CourseLover

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    Devry University
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Category > Business & Finance Posted 10 Dec 2017 My Price 10.00

additional paid-in capital on the issuance of the stock

On July 1, year 1, Cove Corp., a closely held corporation, issued 6% bonds with a maturity value of $60,000, together with 1,000 shares of its $5 par value common stock, for a combined cash amount of $110,000. The market value of Cove’s stock cannot be ascertained. If the bonds were issued separately, they would have sold for $40,000 on an 8% yield to maturity basis. What amount should Cove report for additional paid-in capital on the issuance of the stock?

Answers

CourseLover
(12)
Status NEW Posted 10 Dec 2017 04:12 PM My Price 10.00

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