Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please ans both questions thank you EDUUK Print Question 8 Not complete Marked out of 21.00 P Flag question Stonewall Corporation issued $36,000 of 5%,
please ans both questions thank you
EDUUK Print Question 8 Not complete Marked out of 21.00 P Flag question Stonewall Corporation issued $36,000 of 5%, 10-year convertible bonds. Each $1,000 bond is convertible to 10 shares of common stock (par $50) of Stonewall Corporation. The bonds were sold at 105 on January 1. a. Provide the entry for Stonewall Corporation on January 1 for the bond issuance. Account Name Debit Date Jan. 1 Credit 0 0 0 0 0 0 To record bondissuance. b. Provide entries for Stonewall Corporation assuming that the conversion privilege is subsequently exercised immediately after the end of the third year. Assume that at the date of conversion, 30% of any premium or discount has been amortized and the common stock was selling at $125 per share. Use the book value method. Credit Debit Account Name Date Dec. 31 0 0 0 0 0 0 To record bond conversion Check Question 1 Not complete Marked out of 24.00 Flag question Determining Bond Features and Selling Price On January 1, 2020, the following debt was authorized and issued by Anderson Company 1. $90,000, 8-year, 10% convertible bonds payable, cash interest payable semiannually to yield 11% 2. $18,000, 8-year, 8% note payable, cash interest payable semiannually to yield 7.5%, 3. $54,000, 10-year, zero-interest-bearing bonds to yield 9% annually, Required Complete the following table related to the three debt issuances, Note: Enter the percentages rounded to two digits after the decimal enter 2.04 for 2.044% or 2.05 for 2.045%. Note: Round dollar amounts to the nearest dollar, For each debt, indicate the following: a Face value b. Stated rate per interest period Stated interest amount per interest period, d. Market rate per interest period e. Number of interest periods over life of the bonds. 1. Selling price 8. Maturity date h. Authorization date. 2 3 $ 0$ 0 % 0$ 0 09 5 0$ 0 % 05 0 % 0 0 % 0 05 09 0 OO 5 0 05 e e a Check 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