Question: I am having trouble with these homework problems. 1. One Foot Above Ground Corporation has 100,000 $1 par value shares outstanding.On July 1, One Foot
I am having trouble with these homework problems. 1. One Foot Above Ground Corporation has 100,000 $1 par value shares outstanding. On July 1, One Foot declared a 30% stock dividend when stocks were selling for $7 per share. The stock will be distributed to stockholders on August 2. Record all the journal entries necessary. 2. Table Tops, LLC purchased $285,000 in new equipment to expand production of their Series-A table tops. In order to make room for the new equipment some existing equipment was sold for $150,000 and a loan for $1,000,000 was obtained to expand the square footage of the manufacturing facility. Complete the cash flows from investing activities section of the cash flow statement. 3. Fish All Day, LLC issues 8%, 20-year bonds with a par value of $500,000 on January 2 when the market rate is 9%. The company pays interest semi-annually on June 30 and December 31. Fish All Day, LLC received $480,000 at issuance. Prepare the journal entries to record the issuance of the bond and the first interest payment using straight-line amortization. (Round to the dollar).
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