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15/12/2021 Client: muhammad11 Deadline: 2 Day

On January 1, 2014, Gottlieb Corporation issued $4,360,000 of 10-year, 8% convertible debentures at 104. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into 9 shares of Gottlieb Corporation $104 par value common stock after December 31, 2015. On January 1, 2016, $436,000 of debentures are converted into common stock, which is then selling at $116. An additional $436,000 of debentures are converted on March 31, 2016. The market price of the common stock is then $119. Accrued interest at March 31 will be paid on the next interest date. Bond premium is amortized on a straight-line basis. Make the necessary journal entries for:

(a)

December 31, 2015.

(c)

March 31, 2016.

(b)

January 1, 2016.

(d)

June 30, 2016.

Record the conversions using the book value method. (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

No.

Date

Account Titles and Explanation

Debit

Credit

(a)

Dec. 31, 2015

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(b)

Jan. 1, 2016

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(c)

Mar. 31, 2016

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(To record interest expense)

Mar. 31, 2016

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(To record the conversion)

(d)

Jun. 30, 2016

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Exercise 16-7

Illiad Inc. has decided to raise additional capital by issuing $176,800 face value of bonds with a coupon rate of 11%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bonds without the warrants is considered to be $148,320, and the value of the warrants in the market is $16,480. The bonds sold in the market at issuance for $162,000. (a) What entry should be made at the time of the issuance of the bonds and warrants? (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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

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(b) Prepare the entry if the warrants were nondetachable. (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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

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Exercise 16-10

On November 1, 2014, Olympic Company adopted a stock-option plan that granted options to key executives to purchase 66,500 shares of the company’s $13 par value common stock. The options were granted on January 2, 2015, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $50, and the fair value option-pricing model determines the total compensation expense to be $712,500. All of the options were exercised during the year 2017: 49,875 on January 3 when the market price was $67, and 16,625 on May 1 when the market price was $78 a share. Prepare journal entries relating to the stock-option plan for the years 2015, 2016, and 2017. Assume that the employee performs services equally in 2015 and 2016. (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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

1/2/15

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12/31/15

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12/31/16

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1/3/17

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