Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me, I don't understand what I'm doing wrong :( On September 1, 2017, Blossom Company sold at 104 (plus accrued interest) 3,120 of
Please help me, I don't understand what I'm doing wrong :(
On September 1, 2017, Blossom Company sold at 104 (plus accrued interest) 3,120 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $14 per share. Shortly after issuance, the warrants were quoted on the market for $3 each. No fair value can be determined for the Blossom Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $23,900 were incurred. Prepare in general journal format the entry to record the issuance not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) f the bonds. (Credit account titles are automatically indented when amount is entered. Do Account Titles and Explanation Debit Credit x Cash 3,220,900 x Unamortized Bond Issue Costs 23,900 3,120,000 Bonds Payable 106,080 Premium on Bonds Payable 18,720 Paid-in Capital-Stock Warrants Open Show Work Click if you would like to Show Work for thisStep 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