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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?
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.
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..
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- You are required to work as a research team intending to present your findings in a suitable written format
Maria who is single had the following items for 2010; Determine Maria's adjusted gross income for 2010?
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 total $60,000 per month and are paid when incurred. Monthly depreciation amounts to $18,000.
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?
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..
An auto manufacturer would classify vehicles in various stages of production as:
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..
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..
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