Maurice Tutor

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

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 12.00

McLean Inc.

The stockholders’ equity section of McLean Inc. at the beginning of the current year appears below.
Common stock, $10 par value, authorized 1,000,000
shares, 300,000 shares issued and outstanding ………. $3,000,000
Paid-in capital in excess of par …………………………… 600,000
Retained earnings …………………………………………. 570,000

During the current year the following transactions occurred.
1. The company sold to the public a $200,000, 10% bond issue at 102. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common stock at $30 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $8.
2. At the end of the year, 80% of the warrants in (1) had been exercised, and the remaining were outstanding and in good standing.

Instructions
(a) Prepare general journal entries for the current year to record the transactions listed above.
(b) Prepare the stockholders’ equity section of the balance sheet at the end of the current year. Assume that retained earnings at the end of the current year is $750,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 11:07 PM My Price 12.00

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