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Accounting for bond related transaction through journal entries.
(Entries for Conversion, Amortization, and Interest of Bonds) Counter Inc. issued $1,500,000 of convertible 10-year bonds on July 1, 2007. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $34,000, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Counter Inc.'s $100 par value common stock for each $1,000 of bonds. On August 1, 2008, $150,000 of bonds were turned in for conversion into common. Interest has been accrued monthly and paid as due. At the time of conversion any accrued interest on bonds being converted is paid in cash. Hint: (LO 1) Instructions (Round to nearest dollar) Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates.
a. August 1, 2008. (Assume the book value method is used.)b. August 31, 2008.c. December 31, 2008, including closing entries for end-of-year.
If the bowls cost LeMay Company $3 each, explain how much liability for outstanding premiums should be recorded at the end of 2012.
Calculate the amount of interest capitalized for the year. (Round the Weighted-average rate to two decimal places (e.g. 12.34%) for calculation purposes. Round your final answer to the nearest dollar amount. Enter your answer in dollars not in mi..
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How many burgers and how many packs of cigarettes does Steve consumer to maximize his utility? 1.3. When a new tax raises the price of a burger to $3, what is his new optimal bundle? Illustrate your answer in a graph.
Evaluate the Break-Even Point for a Multiproduct Company and Compute the overall break-even point for the company in sales dollars
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The estimated salvage value is $50,000, and the estimated total useful life is 5 years. The straight-line method is used for depreciation. Illustrate what is the balance in accumulated depreciation on May 1, 2013 when the asset is sold?
If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the company proceed with the project?
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