Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 6.00

Limbaugh Communications

On August 1, 2013, Limbaugh Communications issued $30 million of 10% nonconvertible bonds at 104. The bonds are due on July 31, 2033. Each $1,000 bond was issued with 20 detachable stock warrants, each of which entitled the bondholder to purchase, for $60, one share of Limbaugh CommunicationsAc€?c no par common stock. Interstate Containers purchased 20% of the bond issue. On August 1, 2013, the market value of the common stock was $58 per share and the market value of each warrant was $8.

       In February 2024, when LimbaughAc€?cs common stock had a market price of $72 per share and the unamortized discount balance was $1 million, Interstate Containers exercised the warrants it held.

   

Required:
1.

Prepare the journal entries on August 1, 2013, to record (a) the issuance of the bonds by Limbaugh and (b) the investment by Interstate. (If no journal entry is required for a particular event, select "No journal entry required" in the first account field. Enter your answers in millions and round to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 10:09 PM My Price 6.00

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