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On Dec 31 2019, Catherine Luxury Goods has outstanding $800,000 face amount, 696, 10-year convertible bonds...
Problem 8 Rockne, Inc. issued $500,000 face value of convertible 10-year, 11% stated rate bonds on...
Problem 8 Rockne, Inc. issued $500,000 face value of convertible 10-year, 11% stated rate bonds on July 1, 2014. The interest is payable semiannually on December 31 and June 30. The discount in connection with the issue was $4,750, which is amortized monthly using the straight-line basis. The bonds are convertible after one year into five shares of Rockne's common stock (no par value) for each $1,000 of bonds. On October 1, 2015, $150,000 face value of the bonds were...
Buffalo Corporation has outstanding 2,000 $1,000 bonds, each convertible into 70 shares of $10 par value common stock.
Buffalo Corporation has outstanding 2,000 $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 $28,600 and the market price of the stock is $21 per share. Record the conversion using the book value approach.
Crane Corporation has outstanding 1,500 $1,000 bonds, each convertible into 50 shares of $10 par value...
Crane Corporation has outstanding 1,500 $1,000 bonds, each convertible into 50 shares of $10 par value ordinary shares. The bonds are converted on December 31, 2020. The bonds payable has a carrying value of $1,460,000 and conversion equity of $15,000. Record the conversion using the book value method.
Jabieb corporation issued 3,000 convertible bonds on January 1, 2018. The bonds have a 3-year lif...
Jabieb corporation issued 3,000 convertible bonds on January 1, 2018. The bonds have a 3-year life and are issued at par with a face value of $1,000 per bond, giving total proceedings of $3,000,000. Interest is payable annually at 6%. Each bond is convertible into 200 ordinary shares (par value $1). The market rate of interest on similar non-convertible debt is 8% a) Compute the liability and equity component of the convertible bond on January 1, 2018. (5 marks) b)...
Martinez Inc. issued $1,800,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for...
Martinez Inc. issued $1,800,000 of convertible 10-year bonds on
July 1, 2020. The bonds provide for 12% interest payable
semiannually on January 1 and July 1. The discount in connection
with the issue was $48,000, which is being amortized monthly on a
straight-line basis.
The bonds are convertible after one year into 8 shares of Martinez
Inc.’s $100 par value common stock for each $1,000 of bonds.
On August 1, 2021, $180,000 of bonds were turned in for conversion
into...
Monty Inc. issued $3,240,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for...
Monty Inc. issued $3,240,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $57,600, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Monty Inc.’s $100 par value common stock for each $1,000 of bonds. On August 1, 2021, $324,000 of bonds were turned in for conversion into...
Carla Inc. issued $2,820,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for...
Carla Inc. issued $2,820,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for 11% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $51,600, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Carla Inc.s $100 par value common stock for each $1,000 of bonds. On August 1, 2021, $282,000 of bonds were turned in for conversion into...
Martinez Inc. issued $1,800,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for...
Martinez Inc. issued $1,800,000 of convertible 10-year bonds on
July 1, 2020. The bonds provide for 12% interest payable
semiannually on January 1 and July 1. The discount in connection
with the issue was $48,000, which is being amortized monthly on a
straight-line basis.
The bonds are convertible after one year into 8 shares of Martinez
Inc.’s $100 par value common stock for each $1,000 of bonds.
On August 1, 2021, $180,000 of bonds were turned in for conversion
into...
Problem 16-02 Pina Inc. issued $2,400,000 of convertible 10-year bonds on July 1, 2020. The bonds...
Problem 16-02 Pina Inc. issued $2,400,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $56,400, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Pina Inc.'s $100 par value common stock for each $1,000 of bonds. On August 1, 2021, $240,000 of bonds were turned in for...
Problem 16-02 Concord Inc. issued $2,400,000 of convertible 10-year bonds on July 1, 2020. The bonds...
Problem 16-02
Concord Inc. issued $2,400,000 of convertible 10-year bonds on
July 1, 2020. The bonds provide for 12% interest payable
semiannually on January 1 and July 1. The discount in connection
with the issue was $56,400, which is being amortized monthly on a
straight-line basis.
The bonds are convertible after one year into 8 shares of Concord
Inc.’s $100 par value common stock for each $1,000 of bonds.
On August 1, 2021, $240,000 of bonds were turned in for...
Problem 8 Rockne, Inc. issued $500,000 face value of convertible 10-year, 11% stated rate bonds on July 1, 2014. The interest is payable semiannually on December 31 and June 30. The discount in connection with the issue was $4,750, which is amortized monthly using the straight-line basis. The bonds are convertible after one year into five shares of Rockne's common stock (no par value) for each $1,000 of bonds. On October 1, 2015, $150,000 face value of the bonds were...
Martinez Inc. issued $1,800,000 of convertible 10-year bonds on
July 1, 2020. The bonds provide for 12% interest payable
semiannually on January 1 and July 1. The discount in connection
with the issue was $48,000, which is being amortized monthly on a
straight-line basis.
The bonds are convertible after one year into 8 shares of Martinez
Inc.’s $100 par value common stock for each $1,000 of bonds.
On August 1, 2021, $180,000 of bonds were turned in for conversion
into...
Carla Inc. issued $2,820,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for 11% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $51,600, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Carla Inc.s $100 par value common stock for each $1,000 of bonds. On August 1, 2021, $282,000 of bonds were turned in for conversion into...
Martinez Inc. issued $1,800,000 of convertible 10-year bonds on
July 1, 2020. The bonds provide for 12% interest payable
semiannually on January 1 and July 1. The discount in connection
with the issue was $48,000, which is being amortized monthly on a
straight-line basis.
The bonds are convertible after one year into 8 shares of Martinez
Inc.’s $100 par value common stock for each $1,000 of bonds.
On August 1, 2021, $180,000 of bonds were turned in for conversion
into...
Problem 16-02 Pina Inc. issued $2,400,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $56,400, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Pina Inc.'s $100 par value common stock for each $1,000 of bonds. On August 1, 2021, $240,000 of bonds were turned in for...
Problem 16-02
Concord Inc. issued $2,400,000 of convertible 10-year bonds on
July 1, 2020. The bonds provide for 12% interest payable
semiannually on January 1 and July 1. The discount in connection
with the issue was $56,400, which is being amortized monthly on a
straight-line basis.
The bonds are convertible after one year into 8 shares of Concord
Inc.’s $100 par value common stock for each $1,000 of bonds.
On August 1, 2021, $240,000 of bonds were turned in for...
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