Recent Orders

Our Reviews

Sample Papers

How It Works

Get First 2 Pages Of Your Homework Absolutely Free!

Messages

Welcome to TutorsOnSpot.Com!

World's No. 1 Assignment Writing Market

Post Your Homework

Proposals

Post your homework and get free proposals here!

Post Your Homework

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Get Free Quotes Post Your Requirements

Illiad inc has decided to raise additional capital by issuing

21/10/2021 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

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(b)

Jan. 1, 2016

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(c)

Mar. 31, 2016

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record interest expense)

Mar. 31, 2016

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record the conversion)

(d)

Jun. 30, 2016

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

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

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(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

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

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

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

12/31/15

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

12/31/16

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

1/3/17

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

5/1/17

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Exercise 16-13

Derrick Company issues 4,760 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2014. The stock has a fair value of $124,100 on this date. The service period related to this restricted stock is 4 years. Vesting occurs if Yaping stays with the company for 4 years. The par value of the stock is $4. At December 31, 2015, the fair value of the stock is $148,100. (a) Prepare the journal entries to record the restricted stock on January 1, 2014 (the date of grant), and December 31, 2015. (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

1/1/14

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

12/31/15

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(b) On March 4, 2016, Yaping leaves the company. Prepare the journal entry to account for this forfeiture. (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

3/4/16

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Click if you would like to Show Work for this question:

Open Show Work

Exercise 16-15 (Part Level Submission)

Newton Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,053,000 shares of $12 par common stock. At no time has Newton issued any potentially dilutive securities. Listed below is a summary of Newton’s common stock activities.

Number of common shares issued and outstanding at December 31, 2012

2,507,000

Shares issued as a result of a 12% stock dividend on September 30, 2013

300,840

Shares issued for cash on March 31, 2014

2,148,000

Number of common shares issued and outstanding at December 31, 2014

4,955,840

A 2-for-1 stock split of Newton’s common stock took place on March 31, 2015

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Collapse question part

(a)

Compute the weighted-average number of common shares used in computing earnings per common share for 2013 on the 2014 comparative income statement.

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Exercise 16-20

On January 1, 2014, Lennon Industries had stock outstanding as follows.

6% Cumulative preferred stock, $105 par value, issued and outstanding 11,000 shares

$1,155,000

Common stock, $11 par value, issued and outstanding 288,000 shares

3,168,000

To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 196,800 common shares. The acquisitions took place as shown below.

Date of Acquisition

Shares Issued

Company A April 1, 2014

76,800

Company B July 1, 2014

94,800

Company C October 1, 2014

25,200

On May 14, 2014, Lennon realized a $108,000 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2014, Lennon recorded net income of $408,000 before tax and exclusive of the gain. Assuming a 49% tax rate, compute the earnings per share data that should appear on the financial statements of Lennon Industries as of December 31, 2014. Assume that the expropriation is extraordinary. (Round answer to 2 decimal places, e.g. $2.55.)

Lennon Industries Income Statement For the year ended December 31, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Exercise 16-25

On January 1, 2014, Crocker Company issued 10-year, $3,302,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 24 shares of Crocker common stock. Crocker’s net income in 2014 was $297,000, and its tax rate was 45%. The company had 110,000 shares of common stock outstanding throughout 2014. None of the bonds were converted in 2014. (a) Compute diluted earnings per share for 2014. (Round answer to 2 decimal places, e.g. $2.55.)

Diluted earnings per share

$http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(b) Compute diluted earnings per share for 2014, assuming the same facts as above, except that $1,100,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Crocker common stock. (Round answer to 2 decimal places, e.g. $2.55.)

Diluted earnings per share

$http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Exercise 16-29

On December 31, 2010, Beckford Company issues 128,000 stock-appreciation rights to its officers entitling them to receive cash for the difference between the market price of its stock and a pre-established price of $10. The fair value of the SARs is estimated to be $5 per SAR on December 31, 2011; $2 on December 31, 2012; $11 on December 31, 2013; and $10 on December 31, 2014. The service period is 4 years, and the exercise period is 7 years. (a) Prepare a schedule that shows the amount of compensation expense allocable to each year affected by the stock-appreciation rights plan. (If the compensation decreases from prior year enter the amount as a negative number in the table e.g. -25,000 or (25,000).)

Date

Fair Value

Cumulative Compensation Recognizable

Percentage Accrued

Compensation Accrued to Date

Expense 2011

Expense 2012

Expense 2013

Expense 2014

12/31/11

$http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

12/31/12

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

12/31/13

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

12/31/14

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(b) Prepare the entry at December 31, 2014, to record compensation expense, if any, in 2014. (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

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(c) Prepare the entry on December 31, 2014, assuming that all 128,000 SARs are exercised. (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

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Homework is Completed By:

Writer	Writer Name	Amount	Client Comments & Rating
ONLINE	Instant Homework Helper 4.8 4305 Orders Completed	$36	She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 5.00
Answer.docx Turnitin Report.pdf Contact Writer For Solution Contact Writer For Solution

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

100% Plagiarism Free
Proper APA/MLA/Harvard Referencing
Delivery in 3 Hours After Placing Order
Free Turnitin Report
Unlimited Revisions
Privacy Guaranteed

Order Now

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

100% Plagiarism Free
Proper APA/MLA/Harvard Referencing
Delivery in 6 Hours After Placing Order
Free Turnitin Report
Unlimited Revisions
Privacy Guaranteed

Order Now

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

100% Plagiarism Free
Proper APA/MLA/Harvard Referencing
Delivery in 12 Hours After Placing Order
Free Turnitin Report
Unlimited Revisions
Privacy Guaranteed

Order Now

6 writers have sent their proposals to do this homework:

Writer	Writer Name	Offer	Chat
ONLINE	Exam Attempter I have written research reports, assignments, thesis, research proposals, and dissertations for different level students and on different subjects. 4.9 1197 Orders Completed	$22	Chat With Writer
ONLINE	Top Essay Tutor I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points. 4.7 9702 Orders Completed	$33	Chat With Writer
ONLINE	Phd Writer I am a PhD writer with 10 years of experience. I will be delivering high-quality, plagiarism-free work to you in the minimum amount of time. Waiting for your message. 0 Orders Completed	$39	Chat With Writer
ONLINE	A+GRADE HELPER This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices. 4.8 2289 Orders Completed	$15	Chat With Writer
ONLINE	Homework Master After reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection. 4.9 1470 Orders Completed	$48	Chat With Writer
ONLINE	Solutions Store I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade. 4.9 1512 Orders Completed	$45	Chat With Writer