Solution for 1:
In the Book Miller Corporation as on 31st Dec 2018 | |||
Date | Description | Debit | Credit |
1-Jan-18 | Investment in common stock | 180,000 | |
Cash | 180,000 | ||
31-Jan-18 | Cash | 12000 | |
Investment in common stock | 12000 | ||
40,000*30% | |||
30-Jun-18 | Investment | 36000 | |
Investment Income | 36000 | ||
120,000*30% | |||
30-Sep-18 | Cash | 12000 | |
Investment in common stock | 12000 | ||
40,000*30% | |||
31-Dec-18 | Investment in stock | 42000 | |
Investment Income | 42000 | ||
140,000*30% |
PARTB: Millers investment account | |
Initial purchase price | 180000 |
Add: Share of profit | 78000 |
Less: Dividend received | -24000 |
Investment as on 31/12/2018 | 234000 |
978-1-337-11661 Students X ACC 308 Sylabus - ACC-JOS RM X 32 CengageNOW Online teacher. x +...
(All work should be in excel format.) 1 On Dec 31 2017, Best Footwear Ever has outstanding $500,000 face amount, 9%, 20-year convertible bonds that pay interest semiannually. After semiannual amortization on Dec. 31, 2017, the remaining bond premium is $8,000. On the first day of the next fiscal year ( January 1, 2018), 50% (half) of the bonds are converted to 750 shares of $50 par value common stock. The market value of the shares issued is $250,000. Prepare...