Raw Preview of Attachment:(refer to the detailed question and attachment below)
Name:Course:Date:Be advised, the template workbooks and worksheets are not protected.
Overtyping any data may remove it.Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text.You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires more than one page.Each template is set to print with File Name, Page # of # Page(s), the print date, and the print time to assist in assembly of multiple pages.If more than one page is required by the template, manual page breaks have been set to provide consistent presentation.All of the cells have been correctly formatted for presentation and should not require any adjustment. For example, if the text requires one, two, or three significant digits in a presentation, the template has been set for that presentation in the appropriate cells.And information or data which may be required by the solution will be entered in cells with borders to help identify them.Check with your instructor to see if abbreviated account titles are acceptable. For example "A/R" for Accounts Receivable, "A/P" for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these abbreviates may not be acceptable.The print area is defined to fit onto 8 1/2" × 11" sheets in portrait or landscape mode as required. Margins are generally set to no less than 1/2" so most printers can print them without a problem. If you printer cannot accept margins less than 1" you may have to reformat the margins through Page Setup.The display may have "Freeze Pane" invoked so column titles remain visible during data entry. This can be removed by utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes."When negative values are required, enter them by starting with a minus sign, "-". Negative values may be shown as ($400) or -$400. Negative values in formulas can be created by putting a minus sign in front of the cell reference - "=E10*-E11" will return a negative value if both cells E10 and E11 contain positive values.Instructor:par valueconvertible bonds atIf the bonds had not been convertible, the company's investment banker estimates they would have been sold atExpenses of issuing the bonds werebonds at One detachable stock warrant was issued with eachpar value bond. At the time of issuance, the warrants were selling forThepar value bonds were converted intoshares ofof unamortized discount applicable to the bonds, and the company paid an additionalto the bondholders to induce conversion of all the bonds. The company records theconversion using the book value method.Account TitleAmountText titleFormula* Calculation as desired.E16-1 (Issuance and Conversion of Bonds)
Instructions:
For each of the unrelated transactions described below, present the entry(ies) required to record each transaction.Instructions:Shares outstanding PercentageNumberreporting. The company is authorized to issueof convertibleThe bonds are convertible after one year intoshares of Volker Inc.'spar value common stock for eachof bonds.of bonds were turned in for conversion into common stock.Interest has been accrued monthly and paid as due. At the time of conversion any accrued interest on bonds being converted is paid in cash.Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates: (Round to the nearest dollar.)Schedule 1 - Monthly Amortization ScheduleUnamortized discount on bonds payable:Schedule 2 Interest Expense ScheduleTotalInterest on Bonds:Total interestNote: Due to rounding and significant digits, there may be slight number differences.P16-2 (Entries for Conversion, Amortization, and Interest of Bonds) Volker Inc. issued provide forinterest payable semiannually on January 1 and July 1. The discount in connection with the issue was, which is being amortized monthly on a straight-line basis.Enter entry memorandum.Area for calculations as desired.Account titleshares were granted to president Tom Winter -for services to shares weregranted to vice president Michelle Bennett -following the year in which the services were rendered. The fair value of the options on the grant datewasper option.of the stock was below the exercise price. The market value of the stock wasandshares, respectively, when the market price wasa share.Enter text answer here.Enter text answer as appropriate.provided thatpar value stock be designated as available for the granting of options to officers of the corporation at a price ofa share. The market price wasIntermediate Accounting, 15th Edition by Kieso, Weygandt, and Warfield1. Grand Corp. issued2. Hoosier Company issued3. Suppose Sepracor, Inc. called its convertible debt in 2014. Assume the following related to the transaction:
par value common stock on July 1, 2014. On July 1, there wasE16-15 (Weighted-Average Number of Shares) Newton Inc. uses a calendar year for financial par common stock. At no time has Newton issued any potentially dilutive securities. Listed below is a summary of Newton’s common stock activities.1. Number of common shares issued and outstanding at December 31, 20122. Shares issued as a result of a 10% stock dividend on September 30, 20133. Shares issued for cash on March 31, 2014Number of common shares issued and outstanding at December 31, 20144. A 2-for-1 stock split of Gogean’s common stock took place on March 31, 2015(a) Compute the weighted average number of common shares used in computing earnings per
common share for 2013 on the 2014 comparative income statement.(b) Compute the weighted average number of common shares used in computing earnings per
common share for 2014 on the 2014 comparative income statement.(c) Compute the weighted average number of common shares to be used in computing earnings per
common share for 2014 on the 2015 comparative income statement.(d) Compute the weighted average number of common shares to be used in computing earnings per
common share for 2015 on the 2015 comparative income statement.-year bonds on July 1, 2014. The bonds On August 1, 2015,(a) August 1, 2015. (Assume the book value method is used.)(b) August 31, 2015.(c) December 31, 2015, including closing entries for end-of-year.Amortization of bond discount charged to bond interest expense in 2015 would be as follows:Interest for 2015 would be as follows:P16-3 (Stock-Option Plan) Berg Company adopted a stock-option plan on November 30, 2013, that a share on November 30, 2014.On January 2, 2014, options to purchasefor services rendered in 2014 andbe rendered in 2015. Also on that date, options to purchasefor services to be rendered in 2014 andfor services to be rendered in 2015. The market value of the stock wasa share on January 2, 2014. The options were exercisable for a period of one year In 2015 neither the president nor the vice president exercised their options because the market pricea share on December 31, 2015, when the options for 2014 services lapsed.On December 31, 2016 both president Winter and vice president Bennett exercised their options forPrepare the necessary journal entries in 2013 when the stock-option plan was adopted, in 2014 when options were granted, in 2015 when options lapsed, and in 2016 when options were exercised.Where a highlighted cell shows titles such as "Journal Number" or "Journ #" you should enter the appropriate number provided in the template and in the text for that step of the challenge. In general this will appear in instances such as "Record the following events in General Journal number six."Where a highlighted cell shows "Text" enter the appropriate text for that step of the challenge. This may be a memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company's financials. These titles can simply be typed over.Where a highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula. These are addressed in the tutorial text provided for Microsoft Excel.Where a highlighted cell shows titles such as "Values," "Amounts," or "Quantities" enter the appropriate numerical value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits (decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by any password, you may change any of the formatting found in the templates to meet your desires.Where a highlighted cell shows "Account Title" enter the appropriate account title for that step of the challenge. This is a text entry and most of those cells are set for the proper indentation for that step. Frequently the chart of accounts appropriate to the challenge is provided and you can use the "look to" formula to reference the appropriate account title without typing it.Where a highlighted cell shows "Acct Nbr" enter the appropriate account number, provided in the template and in the text for that step of the challenge. This is entry may be a "Look to" formula to another cell where that information has been provided or previously entered.Where a highlighted cell shows "Date" enter the appropriate date for that step of the challenge. This may be any date format that Microsoft Excel accepts. Some of these formats include "1/1/12", "01/01/12", and "01/01/2012." All of these will return January 01, 2012, in the format set in the template.In general, the highlighted cells are the cells which work and effort should be presented. These entries may include date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions.CashDiscount on Bonds PayableBonds PayableBond ExpensePIC - Stock WarrantsValue of Bonds plus WarrantsValue of WarrantsBondsBond Conversion ExpenseBonds payableCommon Stock APIC
Solution: Intermediate Accounting II - Chapter 16 Homework ex-16-15