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1.On January 1, 2013, Madison Products issued $40 million of 6%, 10 year convertible bonds at a net price of $40.8 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight line method.On June 1, 2015, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1, 2015. By June 30 all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 30, Madison paid the semiannual interest and issued the requisite number of shares for the bonds being converted.Required:1. Prepare the journal entry for the issuance of the bonds by Madison.2. Prepare the journal entry for the June 30, 2013, interest payment.3. Prepare the journal entries for the June 30, 2015, interest payment by Madison and the conversion of the bonds (book value method).
What are some key elements of Internal Controls? What are some of the key Internal Controls at your workplace and/or you are familiar with? Why do auditors have to review Internal Controls of an organization? - Answer 150-200 words
In the financial statements for its fiscal year ended December 31, Year 2, Investor should report a realized loss on disposal of the Investee Co. shares equal to:
Write a 1750- to 2,050-word paper in APA format with citations and references that provides a financial comparison of the two companies and your recommendations to improve the financial status of each.
Brief Description of Principle
Which is not a GAAP for investments in equity securities? a. replacement value method b. market value method c. Equity method d. consolidation
the financial statements of hudson manufacturing company report net sales of 500000 and accounts receivable of 50000
Farewell company purchased merchandise with an invoice price of $2000 and credit terms of 2/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?
Go to a website that discusses FASB, SEC, IFRS, and/or IASB. Describe and discuss the standards and rulings that are being contemplated through pending discussion drafts and exposure documents of FASB and IASB.
spacely sprockets company manufactures a high-tech component that passes through two production processing departments
assume that hitech is currently using a volume-based costing system with manufacturing overhead applied to products
georgia products inc. completed and transferred 187000 particle board units of production from the pressing
Which of the following is not an expense recognition approach recognized by the FASB as an expense recognition principle to properly match expenses against revenues?
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