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Chang Corporation issued $3,000,000 of 9%, ten-year convertible bonds on July 1, 2010 at 96.1 plus accrued interest. The bonds were dated April 1, 2010 with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2011, $600,000 of these bonds were converted into 500 shares of $20 par value common stock. Accrued interest was paid in cash at the time of conversion.
What should be the amount of the unamortized bond discount on April 1, 2011 relating to the bonds converted?
Journal entries for equity securities for Capriati Corp in 2012, their first year of business, including unrealized gains or losses in 2012:
A company estimates that ordering costs are $2.00 per order, picking costs are $1.00 per unique item ordered, packing costs are $0.07 per item, and return costs are $40.00 per return.
Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city's ten separate special revenue funds.
Save the Squirrels, Inc., a 501(c) (3) organization that feeds the squirrels in municipal parks, receives a $250000 contribution from Animal Feed, Inc., a corporation that sells animal feed.
What role does GAAP play in how firms determine transfer prices?
What is the expected capital gains yield of FPL stock? (The total return (the expected rate of return) is equal to dividend yield plus capital gains (loss) yield. You may apply CAPM to find the expected return on FPL stock.)
Late in the current year, Brad Corporation's factory was destroyed by a tornado. Brad determined that it had a $200,000 unreimbursed loss on the building built ten years ago and a $75,000 gain on ten-year-old machinery (cost $100,000). Prior to th..
Analyze three (3) key factors that must be discussed with the potential partners involved in forming a partnership and the likely implications of these factors on tax obligations. Based on your analysis, suggest when it is most favorable to use a ..
Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2010. On June 15, Nadal declared and paid a cash dividend of $36,00..
Trent paid cash dividends of $160,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Trent's net income for 2010 was $360,000. What is the balance in Agee's investment account at the end of 2010?
On May 1, Battery, Inc. factored $800,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Battery was to handle disputes concerning service, and Quick Finance was to make the collections
Which of the following is not considered actual receipt or "constructive receipt" of income in the current year? Which of the following does not have to be included in gross income?
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