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II. Work-Out Problems (31 points) 1. (6 points) Albert Corp. issued 2,000 shares of $50 par value preferred stock...
Work Out Problem: 1. Albert Corp. issued 2,000 shares of $50 par value preferred stock at...
Work Out Problem: 1. Albert Corp. issued 2,000 shares of $50 par value preferred stock at $ 70 per share on 3/1/2017. A warrant is attached to each share of preferred stock to allow the holder to purchase one share of $1 par common stock at $20 per share. Immediately after the issuance, the preferred stock began selling ex-right on the market for $68 per share while the warrant began selling for $5 per share. On 4/20/2017, 1,000 warrants were...
Problem 11 Irish, Inc. issues 1,000 shares of $100 par, 10% preferred stock with detachable warrants....
Problem 11 Irish, Inc. issues 1,000 shares of $100 par, 10% preferred stock with detachable warrants. The package of one share of stock and one warrant sells for $110. Each warrant enables the holder to purchase five shares of no-par common stock at $40 per share. Immediately following the issuance of the stock, the stock warrants are selling are selling at $12 per warrant. The market value of the preferred stock without the warrants is $108 per share. Prepare the...
Problem 11 Irish, Inc. issues 1,000 shares of $100 par, 10% preferred stock with detachable warrants....
Problem 11 Irish, Inc. issues 1,000 shares of $100 par, 10% preferred stock with detachable warrants. The package of one share of stock and one warrant sells for $110. Each warrant enables the holder to purchase five shares of no-par common stock at $40 per share. Immediately following the issuance of the stock, the stock warrants are selling are selling at $12 per warrant. The market value of the preferred stock without the warrants is $108 per share. Prepare the...
Dilutive Securities and EPS Worksheets Part 1: Convertible Securities and Detachable Warrants I. JAMC Corp. issues...
Dilutive Securities and EPS Worksheets Part 1: Convertible Securities and Detachable Warrants I. JAMC Corp. issues $10,000,000 of bonds on May 24, 2018 at a discount of $600,000. Interest on the bonds is payable each October 24 and May 24 Each $1,000 bond (i.e., there were 10,000 issued) is convertible to 20 shares of common stock (par value $3). On October 24, 2022, 2,000 of the bonds are converted. At the time of the conversion, the total remaining unamortized discount...
15-2 major expansion of production facilities is necessary. Nichols plans suing 10.000 shares of $50 par...
15-2
major expansion of production facilities is necessary. Nichols plans suing 10.000 shares of $50 par preferred stock and 50,000 were previously authorized but have not yet been issued. Prepare journal entries to record all the transactions related to 1. the preferred stock 2. the common stock P15-2 Stock Rights to Shareholders Nichols Electronics Corporation LO 15.3 for its products. In order to meet this demand, a major expansion of production + Nichols Electronics Corporation has been experiencing a steadily...
Please help.Thanks Stock Rights to Shareholders Nichols Electronics Corporation has been experiencing a steadily growing demand...
Please help.Thanks
Stock Rights to Shareholders Nichols Electronics Corporation has been experiencing a steadily growing demand for its products. In order to meet this demand, a major expansion of production facilities is necessary. Nichols plans to raise the money for this proposed expansion by issuing 10,000 shares of $50 par preferred stock and 50,000 shares of $10 par common stock. These shares were previously authorized but have not yet been issued 3 There are presently 200,000 shares of $10 par...
Accounting Question
Show the whole work process: Lakeshore Gelato issues 2,500 shares of $30 par preferred stock with detachable warrants for $215,000 on January 1, 20Y1. Each share of preferred stock is issued with 10 detachable warrants. Each warrant entitles the holder to purchase one share of common stock for $25. The warrants expire in 2 years. The fair market value of the preferred stock is $145,000 on January 1, 20Y1, and the warrants sell for $3 per warrant.On July 1, 20Y2,...
Waterway Corporation issued 342 shares of $10 par value common stock and 150 shares of $50...
Waterway Corporation issued 342 shares of $10 par value common stock and 150 shares of $50 par value preferred stock for a lump sum of $19,656. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance.
Dedicared Fun Corporation issued 2,000 shares of common stock and 400 shares of preferred stock for...
Dedicared Fun Corporation issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash. Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) Give the entry for the issuance...
1 Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following...
1 Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: 2 Issues 100,000 shares of common stock for $15 per share 6 Issues 1,000 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $20 per share December 15 Resells 6,000 shares of treasury stock at $25 per share....
Work Out Problem: 1. Albert Corp. issued 2,000 shares of $50 par value preferred stock at $ 70 per share on 3/1/2017. A warrant is attached to each share of preferred stock to allow the holder to purchase one share of $1 par common stock at $20 per share. Immediately after the issuance, the preferred stock began selling ex-right on the market for $68 per share while the warrant began selling for $5 per share. On 4/20/2017, 1,000 warrants were...
Problem 11 Irish, Inc. issues 1,000 shares of $100 par, 10% preferred stock with detachable warrants. The package of one share of stock and one warrant sells for $110. Each warrant enables the holder to purchase five shares of no-par common stock at $40 per share. Immediately following the issuance of the stock, the stock warrants are selling are selling at $12 per warrant. The market value of the preferred stock without the warrants is $108 per share. Prepare the...
Problem 11 Irish, Inc. issues 1,000 shares of $100 par, 10% preferred stock with detachable warrants. The package of one share of stock and one warrant sells for $110. Each warrant enables the holder to purchase five shares of no-par common stock at $40 per share. Immediately following the issuance of the stock, the stock warrants are selling are selling at $12 per warrant. The market value of the preferred stock without the warrants is $108 per share. Prepare the...
Dilutive Securities and EPS Worksheets Part 1: Convertible Securities and Detachable Warrants I. JAMC Corp. issues $10,000,000 of bonds on May 24, 2018 at a discount of $600,000. Interest on the bonds is payable each October 24 and May 24 Each $1,000 bond (i.e., there were 10,000 issued) is convertible to 20 shares of common stock (par value $3). On October 24, 2022, 2,000 of the bonds are converted. At the time of the conversion, the total remaining unamortized discount...
15-2
major expansion of production facilities is necessary. Nichols plans suing 10.000 shares of $50 par preferred stock and 50,000 were previously authorized but have not yet been issued. Prepare journal entries to record all the transactions related to 1. the preferred stock 2. the common stock P15-2 Stock Rights to Shareholders Nichols Electronics Corporation LO 15.3 for its products. In order to meet this demand, a major expansion of production + Nichols Electronics Corporation has been experiencing a steadily...
Please help.Thanks
Stock Rights to Shareholders Nichols Electronics Corporation has been experiencing a steadily growing demand for its products. In order to meet this demand, a major expansion of production facilities is necessary. Nichols plans to raise the money for this proposed expansion by issuing 10,000 shares of $50 par preferred stock and 50,000 shares of $10 par common stock. These shares were previously authorized but have not yet been issued 3 There are presently 200,000 shares of $10 par...
1 Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: 2 Issues 100,000 shares of common stock for $15 per share 6 Issues 1,000 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $20 per share December 15 Resells 6,000 shares of treasury stock at $25 per share....
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