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On January 1, 2013, Schmidt Security issued $60 million of 9%, 10-year convertible bonds at 102. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Schmidt's $1 par common stock. Facial Mapping Company purchased 10% of the issue as an investment. Required: 1. Prepare the journal entries for the issuance of the bonds by Schmidt and the purchase of the bond investment by Facial Mapping. 2. Prepare the journal entries for the June 30, 2015, interest payment by both Schmidt and Facial Mapping assuming both use the straight-line method. 3. On July 1, 2016, when Schmidt’s common stock had a market price of $33 per share, Facial Mapping converted the bonds it held. Prepare the journal entries by both Schmidt and Facial Mapping for the conversion of the bonds (book value method).
Prepare a worksheet to consolidate the separate 2015 financial statements for Gibson and Keller. - How would the consolidation entries in requirement have differed if Gibson had sold a building with a $135,000 book value.
On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing state..
Billy Brown, owner of Billy’s Ice Cream On-the-Go, is investigating purchasing a new delivery van that would contain a custom-built refrigeration unit. What would be the total annual cash inflows associated with the new van for capital budgeting purp..
The MerryWeather Firm wants to raise $29 million to expand its business. To accomplish this, the firm plans to sell 15-year, $1,000 face value zero-coupon bonds. The bonds will be priced to yield 7 percent. What is the minimum number of bonds the fir..
On April 1, Clear Water Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $350,000. Clear Water received a trade-in allowance of $50,000 on the old equipment of a similar type and paid cash of $300,000
The cost of land would include all survey and legal fees incurred. cost of removing an unwanted building on the land.
Heritage Products manufactures replicas of everyday items used during military reenactments. The company's direct materials purchases budget, direct labor cost budget, and factory overhead cost budget
The ABC Company reported $350,000in cash and cash equivalent on their 12/31/2014 balance sheet. Which of the following would not be included in the $350,000 balance? The ABC Company factored, without recourse, $40,000 of accounts receivable to the La..
GST's federal-plus -tax rate is 40%. Illustrate what is the total dollar call premium required to call the old issue?
What are the major differences between the periodic inventory system and the perpetual inventory system and why is an inventory count necessary under a periodic inventory system?
Mission Electronics manufactures and sells basic DVD players for sale under various generic store brand names. The cost of one of their models follows: Materials $ 18.70 Labor 12.70 Variable overhead 5.70 Fixed overhead ($3,061,900 per year; 457,000 ..
sarah a calendar year taxpayer notifies you that during the year she incurs expenditures of 30000 that qualify for
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