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Haas Corp has $80,000, 8% 12-year convertible bonds outstanding. These bonds are sold at face value and pay semiannual interest on 6/30 and 12/31 of each year. The bonds are convertible into 30 shars of Haas $5 par value common stock for each $1,000 worth of bonds. On 12/31/08, after the bond interest has been paid, $20,000 face value bonds were converted. The market value of Haas common stock was $44 per share on 12/31/08. Prepare journal entries for the conversion of these bonds.
Create an REA diagram of data model for Fred's Train Shop's expenditure cycle related to acquisition of office equipment and other fixed assets. Assume that Fred makes installment payments for most fixed-asset acquisitions, but occasionally pays f..
When a company adopts a pension plan, prior service costs should be charged to
Accounting basics Multiple choice questions. Make your selection by recording the letter in the answer box provided.
The commission is 8.5% on all sales up to $50,000 above the quota. Beyond that amount, she receives a commission of 10%. Her total sales for the past year were $29,000. Compute:
This project is expected to generate $44,000 of net cash inflows each year of its 6 year life. The project has no salvage value. What was the initial investment required for this project?
The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $500,000 current and $500,000 noncurrent. The income tax rate is 30% for all years.
Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land with a basis of $450,000 and a fair market value of $550,000. The land is subject to a liability of $600,000. What is Orioles's recognized gain or loss on ..
David, a single taxpayer, took out a mortgage on his home for $300,000 nine years ago
Henry transfers property with an adjusted basis of $95,000 and a FMV of $100,000 to a newly formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $85,000 and a short-term note with a $15,000 FMV. Henry's basis in the stock ..
Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts.
RCMP, Inc. shares rose 10 percent in value last year while the inflation rate was 3.5 percent. What was the real return on the stock? If an investor sold the stock after one year and paid taxes on the investment at a 15 percent tax rate, what is t..
Assume that Chapman Company acquired Abernethy's common stock for $490,000 in cash. As of January 1,2009, Abernethy's land had a fair value of $90,000, its buildings were valued at $160,000, and its equipment was appraised at $180,000. Chapman use..
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