Q: On January 1, 2020, Salem Corp. issued $1
On January 1, 2020, Salem Corp. issued $1.1 million of five-year, zero-interest-bearing notes along with warrants to buy 1 million common shares at $22 per share. On January 1, 2020, Salem had 9.3 mil...
See AnswerQ: On September 30, 2020, Gargiola Inc. issued $4
On September 30, 2020, Gargiola Inc. issued $4 million of 10-year, 8% convertible bonds for $4.6 million. The bonds pay interest on March 31 and September 30 and mature on September 30, 2030. Each $1,...
See AnswerQ: Treeton Inc. had net income for the fiscal year ended June
Treeton Inc. had net income for the fiscal year ended June 30, 2020, of $5 million. There were 500,000 common shares outstanding throughout 2020. The average market price of the common shares for the...
See AnswerQ: On December 31, 2020, Master Corp. had a $
On December 31, 2020, Master Corp. had a $10-million, 8% fixed-rate note outstanding that was payable in two years. It decided to enter into a two-year swap with First Bank to convert the fixed-rate d...
See AnswerQ: The following information is for Polo Limited for 2020: /
The following information is for Polo Limited for 2020: There were no changes during 2020 in the number of common shares, preferred shares, or convertible bonds outstanding. For simplicity, ignore th...
See AnswerQ: Jackie Enterprises Ltd. has a tax rate of 30% and
Jackie Enterprises Ltd. has a tax rate of 30% and reported net income of $8.5 million in 2020. The following details are from Jackie's statement of financial position as at December 31, 2020, the end...
See AnswerQ: The following information is available for Dylan Inc., a company whose
The following information is available for Dylan Inc., a company whose shares are traded on the Toronto Stock Exchange: Other information: 1. For all of the fiscal year 2020, $100,000 of 6% cumulat...
See AnswerQ: Gateway Corporation has outstanding 200,000 common shares that were issued
Gateway Corporation has outstanding 200,000 common shares that were issued at $10 per share. The balances at January 1, 2020, were $21 million in its Retained Earnings account; $4.3 million in its Con...
See AnswerQ: Rocky Mountain Corp. currently has an issued debenture outstanding with Abbra
Rocky Mountain Corp. currently has an issued debenture outstanding with Abbra Bank. The note has a principal of $2 million, was issued at face value, and interest is payable at 7%. The term of the deb...
See AnswerQ: The IFRS Foundation publishes the “Pocket Guide to IFRS Standards:
The IFRS Foundation publishes the “Pocket Guide to IFRS Standards: The Global Financial Reporting Language.” The guide shows continuing progress toward further enhancing the quality of IFRS and increa...
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