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At the beginning of 20x1, the accounting records of Friends Corp. reported the following: Preferred shares, 6,000 shares outstanding, no-par Common shares, 180,000 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 150,000 369,000 110,000 550,000 During the year, the company acquired and retired shares, while other shares were issued: 15 March 24,000 common shares bought and retired at $6 per share 16 March 3,000 preferred shares bought and retired at $27 per share 20 May 8,000 common shares bought and retired at $1 per share 25 May 600 preferred shares bought and retired at $24 per share 30 May 10,000 common shares issued at $12.32 per share 15 Nov. 4,000 common shares bought and retired at $14 per share Required: 1. Give journal entries to record each share retirement transaction. (Round intermediate calcule your final answers to the nearest whole dollar. If no entry is required for a transaction/event, the first account field.) View trangaction list x EX: 1 Record retirement of common shares at $6 per share. > 2 Record retirement of preferred shares at $27 per share. 3 Record retirement of common shares at $1 per share. 4 Record retirement of preferred shares at $24 per share. 5 Record issue of common shares. Credit 6 Record retirement of common shares at $14 per share. 6 Record retirement of common shares at $14 per share. Note: - Journal entry has been entered Record entry Clear entry View general Journal 2. Calculate the closing balance in each account in shareholders' equity. (Round intermediate calculations to 2 decimal places, Round your final answers to the nearest whole dollar) Preferred shares Common shares Contributed capital on share retirement: Common Preferred Retained earnings SHI Mart In 20x3, Snowboard Ltd. had the following share capital outstanding Preferred shares, no-par value: $1.20 dividend: authorized, unlimited shares; issued, 100,000 shares Common shares, no-par value; authorized, unlimited shares: issued, 450,000 shares $1,250,000 642,000 No dividends were declared in 20x1 or 20x2, but $1,000,000 of dividends were declared in 20x3. Required: Calculate the amount of dividends that would be paid in 20x3 to each share class under the following separate cases: Case A Preferred shares are cumulative and nonparticipating Total Paid Proforred Common Year 20X3 allocation Arrears Current Remainder Total $ 0 $ 0 $ 0 Case B Preferred shares are cumulative and participating with common shares after the common shares receive a $1 per share dividend. Participation is based on relative annual total base dividends. Total Paid Preferred Common Year 20x3 allocation Arrears Current Matching Remainder Total $ 0 $ 0 $ 0 3 Nero Solutions Co. Issued an $800,000, 6%, three-year bond for $806,000. The bond pays interest annually, at each year-end. At maturity, the bond can be repaid in cash or converted to 60,000 common shares at the investor's option. The market interest rate for bonds of similar term and risk, but that are not convertible, is in the range of 7% PV of 1. PVA of S1, and PVADOS1) (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the portion of the bond to be recorded as a liability. (Round time value factor to 5 decimat places. Round down the bond Hability to nearest tenth dollar) Bond liability ces 2. Provide the entry to record issuance of the bond. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round time value factor to 5 decimal places. Round your intermediate calculations to nearest whole dollar. Round down the bond liability to nearest tenth dollar) View transaction list Journal entry worksheet Record the entry for issuance of bonds. Note: Enter debits before credits Transaction General Journal Dobit Credit 1 Nort 3. Provide the entries to record interest expense and the annual cash payment each year over the bond's three-year life. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places. Round your intermediate calculations and final answers to the nearest whole dollar, Round down the bond Mobility to nearest tenth dollar) View transaction list X 1 Record the entry for interest expense and annual cash payment. 2 Record the entry for interest expense and annual cash payment 3 Record the entry for interest expense and annual cash payment. Credit Note : = Journal entry has been entered Record entry Clear entry View general journal 4. Provide the entry to record the maturity of the bond, assuming that shares were issued. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round time value factor to 5 decimal places. Round your intermediate calculations to nearest whole dollar. Round down the bond liability to nearest tenth doltar.) View transaction list Journal entry worksheet 1 > Record the entry for issue of shares towards maturity of bonds. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 5. Provide the entry to record the maturity of the bond, assuming that cash is paid. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round time value factor to 5 decimal places. Round your intermediate calculations to nearest whole dollar. Round down the bond liability to nearest tenth dollar) View transactly list BBT 1 Record the entry for repayment on bonds payable. 2 Record the entry for lapse of conversion rights. sit Credit Note: - Journal entry has been entered Record entry Clear entry View general Journal 6. Provide the entry to record early repayment of the bond, assuming that it was repaid in cash in an open market transaction after two complete years. Cash of $810,000 was paid, of which $802,000 related to the liability and $8,000 related to the conversion option. (If mo entry is required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places. Round your final answers to the nearest whole dollar. Round down the bond liability to nearest tenth dollar.) View transaction list Journal entry worksheet 1 Record the entry for early repayment of bonds, Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Twixt Corp. Issued $5,000,000 of convertible bonds on 1 January for $4,790,000 cash. The bond had the following terms: Bonds mature in five years' time. Annual interest, 5%, is paid each 31 December. Bonds are convertible to 400,000 common shares at maturity or can be repaid in cash. This choice is up to Twixt Corp. Current market interest rates are 6%. (PV of S1. PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Assign a value to the liability and the equity portions of the bond. (Round time value factor to 5 decimal places and final answers to the nearest dollar amount.) Liability portion Equity portion 2. Provide the journal entry to record issuance of the bond. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places. Round your final answers to the nearest dollar amount) View transaction list Journal entry worksheet 2. Provide the journal entry to record issuance of the bond. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places. Round your final answers to the nearest dollar amount.) View transaction list Journal entry worksheet > Record the entry for Issuance of bonds. Note: Enter debits before credits General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal 3. Provide a schedule to show interest expense and amortization of the liability over the life of the bond. (Round time value factor to 5 decimal places. Round your final answers to the nearest dollar amount. Leave no cell blank. Be certain to enter "0" wherever required.) Year Beginning balance Interest Liability Interest Payment Ending Interest Liability 1 2 3 4 5 4. Not available in Connect H
