Homework Answers
| The correct entry would be | |||
| Date | Account Title | Debit | Credit |
| Bonds payable | 128000 | ||
| Common stock | 121000 | ||
| Discount on bond payable | |||
| (to record conversion of bonds into common stock) | |||
| Correct Option : THIRD | |||
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15 and Question 2 If bonds with a face value of $128000 are converted into common...
On January 1, $314,400 of par value bonds with a carrying value of $328,000 is converted...
On January 1, $314,400 of par value bonds with a carrying value of $328,000 is converted to 52,400 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except Multiple Choice Debit to Bonds Payable $314,400. Credit to Paid-In Capital in Excess of Par Value, Common Stock $66,000. Credit to Common Stock $262,000. Debit to Premium on Bonds Payable $13,600. Debit to Bonds Payable $328,000.
on january 1, $362,400 of par value bonds with a carrying value of $388,000 is converted...
on january 1, $362,400 of par value bonds with a carrying value of $388,000 is converted to $60,400 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except: a. Debit to Premium on Bonds Payable $25,600. b. Debit to Bonds Payable $388,000. c. Credit to Common Stock $302,000. d. Credit to Paid-in Capital in Excess of Par Value, Common Stock $86,000. e. Debit to Bonds Payable $362,400.
Instructions On July 1, 2020, Tuttle Company had bonds payable outstanding with a face value of...
Instructions On July 1, 2020, Tuttle Company had bonds payable outstanding with a face value of $350,000 and a book value of $345,000. The interest on these bonds was paid on June 30. When these bonds were issued, each $1,000 bond was convertible into 20 shares of $10 par common stock. To induce conversion, on June 15, 2020, the terms were changed so that each bond was convertible into 22 shares of common stock if the conversion was made within...
QUESTION 4 "Bonita Industries retires its 5400000 face value bonds at 102 on January 1, following...
QUESTION 4 "Bonita Industries retires its 5400000 face value bonds at 102 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $385000. The entry to record the redemption will include a debit of 58000 to Premium on Bonds Payable. credit of $15000 to Loss on Bond Redemption credit of $15000 to Discount on Bonds Payable. debit of $23000 to Gain on Bond Redemption,
On January 1, Soren Enterprises issued 15-year bonds with a face value of $200,000. The bonds...
On January 1, Soren Enterprises issued 15-year bonds with a face value of $200,000. The bonds carry a coupon rate of 8 percent, and interest is paid semi-annually. On the issue date, the annual market interest rate for bonds issued by companies with similar riskiness was 10 percent. The issuance price of the bonds was $169,255. Which ONE of the following would be included in the journal entry necessary on the books of the bond issuer to record the SECOND...
On July 1, 2017, Tuttle Company had bonds payable outstanding with a face value of $250,000...
On July 1, 2017, Tuttle Company had bonds payable outstanding with a face value of $250,000 and a book value of $244,000. The interest on these bonds was paid on June 30. When these bonds were issued, each $1,000 bond was convertible into 24 shares of $10 par common stock. To induce conversion, on June 15, 2017, the terms were changed so that each bond was convertible into 26 shares of common stock if the conversion was made within 30...
Philosophy Insights Corporation retires its $500,000 face-value bonds at 102 on January 1, after interest is...
Philosophy Insights Corporation retires its $500,000 face-value bonds at 102 on January 1, after interest is paid. The bonds’ carrying value at the date of retirement is $481,250. What should the entry to record the redemption include? $10,000 debit to premium on bonds payable $18,750 credit to discount on bonds payable $18,750 credit to loss on bond redemption $28,750 debit to gain on bond redemption
Bondholders of Balm Co. converted their bonds into 90,000 shares of $5 par value common stock....
Bondholders of Balm Co. converted their bonds into 90,000 shares of $5 par value common stock. In Balm's accounting records, the bonds had a face value of $775,000 and unamortized discount of $23,000 at the time of conversion. What amount of additional paid-in capital from the conversion should Balm record? Select one: a. $325,000 b. $348,000 c. $302,000 d. $798,000
On January 1, 2016, Skysong Company issued 10-year, $94,000 face value, 6% bonds at par interest...
On January 1, 2016, Skysong Company issued 10-year, $94,000 face value, 6% bonds at par interest payable annually on January 1). Each $900 bond is convertible into 29 shares of Skysong $2 par value common stock. The company has had 9,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2017. Skysong also has adopted a stock-option plan that granted options to key executives to...
On January 1, 2016, Oriole Company issued 10-year, $96,000 face value, 6% bonds at par (interest...
On January 1, 2016, Oriole Company issued 10-year, $96,000 face value, 6% bonds at par (interest payable annually on January 1). Each $900 bond is convertible into 32 shares of Oriole $2 par value common stock. The company has had 9,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2017. Oriole also has adopted a stock-option plan that granted options to key executives to...
On January 1, $314,400 of par value bonds with a carrying value of $328,000 is converted to 52,400 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except Multiple Choice Debit to Bonds Payable $314,400. Credit to Paid-In Capital in Excess of Par Value, Common Stock $66,000. Credit to Common Stock $262,000. Debit to Premium on Bonds Payable $13,600. Debit to Bonds Payable $328,000.
Instructions On July 1, 2020, Tuttle Company had bonds payable outstanding with a face value of $350,000 and a book value of $345,000. The interest on these bonds was paid on June 30. When these bonds were issued, each $1,000 bond was convertible into 20 shares of $10 par common stock. To induce conversion, on June 15, 2020, the terms were changed so that each bond was convertible into 22 shares of common stock if the conversion was made within...
QUESTION 4 "Bonita Industries retires its 5400000 face value bonds at 102 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $385000. The entry to record the redemption will include a debit of 58000 to Premium on Bonds Payable. credit of $15000 to Loss on Bond Redemption credit of $15000 to Discount on Bonds Payable. debit of $23000 to Gain on Bond Redemption,
On January 1, 2016, Skysong Company issued 10-year, $94,000 face value, 6% bonds at par interest payable annually on January 1). Each $900 bond is convertible into 29 shares of Skysong $2 par value common stock. The company has had 9,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2017. Skysong also has adopted a stock-option plan that granted options to key executives to...
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