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Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 398 Weeks Ago, 2 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
On September 1, 2017, Buffalo Company sold at 104 (plus accrued interest) 4,800 of its 10%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $18 per share. Shortly after issuance, the warrants were quoted on the market for $4 each. No fair value can be determined for the Buffalo Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $25,200 were incurred Prepare in general journal format the entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Cash Unamortized Bond Issue Costs 25,200 48 Bonds Payable Premium on Bonds Payable Paid-in Capital-Stock Warrants
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