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1. Hoffman Corporation retires its bonds at 106 on January 1, following payment of semi-annual interest. Face value of bonds is $400,000. Carrying value of the bonds at redemption date is $419,800. Entry to record redemption will comprise a

i) credit of $19,800 to Loss on Bond Redemption.
ii) debit of $24,000 to Premium on Bonds Payable.
iii) credit of $4,200 to Gain on Bond Redemption.
iv) debit of $19,800 to Premium on Bonds Payable.

2. At December 31, stockholders' equity section shows: Common stock, $5 par value, 1,320,000 shares issued
And 1,200,000 shares outstanding............... $6,600,000
Additional paid-in-capital......................................... 1,400,000
Retained earnings...................................................... 500,000
Treasure stock (120,000 shares)............................ -700,000
Total stockholders' equity......................................... $7,800,000

Book value per share of common stock is:

i) $5.91.
ii) $6.50.
iii) $7.08.
iv) $6.44.

3. Market price of a bond is:

i) present value of its principal amount at maturity plus present value of all future interest payments.
ii) principal amount plus present value of all future interest payments.
iii) principal amount plus all future interest payments.
iv) present value of its principal amount only.

4. Roberson Corporation was organized on January 1, 2008, with authorized capital of 750,000 shares of $10 par value common stock. In 2008, Roberson issued 30,000 shares at $12 per share, purchased 3,000 shares of treasury stock at $13 per share, and sold 3,000 shares of treasury stock at $14 per share. What is the amount of additional paid-in capital at December 31, 2008?

i) $0
ii) $3,000
iii) $60,000
iv) $63,000

5. Purchase of treasury stock:

i) decreases common stock authorized.
ii) decreases common stock issued.
iii) decreases common stock outstanding.
iv) has no effect on common stock outstanding.

Accounting Basics, Accounting

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  • Reference No.:- M922539

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