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nment CALCULA IOR | | ALSCREEN PRİNIER VERSION Brief Exercise 16-1 lie issued $3,420 000 par value, 7% convertible bonds at 97 for cash. If the bonds had not included the conversion feature, they would hs. , prepare the journal entry to record the isuance of the bonds. (Credit account titles are automatically indented when amount is enterest, o not indent entry is required, select No Entry for the account titles and enter O for the amounts.) nsally f no Account Titles and Explanation Debit Credit SHOW LUST OF ACCOINTS LINK TO TEX Question Attempts: 0 of 3 used SAVE FOR LATER SUBHIT ANSWER 24/01/2019
Kieso, Intermediate Accounting, 16e Intermediate Accounting 1/II (AC 221/222) Practice Gradebook ORION Downloadable eTextbook PRUNTER VERSION Brief Exercise 16-2 Novak Corporation has outstanding 2,000 $1,000 bonds, each convertible into 60 shares of $10 par value common stock. The bonds are converted on December 31, 2017, when the unamortized discount is $38,200 and the market price of the stock is $21 per share. Record the conversion using the book value approach. (Credit account titles are automatically indented when amount is entered. Do not indent manusally, If no entry is Account Titles and Explanation Debit Credit SHOWW LEST OF ACCOUNTS Question Attempts: 0 of 3 used SAE FOR LATER SICHE ANSRES の
Gradebook ORION Downloadable eTextbook gament ATORH FULL SCREEN İ PRİNTER VERSION ·BACK Brief Exercise 16-3 n le Coronation issued 2,000 shares of $10 par value common stock upon conversion of í OOO shares of $50 par value preferred stock. The preferred steek nas ungtrai, sued at $60 per share. The common stock is trading at $25 per share at the time of conversion Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. if no eairy is required select No Entry for the account titles and enter 0 for the amounts) Account Titles and Explanation Debit Credit NOW LIST OF ACCOUNTS Question Attempts: O of 3 usedSAVE FOR LATER SUBNET ANSWER 822 PM 24/01/2019
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Solution: 1 As per FASB, Bond is not adjusted with conversion value at the time of issuance Naming convention is not available, can be slightly different: ournal entries Account title and explaination Cash Discount on Bonds Payable (3420000*3%) Bonds Payable To record the issuance of convertible bonds) Debit 3317400 102600 Credit ( 3420000*97%) 3420000 2) Account title and explaination Bonds Payable Discount on bonds payable Common Stock Paid in capital in excess of par - Common stock(plug) To record the conversion of bonds) Debit Credit (2000 1000) 38200 1200000 761800 (2000*60) 10 3) Account title and explaination Preferred Stock Paid in capital in excess of par - Preferred stock (1000 10)10,000 Common Stock Paid in capital in excess of par - Common stock(plug) To record the conversion of Preferred stock) Debit Credit (1000*50) $ 50,000 $ 20,000 $ 40,000 (2000 10)

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