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Question - On July 4, 2010, shinsten issued for $4,200,000 a total of 40,000 shares of $100 par value, 7% noncumulative preferred stock along with one detachable warrant for each share issued. Each warrant contains a right to purchase one share of Chen $10 par value common stock for $15 per share. The stock without the warrants would normally sell for $4,100,000. The market price of the rights on July 1, 2010, was $2.50 per right. On October 31, 2010, when the market price of the common stock was $19 per share and the market value of the rights was $3.00 per right, 16,000 rights were exercised. As a result of the exercise of the 16,000 rights and the issuance of the related common stock, what journal entry would Chen make?
super sales company is the exclusive distributor for a revolutionary bookbag. the product sells for 46 per unit and has
Prepare the journal entry to record each of the following independent transactions - Issuance of a promissory note for $2,500
mastercraft incorporated has decided to use a predetermined rate to assign manufacturing overhead to production. the
land and a warehouse were acquired for 710000. what amounts should be recorded in the accounting records for land and
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
redtail mfg has the following data selling price 60 variable manufacturing cost 33 fixed manuf. cost 250000 per month
He plans to accomplish this, through an account with a nominal interest rate of 3% compouned monthly, and Q at the end of each month during the second two years. What is the smallest Q that will suffice?
Standard direct labour-hours allowed for the actual output - 13,600. Compute the fixed overhead budget and volume variances
Prepare any necessary journal entries for the following transactions using the installment sales method
compute the cost of the ending inventory under the FIFO method and LIFO method. Weatherall uses a periodic inventory system.
What are Lamb's expected cash receipts for March related to all current and past sales
Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2010 and 2011. Assume taxable income was $980,000 in 2011.
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