(Answered) Question - sheridan inc issued 3730000 of 9 10-year

Accounting

Question - Sheridan Inc. issued $3,730,000 of 9%, 10-year convertible bonds on June 1, 2017, at 99 plus accrued interest. The bonds were dated April 1, 2017, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis.

On April 1, 2018, $1,398,750 of these bonds were converted into 30,000 shares of $20 par value common stock. Accrued interest was paid in cash at the time of conversion.

Prepare the entry to record the conversion on April 1, 2018. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.

Bonds Payable 1398750

Discounts On Bonds Payable Please Provide how to find this

Common Stock 600000

Paid in Excess of Par I can find this once I know how to find the discount

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92668358
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question as the first step of your final project select

Question: As the first step of your final project, select three companies to evaluate for determining which is in the best financial health and would, therefore, be the most profitable investment. • What considerations m ...

Assessment task individual reflective pieceindividual

Assessment task: Individual Reflective Piece Individual Responsible Leadership Model For your individual assignment, you are required to submit a reflective piece. In your write-up you should include the following requir ...

Quesiton please note this part of the assignment is an

Quesiton: Please note, this part of the assignment is an essay. I will need a person to take their time and answer each section and question. Part III Prompt The results of both sections of your employment examination ha ...

Question - cranberry corporation has 3396000 of current

Question - Cranberry Corporation has $3,396,000 of current year taxable income. Use Corporate tax rate schedule. If the current year is a calendar year ending on December 31, 2017, calculate Cranberry's regular income ta ...

Question review apple incs most recent financial statements

Question: Review Apple Inc's most recent financial statements. Click to review Apple's Financial Information. Based on your analysis of Apple's most recent financial statements, predict whether Apple's financial health w ...

Question - in january ms nw projects that her employer will

Question - In January, Ms. NW projects that her employer will withhold $25,000 from her 2019 salary. However, she has income from several other sources and must make quarterly estimated tax payments. 1. Compute the quart ...

Have you ever been involved in the budget process at your

Have you ever been involved in the budget process at your organization? If so, describe your role and responsibilities. Do you think people at your level in the organization should provide budget inputs, and why or why n ...

Thinking of the middle east identify where you encounter

Thinking of the Middle East, identify where you encounter products, services, or food items that should be relatively uniform and are based on standard inputs or costs. Identify the items, their standard components, and ...

Question - on january 1 2016 company x had an inventory

Question - On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company X had net purchases of $1,000,000 and net sales of $900,000. Historically, Company X's gross profit ratio has been 4 ...

Question - mr x wants to build a retirement fund of 500000

Question - Mr. X wants to build a retirement fund of $500,000 by the time he is 65. He is 40 today, and he plans to make 20 equal annual deposits to the fund, the first deposit to be made today. Assuming the fund will ea ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert