### Journal entry when recording the conversion

Assignment Help Accounting Basics
##### Reference no: EM13136639

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?

#### Purchase as an asset-adjusting entry required

On November 1, 2011, Schumacher Company paid \$1,200 in advance for an insurance policy that covered the company for six months. Assuming that Schumacher recorded this purcha

#### Management assertions and quantifying materiality

What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?

#### What does this data indicate about the company

A company shows common size comparisons for two years on balance sheets. There is almost a two-fold increase in cash and equivalents, a 3% decrease in inventories, a small d

#### Comparative balance sheets for bayshore industries, inc.

Comparative balance sheets for Bayshore Industries, Inc. as of December 31 year 2 and year 1 are presented below.Prepare the cash from operations section of the statement of c

#### Discuss the importance of financial statement analysis

Discuss the importance of financial statement analysis, and determine why it is important to investors and creditors. Imagine you are considering investing in a corporation

#### Determine the amount of total assets at the end

The following events apply to Sanford Service Co. for 2013, its first year of operation: 1. Received cash of \$60,000 from the issue of common stock. 2. Performed \$100,000 wort

#### What should be the overall effect on the company monthly

The marketing manager believes that a \$12,000 increase in the monthly advertising budget would result in a 160 unit increase in monthly sales. What should be the overall eff

#### Determining the balance depreciation rate

The new machine will cost \$500,000 and can be depreciated straight line over 10years for tax purposes. Accounting depreciation is 15% reducing balance. Mr PODS has recommend