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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?
Suppose the Quick Towing Company purchases a new tow truck. The old truck had a book value of $1,000 and was sold for $1,420. If Quick Towing is in the 34 percent marginal tax bracket, what is the tax liability on the sale of the truck?
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
The goggles sell for a retail price of $8.00 per pair. The sports apparel division is doing a promotion whereby each customer that purchases a swimsuit during the month of May receives a free pair of goggles. The apparel division would like to pur..
Perform an Internet search using the term, flexible budgets, and locate an article (from 2012) from the results of your search.
Suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense doubled. How would this change affect Brandywine's net income, total profit margin, and cash flow?
Your new client seeks your advice on setting up a new business. They do not know which form of entity they should establish and want your opinion. The facts are that the new client is composed of 2 best friends Sam and Pete seeking to operate a ic..
Samson Inc. needs €1,000,000 in 30 days. Samson can earn 5 percent annualized on a German security. The current spot rate for the euro is $1.00. Samson can borrow funds in the U.S. at an annualized interest rate of 6 percent. If Samson uses a mone..
George's case was handled under the "small tax case procedure." He does not agree with the findings of the Tax Court. He would like to appeal the decision of the Tax Court. Which one of the following is true?
Violeen Corporation (VC), a private Canadian company with a December 31 year end, applies ASPE in preparing its financial statements.
Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
Peter is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or not?
A company that changes from the declining-balance method of depreciation for previously recorded assets to the straight-line method should report the change as a(n)
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