Please explain how to calculate this to get an answer like the key above for number 96, 97, 98, 103, 104, 105, 106, 116, and 117

Chapter : LONG-TERM LIABILITIES

96. If bonds with a face value of $90,000 are converted into common stock when the carrying value of the bonds is $81,000, the entry to record the conversion will include a debit to

97. A $900,000 bond was retired at 98 when the carrying value of the bond was $888,000. The entry to record the retirement would include a

98. Twenty $1,000 bonds with a carrying value of $25,600 are converted into 2,000 shares of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. The entry to record the conversion is

103. The entry to record the first monthly payment will include a

104. The amount owed on the mortgage after the first payment will be

105. What is the amount of expense Diamond must recognize on its 2008 income statement?

106. What is the balance in the notes payable account at December 31, 2008?

116. In a recent year Dart Corporation had net income of $140,000, interest expense of $30,000, and tax expense of $20,000. What was Dart Corporations times interest earned ratio for the year?

117. In a recent year Day Corporation had net income of $150,000, interest expense of $30,000, and a times interest earned ratio of 9. What was Day Corporations income before taxes for the year?

96. If bonds with a face value of $90,000 are converted into common stock when the carrying value of the bonds is $81,000, the entry to record the conversion will include a debit to a. Bonds Payable for $90,000 b. Bonds Payable for $81,000 c. Discount on Bonds Payable for $9,000. d. Bonds Payable equal to the market price of the bonds on the date of conversion. 97. A $900,000 bond was retired at 98 when the carrying value of the bond was $888,000. The entry to record the retirement would include a a. gain on bond redemption of $12,000. b. loss on bond redemption of $6,000. C. loss on bond redemption of $12.000. d. gain on bond redemption of $6,000. 98. Twenty $1,000 bonds with a carrying value of $25,600 are converted into 2,000 shares of $5 par value common stock. The common stock had a market value of $9 per share on the date of conversion. The entry to record the conversion is a. Bonds Payable 25,600 Common Stock 10,000 Paid-in Capital in Excess of Par. 15,600 b. Bonds Payable 20,000 Premium on Bonds Payable 5,600 Common Stock 18,000 Paid-in Capital in Excess of Par 7,600 c. Bonds Payable 20,000 Premium on Bonds Payable 5.600 Common Stock 10.000 Paid-in Capital in Excess of Par 15,600 d. Bonds Payable 25,600 Common Stock 18,000 Paid-in Capital in Excess of Par. 7,600 Use the following information for questions 103-104 Delmar Company purchased a building on January 2 by signing a long-term $840,000 mortgage with monthly payments of $7,700. The mortgage carries an interest rate of 10 percent. 103. The entry to record the first monthly payment will include a a. debit to the Cash account for $7,700. b. credit to the Cash account for $7,000. C. debit to the Interest Expense account for $7,000. d. credit to the Mortgage Payable account for $7,700. 104. The amount owed on the mortgage after the first payment will be a. $840,000 b. $839,300. c. $833,000 d. $832.300 Use the following information for questions 105106. Diamond Company borrowed $500,000 from BankTwo on January 1, 2007 in order to expand its mining capabilities. The five-year note required annual payments of $130,218 and carried an annual interest rate of 9.5%. 105. What is the amount of expense Diamond must recognize on its 2008 income statement? a. $47,500 b. $39.642 C. $35,129 d. $31,037 106 116 What is the balance in the notes payable account at December 31, 2008? a. $500,000 b. $326.706 C. $417.282 d. $405,000 In a recent year Dart Corporation had net income of $140,000, interest expense of $30,000, and tax expense of $20,000. What was Dart Corporation's times interest earned ratio for the year? a. 6.33 b. 4.66 C. 5.33 d. 6.00 117. In a recent year Day Corporation had net income of $150,000, interest expense of $30,000, and a times interest earned ratio of 9. What was Day Corporation's income before taxes for the year? a. $300,000 b. $270,000 c. $240,000