QUESTION TWO IFA Corporations had Net Incorme of $780,000 and the following information for January 2021 to December 2021. Ordinary shares issued and outstanding: Jan 1 500,000 shares March 1 300,000 shares. June 1 A 10% share dividend August 1 120,000 shares. October 1 700,000 shares. December 1 A2 for 1 share split On January 1, 10% convertible debentures, $60,000,000 face value, were issued at par. Each $1,000 debenture is convertible into 40 ordinary shares. The interest expense for the current year related to the liability component of the convertible debentures is $6,500,000. 250,000 preference shares outstanding, $60 par, 10% cumulative, not convertible. Options were granted to purchase 400,000 ordinary shares at $18 each. The company's average market price of ordinary shares was $24. 10-year $3,000,000 face value, 8% bonds issued at par on May 1. Each $500 bond is convertible

QUESTION TWO IFA Corporations had Net Incorme of $780,000 and the following information for January 2021 to December 2021. Ordinary shares issued and outstanding: Jan 1 500,000 shares March 1 300,000 shares. June 1 A 10% share dividend August 1 120,000 shares. October 1 700,000 shares. December 1 A2 for 1 share split On January 1, 10% convertible debentures, $60,000,000 face value, were issued at par. Each $1,000 debenture is convertible into 40 ordinary shares. The interest expense for the current year related to the liability component of the convertible debentures is $6,500,000. 250,000 preference shares outstanding, $60 par, 10% cumulative, not convertible. Options were granted to purchase 400,000 ordinary shares at $18 each. The company's average market price of ordinary shares was $24. 10-year $3,000,000 face value, 8% bonds issued at par on May 1. Each $500 bond is convertible

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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