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Presented below are three independent situations: (a) Howell Corporation purchased $350,000 of its bonds on June 30, 2010, at 103 and immediately retired them. The carrying value of the bonds on the retirement date was $339,500. The bonds pay semiannual interest and the interest payment due on June 30, 2010, has been made and recorded. (b) Justice, Inc. purchased $400,000 of its bonds at 96 on June 30, 2010, and immediately retired them. The carrying value of the bonds on the retirement date was $393,000. The bonds pay semiannual interest and the interest payment due on June 30, 2010, has been made and recorded. (c) Riser Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are convertible into 40 shares of Riser $5 par value common stock for each $1,000 par value bond. On December 31, 2010, after the bond interest has been paid, $20,000 par value of bonds were converted. The market value of Riser's common stock was $38 per share on December 31, 2010. Instructions For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.
An organization's budgets will often be prepared to cover:
Fraud is a major concern in the business world.In a few paragraphs, explain the difference between an intentional misstatement of financial statements and misappropriation of assets.
In the current year, Teal Corporation becomes insolvent and is declared bankrupt. During the corporation's existence, Emily was paid an annual salary of $60,000. How should she treat her losses for tax purposes?
for the past several years shane banovich has operated a part-time consulting business from his home. as of october
birk camera shop inc. uses the lower-of-cost-or-market basis for its inventory. the following data are available at
Ignoring income taxes, what amount should be reported in the 2010 income statement as the net income or loss under 'discontinued operations' ?
The effective-interest method,
Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. If variable costs decrease by $1 per unit, the new breakeven point is:
The column of the income statement show the debits are equal to $56,899 and credits are $60,333. What do this information mean to the accountant?
prepare a 5-year (2009-2013) schedule of compensation expense pertaining to the 40,000 SARs granted to president scott.
hachey company has accounts receivable of 95100 at march 31 2007. an analysis of the accounts shows these
Discuss the implication's related to the CFO's desire to keep the transaction "off" the balance sheet. Base on the information presented make a recommendation as to whether AMG should lease or buy the PCs.
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