Question
17. Your company sells $43,000 of one-year, 10% bonds for an issue price of $40,500. The journal entry to record this transaction will include a
17. Your company sells $43,000 of one-year, 10% bonds for an issue price of $40,500. The journal entry to record this transaction will include a credit to Bonds Payable in the amount of: |
a. $44,800.
b. $43,000.
c. $40,500.
d. $47,300.
23. On October 1, 2013, you borrow $207,000 at 12% interest for 3 years and record the promissory note. On April 1 and October 1 you are required to make semi annual interest payments to your creditor. On December 31, 2013, your adjusting journal entry should: |
IBM issues 200,000 shares of stock with a par value of $0.04 for $153 per share. Three years later, it repurchases these shares for $83 per share. IBM records the repurchase in which of the following ways? |
a. Debit Common Stock for $8,000, debit Additional Paid-in Capital for $16,592,000 and credit Cash for $16.60 million. |
c. Debit Stockholders' Equity for $30.60 million, credit Additional Paid-in Capital for $16.60 million and credit Cash for $16.60 million. |
d. Debit Common Stock for $8,000, debit Additional Paid-in Capital for $30,592,000 and credit Cash for $30.60 million. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started