Basics record when recording the conversion

Assignment Help Accounting Basics
Reference no: EM13138830

On June 30, 2009, Blair Industries had outstanding $80 million of 8%, convertible bonds that mature on June 30, 2010. Interest is payable each year on June 30 and December 31. The bonds are convertible into 6 million shares of $10 par common stock. At June 30, 2009, the unamortized balance in the discount on bonds payable account was $4 million. On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?

Reference no: EM13138830

Questions Cloud

Plot ceo salaries against net profit of respective companies : Plot CEO salaries against the net profit of their respective companies, do you expect to find a linear correlation between the two? Explain.
Various protestant denominations : What are the unique differences between the various Protestant Denominations?
Examine of discrete time waveforms in z domain : Analysis of discrete time waveforms in z domain, A discrete time domain signal x(n) - u(n) - u(n-10) is decomposed and plotted. It is then examined in the z domian by appropriate transformation and algebraic manipulation.
Strategic change : What modes of strategy development are evident in Cordia, and which would you expect to be prevalent, given the strategic change described?
Basics record when recording the conversion : On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
Find the standard deviation for the probability distribution : Day are 0.49, 0.39, 0.08, and 0.04, respectively. Find the standard deviation for the probability distribution. Round answer to the nearest hundredth.
Define finding values of a composite discrete time signal : Finding values of a composite discrete time signal, A discrete time signal x(n) = x(n-1) + x(n-3) with initial conditions x(0) = 0, x(1) = 1 and x(2) = 2 is examined and the first 51
Explain how an auditor defines : Explain how an auditor defines or describes what a material misstatement would be for a particular client from both a qualitative and quantitative perspective.What is the audit risk model discuss each of the risk factors in this model and the rela..
The condition on the sampling period is determined : Finding the periodicity in N of the discrete time signal x(n) = Cos(3pi*Ts.n + pi/4) and then plotting the discrete signal. From this the condition on the sampling period is determined

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the purchases budget, in dollars

Management's inventory policy is to have ending inventory equal to 1.4 times the cost of sales for the subsequent month, although it is estimated that the cost of inventory at March 31 will be $170,000.

  Journal entries and t-accounts for decort company

DeCort Company had these adjusting entry situations at the end of December:May 1-paid $960 for a two -year insurance policy. The policy was for the period May 1-April 30(for 2yrs). This is the first year of the policy-Transaction was recorded as i..

  Problem related to taxable income

Beebe Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.

  No income gainedfrom revaluations

No Income Gainedfrom Revaluations- You are required to work as a research team intending to present your findings in a suitable written format

  Determine maria adjusted gross income

Maria who is single had the following items for 2010; Determine Maria's adjusted gross income for 2010?

  Sarbanes-oxley act-prevention detection

Summarize your ideas about internal controls. An introduction to internal controls, explaining in your own words the two primary goals of internal control. A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls

  Cash operating expenses

Cash operating expenses total $60,000 per month and are paid when incurred. Monthly depreciation amounts to $18,000.

  What would be the gain or loss on the redemption

Bryce Company has $1,500,000 of bonds outstanding. The unamortized premium is $21,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption?

  Equity and the balance in sloanes investment account

On January 1, 2007, Sloane Co. purchased 25% of Orr Corp.'s common stock; no goodwill resulted from the purchase. Sloane appropriately carries this investment at equity and the balance in Sloane's investment account was $720,000 at December 31, 20..

  Vehicles in various stages of production

An auto manufacturer would classify vehicles in various stages of production as:

  Problem regarding effective interest method

Quail issued $200,000 of its 10-year 12% bonds for $224,924 on October 1, 2010. The effective rate on the bonds was 10% and interest is paid each October 1 and April 1. Assuming Quail uses the effective interest method, the adjusting entry on Dece..

  How many pounds of direct material did blue fin use

Blue Fin Co. produces a product requiring 10 pounds of material at $1.50 per pound. Blue Fin produced 10,000 units of this product during 2009 resulting in a $30,000 unfavorable materials quantity variance. How many pounds of direct material did B..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd