Maurice Tutor

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Teaching Since: May 2017
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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 4.00

London Corporation

On January 1, 2007 the London Corporation issued $500,000 of 11.5% bonds due January 1, 2017 at 102. The bonds pay interest semiannually on June 30 and December 31. Each $1,000 bond carried 20 warrants, and the exchange of two warrants allowed the holder to acquire one share of $10 par common stock for $50. Shortly after the time of issue, the bonds were quoted at 98 ex rights and each individual warrant was quoted at $5. Subsequently, on March 31, 2007, 8,000 rights were exercised.

Required
1. Prepare the journal entry to record the bond issue.
2. Prepare the journal entries on March 31, 2007 to record the exchange of the warrants for common shares.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 08:07 AM My Price 4.00

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