urnal entry for April 1, 2021 bond conversion?

Q: On December 1, 2020, the ABC corporation issued 500 bonds with a par value of $ 1,000 at 9%, at 103.…

A: Bonds: Bonds are debts instruments issued by corporates. Bonds are issued at par, premium and…

Q: Sarasota Inc. issued $4,170,000 of 10%, 10-year convertible bonds on June 1, 2020, at 97 plus…

A: Solution: When a bond is sold at a discount, the amount of the bond discount must be amortized to…

Q: On July 1, 2021, an interest payment date, $148000 of Bramble Corp. bonds were converted into 2930…

A: Explanation: Value = Value of Bonds - Conversion Value - Unamortized Discount Value = $148000 -…

Q: On January 1, 2021, Madison Products issued $41.2 million of 8%, 10-year convertible bonds at a net…

A: Bonds This are the units of corporate debt issued by corporate companies and it securitized as…

Q: On January 1, 2019, X Sports Corporation issued 10% bonds with a face value of $200,000. The bonds…

A: Par value of bonds =$200000Issue price of bonds =$191000Discount on issuance of bonds…

Q: Waterway Inc. issued $15,400,000 of 12%, 40-year convertible bonds on November 1, 2020, at 98 plus…

A: a). Date Account title & Explanation Debit($) Credit($) December 31,2020 interest payable…

Q: Vaughn Inc. issued $3,790,000 of 10%, 10-year convertible bonds on June 1, 2025, at 99 plus accrued…

A: (a) Entry to record the interest expense at October 1, 2025:Accrual of interest expense:The interest…

Q: On January 1, 2021, Madison Products issued $75 million of 8%, 10-year convertible bonds at a net…

A: A bond conversion is the process of changes bond into shares. The number of shares that a bond can…

Q: Cullumber Corporation issued 5,500, five year, 3% bonds at 103 on January 1, 2020. Interest is paid…

A: The objective of the question is to prepare the journal entries for the issuance of bonds and the…

Q: Kingbird Inc. issued $2,100,000 of convertible 10-year bonds on july 1,2020. The bonds provide for…

A: a. % of bond converted = $210,000/$2,100,000 = .10 or 10% Period of Amortization = 10 x 12 = 120…

Q: f each year. Aumont Company allocates interest and unamortized discount or premium on the…

A: c.   journal entry to record the interest payment and the amortization for 2017 Date Account…

Q: Bayside Inc. prepares its financial statements in accordance with IFRS. On January 1, 2023, the…

A: Journal entry is the first step for preparing accounts of a business. It means recording daily…

Q: On March 1, 2021, Baddour, Inc., issued 12% bonds, dated January 1, with a face amount of $165…

A: 1. Compute amount of bonds report in its balance sheet as shown below:     Working note:   Compute…

Q: Bonita Inc. issued $2,280,000 of convertible 10-year bonds on July 1, 2025. The bonds provide for…

A: Journal entries refer to the concept of noting all the transactions of a company in the desired…

Q: On April 1, 2021, Austere Corporation issued $320,000 of 14% bonds at 108. Each $1000 bond was sold…

A: To calculate the amount of proceeds from the bond issue that should be recorded as an increase in…

Q: Sunland Inc. issued $3 million of 10-year, 9% convertible bonds on June 1, 2023, at 98 plus accrued…

A: Bonds are long-term debt securities issued by corporations to raise funds for capital. These are…

Q: Kingbird Inc. issued $4,230,000 of 9%, 10-year convertible bonds on June 1, 2025, at 98 plus accrued…

A: convertible bonds offer investors a consistent income stream by paying interest on a regular basis.…

Q: Novak Inc. issued $3,840,000 of 11%, 10-year convertible bonds on June 1, 2025, at 99 plus accrued…

A: The convertible bonds are the bonds that can be converted into common shares. The bonds are issued…

Q: Crane Inc. issued $3,840,000 of 10%, 10-year convertible bonds on June 1, 2020, at 98 plus accrued…

A: The following information given below : 1. Issued $3,840,000 of 10%, 10-year convertible bonds on…

Q: On March 1, 2025, Cullumber Corporation issued $1920000 of 8% nonconvertible bonds at 104. The bonds…

A: Paid-in capital is the money a company has received from investors in return for issuing stock. This…

Q: The Bradford Company issued 12% bonds, dated January 1, with a face amount of $99 million on January…

A: Bonds are the financial instruments that are used to raise money from the market or investors. The…

Q: Pronghorn Corporation issued 5,400, five year, 3% bonds at 104 on January 1, 2020. Interest spaid…

A: Journal entry : Method of recording financial transactions in the book of original entry by debiting…

Q: Oriole Inc. issued $3,940,000 of 9%, 10-year convertible bonds on June 1, 2020, at 98 plus accrued…

A: Workings :Bond Par Value $        39,40,000.00Bond Issuance Price $        38,61,200.00Total…

Q: Larkspur Inc. issued $5,550,000 of convertible 5-year bonds on July 1, 2025. The bonds provide for…

A: Bonds are the source of fund through which the company gathers required investment for its project…

Q: Assume all the bondholders voluntarily decided to convert their bonds to common shares on July 1,…

A: Convertible bonds are corporate bonds that holders can exchange for a predetermined number of the…

Q: Cullumber Corporation issued $6480000 of 9 %, ten-year convertible bonds on July 1, 2024 at 96.1…

A: A convertible bond is a type of bond that, is converted into a fixed number of shares at maturity or…

Q: On August 1, 2024, Perez Communications issued $44 million of 12% nonconvertible bonds at 105. The…

A: Bonds -A bond is a type of debt instrument that the government or business can use to raise money.…

Q: Sheffield Inc. issued $15,200,000 of 12%, 40-year convertible bonds on November 1, 2025, at 97 plus…

A: To record transactions and maintain track of business activities, the business entities enter the…

Q: Windsor Inc. issued $3,840,000 of 11%, 10-year convertible bonds on June 1, 2020, at 99 plus accrued…

A: The following information given in the question: 1.  Issued $3,840,000 of 11%, 10-year convertible…

Q: On May 1, 2021, Duck Corporation issued $2,000,000 of 8% nonconvertible bonds at 104, which are due…

A: Isssue Price of Bonds ($2000000 * 104%) $20,80,000     Fair market value of bonds ($2000000 *…

Q: On July 1, 2025, Crane Corporation issued $2,500,000 of 9% bonds payable in 20 years. The bonds…

A: Stock Warrants -Stock warrants are options granted to investors by a company that trades on an…

Q: On July 1, 2020, Tuttle Company had bonds payable outstanding with a face value of $100,000 and a…

A: The book value method is a method for recording the conversion of a bond into stock. To put it in…

Q: s convertible into 35 common shares, which are currently trading at $34 per share.  Similar bonds…

A: Bonds - Bonds are fixed-income securities that reflect loans from investors to borrowers (typically…

Q: On May 1, 2020, Judice Company issued 400 $1,000 bonds at 104. Each bond was issued with two…

A: Bonds Payable: Bonds payable are referred to long-term debts of the business, issued to various…

Q: The Bradford Company issued 12% bonds, dated January 1, with a face amount of $97 million on January…

A: A bond seems to be a type of financial instrument or debt security that represents a loan made by an…