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On September 1, 2012, Jacob Company sold at 104 (plus accrued interest) 4,440 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $20 per share. Shortly after issuance, the warrants were quoted on the market for $3 each. No fair value can be determined for the Jacob Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $31,900 were incurred. Prepare in general journal format the entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
the average stockholders equity for horn co. last year was 3200000. included in this figure was 320000 of preferred
prepare a multiple-step income statement for surry co. from the following data for the year ended december 31 2010.
List and describe one advantage and one disadvantage of raising external funds with debt, preferred stock, and common stock.
1. costa production uses a job order cost accounting system. on may 1 the company has a balance in work in process
How might the company's control system be designed to foster high ethical standards regarding reimbursement claims and other issues?
harry purchases a 7 year business asset not listed property on july 30 2011 at a cost of 100000. harry did not elect to
Find two annual reports from competing publicly traded companies of your choice. Prepare an overview of the two companies including a brief synopsis of the industry the companies are in, the market share each company holds, and the length of time ..
1. Discuss the key elements of the inventory costing method. 2. Discuss why it is appropriate to use this method.
Yola Company manufactures a product with standards for direct labor of 4 direct labor-hours per unit at a cost of $12.00 per direct labor-hour. During June, 1,000 units were produced using 4,100 hours at $12.20 per hour. The direct labor efficienc..
IAS pronouncements and FASB Codification.
contemplating awarding a contract to the azusa manufacturing company for the assembly of wiring harnesses. included in
Prepare the journal entries for each transaction above regarding the conversion of the bonds (using book value method), and the retirement of the bonds.
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