Acct 551 Week 6 Hw Chapter 16 Week 6 Homework E16 1

# Acct 551 Week 6 Hw Chapter 16 Week 6 Homework E16 1

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Acct 551 Week 6 Hw Chapter 16 Week 6 Homework E16-1

1. Cash (10,000,000 X .99) 9,900,000

Discount on Bonds Payable 100,000

Bonds Payable 10,000,000

Unamortized Bond Issue Costs 70,000

Cash 70,000

1. Cash (10,000,000 X .98) 9,800,000

Discount on Bonds Payable 600,000

Bonds Payable 10,000,000

Paid-in Capital - Stock Warrants (100,000 X 4) 400,000

1. Debt Conversion Expense 75,000

Bonds Payable 10,000,000

Discount on Bonds Payable 55,000

Common Stock 1,000,000

Paid-in Capital in Excess of Par 8,945,000

[(10,000,000 - 55,000) - 1,000,000]

Cash 75,000

E16-6

(a) December31, 2012:

Bond Interest Expense 117,000

Premium on Bonds Payable (60,000 X 1/20) 3,000

Cash (3,000,000 X 8% X 6/12) 120,000

(b) January 1, 2013:

Bonds Payable 600,000

Common Stock [8 X 100...

Acct 551
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Excerpt from file: Acct551Week6HwChapter16Week6HomeworkE161 1.Cash(10,000,000X.99)9,900,000 DiscountonBondsPayable100,000 BondsPayable10,000,000 UnamortizedBondIssueCosts70,000 Cash70,000 2.Cash(10,000,000X.98)9,800,000 DiscountonBondsPayable600,000 BondsPayable10,000,000 PaidinCapitalStockWarrants(100,000X4)400,000

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