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Illiad Inc. has decided to raise additional capital by issuing $178,000 face value of bonds with a coupon rate of 12%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bonds without the warrants is considered to be $128,080, and the value of the warrants in the market is $32,020. The bonds sold in the market at issuance for $160,500.
(a) What entry should be made at the time of the issuance of the bonds and warrants
(b) Prepare the entry if the warrants were nondetachable.
Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.
Discovery Barn, a not- for- pro?t science center for children, received a contribution of $30,000 explicitly designated for the acquisition of computers-During the year it acquired $21,000 of computers
For the Revenue, Expenditure, and Human Resources / Payroll cycles, identify at least three specific ways (tools) that information technology can be used to improve each of these processes, and identify & describe an internal control method that is n..
Talkaholics Inc. leased a satellite transmission device from ACME Satellites on January 1, 2016. ACME paid $1,000,000 for the satellite which retails for $1,307,362. What type of lease is this for Talkaholics? Explain. Prepare the appropriate entries..
Jones Corp. reported current assets of $183,000 and current liabilities of $126,000 on its most recent balance sheet. The current assets consisted of $64,000 Cash; $46,000 Accounts Receivable; and $73,000 of Inventory. The acid-test (quick) ratio is:..
the importance of the engagement files for engagement continuity
at december 31 2011 an analysis of the accounts of cherry co. ltd. revealed the following informationfollowing
FINANCIAL ACCOUNTING PRACTICE (BBAC301) Group Assessment. Prepare the unadjusted trail balance, show the adjustment and complete the worksheet
Juan Flores is an operations manager for a large manufacturer. He earned $68,500 in 2014 and plans to contribute the maximum allowed to the firm’s 401(k) plan. Assuming that Juan is in the 25% tax bracket, calculate the amount of his tax savings on h..
which of the subsequent groups constitute a controlled group? any stock not listed below is held by unrelated
Calculate the upper and lower control limits for each manufacturing cost category. Compute the total materials variance, and break it into price and usage variances. Would these variances be investigated?
Prepare a position paper that you would provide to the owner and managers concerning these two topics. The discussion in your statement should incorporate the concepts that are presented in the textbook and what was presented in class
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