Problem 1: Present entries to record the selected transactions described below: (a) Issued $2,790,000 of 5-year,...
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Problem 1: Present entries to record the selected transactions
described below:
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Journal |
Page XX |
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Date |
Item |
Debit |
Credit |
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Homework Answers
Solution:
| Journal Entries | |||
| Event | Particulars | Debit | Credit |
| a | Cash Dr | $2,734,200 | |
| Discount on issue of bond Dr | $55,800 | ||
| To Bond Payable | $2,790,000 | ||
| (To record issue of bond) | |||
| b | Interest expense Dr ($55,800/5) | $11,160 | |
| To Discount on issue of bond | $11,160 | ||
| (To record amortization of bond discount) | |||
| c | Bond Payable Dr | $2,790,000 | |
| Loss on redemption of bond Dr | $27900 | ||
| To Cash | $2,762,100 | ||
| To Discount on issue of bond | $55,800 | ||
| (To record redemption of bond) | |||
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1.
Culver Corp. issued
$18,000,000 par value 10% convertible bonds at 99. If the bonds had
not been convertible, the company’s investment banker estimates
they would have been sold at 95.
2.
Larkspur Company issued
$18,000,000 par value 10% bonds at 98. One detachable stock
purchase warrant was issued with each $100 par value bond. At the
time of issuance, the warrants were selling...
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