gless Textiles issued $10 million of 7%, 20-year convertible bonds at 101....
On January 1, 2021, Gless Textiles issued $10 million of 7%, 20-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless’s no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 15% of the issue as an investment. Required: 1. Prepare the journal entries for...
On January 1, 2018, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101....
On January 1, 2018, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 10% of the issue as an investment. Required: 1. Prepare the journal entries for...
On January 1, 2021, Gless Textiles issued $20 million of 9%, 20-year convertible bonds at 101....
On January 1, 2021, Gless Textiles issued $20 million of 9%, 20-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless’s no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 10% of the issue as an investment. Required: 2. Prepare the journal entries for...
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On January 1, 2021, Gless Textiles issued $10 million of 7%,
20-year convertible bonds at 101. The bonds pay interest on June 30
and December 31. Each $1,000 bond is convertible into 40 shares of
Gless’s no par common stock. Bonds that are similar in all
respects, except that they are nonconvertible, currently are
selling at 99 (that is, 99% of...
On January 1, 2021, Madison Products issued $41.7 million of 6%, 10-year convertible bonds at a...
On January 1, 2021, Madison Products issued $41.7 million of 6%, 10-year convertible bonds at a net price of $42.67 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight line method On June 1 2023. Madison notified bondholders of its intent to call...
On January 1, 2021, Madison Products issued $40.7 million of 10%, 10 year convertible bonds at...
On January 1, 2021, Madison Products issued $40.7 million of 10%, 10 year convertible bonds at a net price of $41.57 million Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method On June 1, 2023, Madison notified bondholders of its intent to call...
On January 1, 2021, Fowl Products issued $77 million of 7%, 10-year convertible bonds at a...
On January 1, 2021, Fowl Products issued $77 million of 7%, 10-year convertible bonds at a net price of $78.3 million. Fowl recently issued similar, but nonconvertible, bonds at 97 (that is, 97% of face amount). The bonds pay interest on June 30 and December 31 Each $1,000 bond is convertible into 25 shares of Fowl's no par common stock. Fowl records interest by the straight-line method. On June 1, 2023, Fowl notified bondholders of its intent to call the...
On January 1, 2021, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 10% of the issue as an investment Required: 1. Prepare the journal entries for...
On January 1, 2018, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 10% of the issue as an investment. Required: 1. Prepare the journal entries for...
1.6points
eBookHint
Print
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Item 4
Item 4 1.6 points
On January 1, 2021, Gless Textiles issued $10 million of 7%,
20-year convertible bonds at 101. The bonds pay interest on June 30
and December 31. Each $1,000 bond is convertible into 40 shares of
Gless’s no par common stock. Bonds that are similar in all
respects, except that they are nonconvertible, currently are
selling at 99 (that is, 99% of...
On January 1, 2021, Madison Products issued $41.7 million of 6%, 10-year convertible bonds at a net price of $42.67 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight line method On June 1 2023. Madison notified bondholders of its intent to call...
On January 1, 2021, Madison Products issued $40.7 million of 10%, 10 year convertible bonds at a net price of $41.57 million Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method On June 1, 2023, Madison notified bondholders of its intent to call...
On January 1, 2021, Fowl Products issued $77 million of 7%, 10-year convertible bonds at a net price of $78.3 million. Fowl recently issued similar, but nonconvertible, bonds at 97 (that is, 97% of face amount). The bonds pay interest on June 30 and December 31 Each $1,000 bond is convertible into 25 shares of Fowl's no par common stock. Fowl records interest by the straight-line method. On June 1, 2023, Fowl notified bondholders of its intent to call the...
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