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 31 Jul 2017 My Price 5.00

McGraw Corporation

On July 2, 2006 the McGraw Corporation issued $500,000 of convertible bonds. Each $1,000 bond could be converted into 20 shares of the company’s $5 par value stock. On July 3, 2008, when the bonds had an unamortized discount of $7,400, and the market value of the McGraw shares was $52 per share, all the bonds were converted into common stock.

Required
1. Prepare the journal entry to record the conversion of the bonds under
(a) The book value method, and
(b) The market value method.
2. Compute the company’s debt-to-equity ratio (total liabilities divided by total stockholders’ equity, as mentioned in Chapter 6) under each alternative. Assume the company’s other liabilities are $2 million and stockholders’ equity before the conversion is $3 million.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 08:07 AM My Price 5.00

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