Q: Braxton Technologies, Inc., constructed a conveyor for A&G
Braxton Technologies, Inc., constructed a conveyor for A&G Warehousers that was completed and ready for use on January 1, 2021. A&G paid for the conveyor by issuing a $100,000, four-year note that spe...
See AnswerQ: Three years ago American Insulation Corporation issued 10%, $800,
Three years ago American Insulation Corporation issued 10%, $800,000, 10-year bonds for $770,000. American Insulation exercised its call privilege and retired the bonds for $790,000. The corporation u...
See AnswerQ: The long-term liability section of Twin Digital Corporation’s balance sheet
The long-term liability section of Twin Digital Corporation’s balance sheet as of December 31, 2020, included 12% bonds having a face amount of $20 million and a remaining discount of $1 million. Disc...
See AnswerQ: Cupola Fan Corporation issued 10%, $400,000, 10
Cupola Fan Corporation issued 10%, $400,000, 10-year bonds for $385,000 on June 30, 2021. Debt issue costs were $1,500. Interest is paid semiannually on December 31 and June 30. One year from the issu...
See AnswerQ: How might your solution for the issuer of the bonds differ if
How might your solution for the issuer of the bonds differ if Cupola prepares its financial statements according to International Financial Reporting Standards? Include any appropriate journal entries...
See AnswerQ: The long-term liability section of Eastern Post Corporation’s balance sheet
The long-term liability section of Eastern Post Corporation’s balance sheet as of December 31, 2020, included 10% bonds having a face amount of $40 million and a remaining premium of $6 million. On Ja...
See AnswerQ: Bradley-Link’s December 31, 2021, balance sheet included the
Bradley-Link’s December 31, 2021, balance sheet included the following items: Long-Term Liabilities ($ in millions) 9.6% convertible bonds, callable at 101 beginning in 2022, due 2025 (net of unamorti...
See AnswerQ: On January 1, 2021, Baddour, Inc., issued 10
On January 1, 2021, Baddour, Inc., issued 10% bonds with a face amount of $160 million. The bonds were priced at $140 million to yield 12%. Interest is paid semiannually on June 30 and December 31. Ba...
See AnswerQ: The 2020 annual report of Mills General Corporation (MGC) included
The 2020 annual report of Mills General Corporation (MGC) included the following disclosure note: Note 10: Borrowings (in part) Convertible Debt On July 1, 2020, we issued $125 million of zero coupon...
See AnswerQ: On January 1, 2021, NFB Visual Aids issued $800
On January 1, 2021, NFB Visual Aids issued $800,000 of its 20-year, 8% bonds. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. NFB Visual Aids records i...
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