AOCT 3312 -https://edugen.wileyplus.com/edugen/Iti/main.uni signment CALCULATOR PRINTER VERSION BACK NEXT Exercise 16-08 Your answer is partially correct. Try again. On September 1, 2020, Splish Company sold at 104 (plus accrued interest) 5,760 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warants. 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 Splish Company bonds. Interest is payable on December 1 and June 1. Prepare in general journal format the entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Cash 5990400 5760000 Bonds Payable 195840 Premium on Bonds Pay 34560 Paid-in Capital-Stock W Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Version 4.24.18.1 LINK TO TEXT 8:39 PM 10 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. 2/18/2020 cy Policy | search

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

On September 1, 2020, Splish Company sold at 104 (plus accrued interest) 5,760 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 Splish Company bonds. Interest is payable on December 1 and June 1.
Prepare in general journal format the entry to record the issuance of the bonds. There should be 5 entries.

Cash is incorrect and missing 5th entry for the general journal. Please help.
Bonds Payable, Premiun on Bonds Payable, and Paid in Capital-Warrents amounts are correct.

Ask question today and the answer I received is:
Cash 5,990,400
Bonds Payable    5.760,000
Premium on Bonds Payable    195,840
Paid In Capital-Stock Warrents    34,560

Per request I am resubmitting my question. I attached a screen shot of what was provided earlier and where I have missed answers. Please help.

AOCT 3312
-https://edugen.wileyplus.com/edugen/Iti/main.uni
signment
CALCULATOR
PRINTER VERSION
BACK
NEXT
Exercise 16-08
Your answer is partially correct. Try again.
On September 1, 2020, Splish Company sold at 104 (plus accrued interest) 5,760 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each
bond carried two detachable warants. 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 Splish Company bonds. Interest is payable on December 1 and June 1.
Prepare in general journal format the entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
Account Titles and Explanation
Debit
Credit
Cash
5990400
5760000
Bonds Payable
195840
Premium on Bonds Pay
34560
Paid-in Capital-Stock W
Click if you would like to Show Work for this question: Open Show Work
SHOW LIST OF ACCOUNTS
Version 4.24.18.1
LINK TO TEXT
8:39 PM
10
2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.
2/18/2020
cy Policy |
search

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

Where is the $5,990,400 coming from?

Solution

by Bartleby Expert

SEE SOLUTION

Follow-up Question

Please elaborate on how you got the 6,120,000 and $195,840.

I cannot figure out how you got these numbers.

Thank you!

Solution

by Bartleby Expert

SEE SOLUTION

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.