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Category > Accounting Posted 06 May 2018 My Price 7.00

Longbine Corporation

Exercise 10-12

Presented below are three independent situations.

1.   Longbine Corporation redeemed $122,100 face value, 11% bonds on June 30, 2017, at 108. The carrying value of the bonds at the redemption date was $107,100. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded.
2.   Tastove Inc. redeemed $141,000 face value, 19% bonds on June 30, 2017, at 95. The carrying value of the bonds at the redemption date was $143,000. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded.
3.   Precision Company has $74,500, 9%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay annual interest on December 31 of each year. The bonds are convertible into 25 shares of Precision $15 par value common stock for each $1,000 worth of bonds. On December 31, 2017, after the bond interest has been paid, $15,000 face value bonds were converted. The market price of Precision common stock was $40 per share on December 31, 2017.


For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answers

Maurice Tutor
(5)
Status NEW Posted 06 May 2018 05:05 PM My Price 7.00

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