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Clarkston Inc issued $1,000,000 of convertible 10- year, 11% bonds on July 1, 2014. The interest is payable semiannually on January 1 and July 1. The discount in connection with the issue was $9,500, which is amortized monthly using the straight line basis. The debentures are convertible after one year into five shares of the company's $1 par common stock for each $ 1,000 of bonds
On August 1, 2015, $100,000 of the bonds were converted. Interest has been accrued monthly and paid as due. Any interest accrued at the time of conversion of the bonds is paid in cash.
Prepare the journal entries on Clarkstons books to record the conversion, amortization, and interest on the bonds as of August 1 and August 31, 2015
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need and important of final account
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Purchase price $2.15 Exercised Price: $37.50 Currently Trading at $37.00 In order to make the decision on the best course of action, two tables of calculations are needed:
Independent research of the key topics available on the website of professional accounting bodies
It is a managerial accounting cost method of expensing all costs related with producing a particular product. Absorption costing utilizes the total direct costs and overhead costs
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