Question: On January 1, 2014, the $1,000,000 par value bonds of Sinclair Corporation with a carrying value of $950,000 are converted to 500,000 common shares. Journalize

On January 1, 2014, the $1,000,000 par value bonds of Sinclair Corporation with a carrying value of $950,000 are converted to 500,000 common shares. Journalize the conversion of the bonds.

Step by Step Solution

★★★★★

3.47 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

2014 Jan 1 Bonds Payable 10000... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

384-B-A-L (4392).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

1. A soft sensor made of nylon designed to undergo twisting motion is reinforced with a wire made of nickel titanium (Nitinol). The sensor and Nitinol are rigidly connected. Find the equivalent...

On January 1, 2014 (the first day of its fiscal year) GPL Ltd. acquired a patent which gave the company the right to use a production process. The process met the six criteria for capitalization as...

On January 1, Valuation Allowance for Available-for-Sale Investments had a zero balance. On December 31, the cost of the available-for-sale securities was $60,250, and the fair value was $57,500....

please answer the following multiple choice 5 of 7 5956,000 D) $131.500 20. The following information is from the balance sheet of Teder Cage s of December 31, 2014 Preferred stock, S100 par $...

Capital-Ordinary 14,000 h 14.000 (Purchased 1,000 ordinary shares for the treasury at 14 per share) 31 Cash 8,500 Share Capital-Ordinary 5.000 Gain on Sale of Shares 3.500 (Sold 500 treasury shares...

5 of 7 5956,000 D) $131.500 20. The following information is from the balance sheet of Teder Cage s of December 31, 2014 Preferred stock, S100 par $ 500.000 Paid-in capital in se preferred 35.000...

Please provide a response to this discussion post. 1. What are some nonfinancial measures that a company might use in order to motivate achieving the objective of anticipating future customer needs?...

Can some answer this question for me please and be show all calculations please On January 2, 2005 Tennessee Corporation issued 10e, eee new shares of its $5 par value common stock valued at $19 a...

Need help please, I am really lost for what to do with Part I, especially the additional information. I've included the input information as well as what I have completed so far. Also wondering if I...

I have 15 accounting questions that are for my final exam! Please solve this for me! On January 1, 2014, Hannigan Company issued bonds with a face value of $600,000. The bonds carry a stated interest...

Q.1.Complete the table. OUTOUT PAIRS K L MTRS 1000 yards I 1 1000 yards II 2 7:1 1000 yards III 3 5:1 1000 yards IV 4 3:1 1000 yards V 5 1:1

Classic Cabinets has one factory in which it produces two product lines. Walter manages the Wood Division, which produces wood cabinets, and Mary manages the Metal Division, which produces metal...

Take a minute to think about the various companies that you purchase from in arry given month. Have you corroblered the repulation of the company before making your purchane? Why or Why not? After...

Consider the following 2-player zero-sum game. Each player separately chooses a number from the set {1, 2, 3}. Both players then reveal their numbers. If the numbers match, the row player must pay 3...

a. Why are financial statements standardized? Explain at least two methods for standardizing financial statements. b. Using any Income statement and Statement of Financial Position of your choice...

On December 31, 2018, ABC Inc. issued 2,030 stock options with an estimated value of $16 per option. Each option entitles the owner to purchase one share of ABC stock for $25 a share (the per share...

Snow transferred land with a basis of $63,730 in exchange for Evil Queen stock valued at $89,920 in a qualifying $351 exchange. The land was subject to a $69,239 mortgage. What is the amount of gain...

With a cost of capital of 13%, what is the present value of $2,500 received every year in perpetuity? A $2,825 B $17,563 C $2,212 D $28,736 E None of these options

Refer to Exhibit 17.14 and calculate Airspace?s liquidity and efficiency ratios for 2020 and 2019 (round answers to two decimal places). Analysis Component: Identify whether the change in each ratio...

Web Structure Inc. calculated the ratios shown below for 2020 and 2019: Required 1. Identify whether the change in the ratios from 2019 to 2020 is favourable (F) or unfavourable (U). 2. Assess...

Silver Bullet Slide Company calculated the ratios shown below for 2020 and 2019: Required 1. Identify whether the change in the ratios from 2019 to 2020 is favourable (F) or unfavourable (U). 2....

Desai Industries is analyzing an average-risk project, and the following data have been developed. Unit sales will be constant, but the sales price should increase with inflation. Fixed costs will...

Need some help with number 2 A researcher wishes to see if there is a difference between the mean number of hours per week that a family with no children participates in recreational activities and a...

Williamson Industries has $5 billion in sales and $2.997 billion in fixed assets. Currently, the company's fixed assets are operating at 90% of capacity. a. What level of sales could Williamson...