Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E156 Presented below and on page 678 are three independent situations. 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2017, at

image text in transcribed

image text in transcribed

E156 Presented below and on page 678 are three independent situations. 1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2017, at Prepare entries fo of bonds and con 102. The carrying value of the bonds at the redemption date was $117,500. The bonds bonds into comn pay annual interest, and the interest payment due on June 30, 2017, has been made and (O 2) recorded. 2. Tastove Inc. redeemed $150,000 face value, 12.5% bonds on June 30, 2017, at 98, The carrying value of the bonds at the redemption date was $151,000. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 3. Precision Company has $80,000, 896, 12-year convertible bonds outstanding. These bonds were sold at face value and pay annual interest on December 31 of each year. The bonds are convertible into 30 shares of Precision $5 par value common stock for each

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Corporate Finance

Authors: Richard A Brealey, Stewart C Myers, Franklin Allen

8th Edition

0073130826, 9780073130828

More Books

Students also viewed these Accounting questions

Question

Give an example of an interval scale.

Answered: 1 week ago