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Use the book value method to record the conversion of $9 million of bonds into common stock with a $10 par value if conversion occurred when the market price of the common was $24 per share, and total convertible debt outstanding amounted to $36 million with a carrying value $34 million. Assume each $1,000 bond can be converted into 20 shares of stock.
A piece of equipment purchased on January 1, 2011, for $16,000 was estimated to have a residual value of $4,000 at the end of its three-year useful life. If the equipment was depreciated using the straight-line method and disposed of on December 3..
What are some methods that aid management in analyzing the expected results of capital budgeting decisions?
At the date of transfer the land and equipment had fair values of $72,000 and $65,000, respectively. Gleason had been depreciating the equipment on a straight-line basis over ten years with no salvage value.
Determine the total deductions in calculating taxable income related to the machine for 2011 assuming Glory has taxable income of $500,000.
Assume this company uses the FIFO method of process costing and direct material is added uniformly throughout the process. What are the equivalent units produced of direct material?
explain he 4 financial statements (descriptions, contents, forms of presentation).
Glassett Corporation is considering a project that would require an investment of $62,000. No other cash outflows would be involved. The present value of the cash inflows would be $70,060. The profitability index of the project is closest to:
Prepare the manufacturing staffs calculations, In the fIrst set of calculations, the staff used a discount rate of 20 percent, a fIve-year time horizon, and ignored taxes and terminal value. What is the relative attractiveness of these three alternat..
What is the impact of accounting errors on the balance sheet and income statement? How are errors handled?
The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits?
Which of the following is accounted for as a change in accounting principle?
The accounting records of Longacre Nursery, Inc., for Year 2 and Year 3 reveal the following: Prepare the journal entry to record income taxes for Year 2. Prepare the journal entry to record income taxes for Year 3.
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