Following is information taken from Blossom Inc.’s December 31, 2020 balance sheet: 8% bonds payable, $5,200,000 maturing December 31, 2023, each $1,000 bond convertible into 17 common shares   $5,200,000   5% bonds payable, $3,200,000, maturing December 31, 2025, each $1,000 bond convertible into 51 common shares at any time up to December 31, 2023   $3,200,000   Cumulative preferred shares, $4, no-par value, convertible at 1 preferred share for 4 common shares, 104,000 shares outstanding   $2,704,000   Common shares, no par-value, 2,500,000 shares outstanding       Blossom’s net income after tax for 2020 was $5,516,000, and the company was subject to an income tax rate of 42%. Both classes of bonds were outstanding the entire year, as were the preferred shares. The weighted-average number of common shares outstanding during the period was 2,400,000. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately).   Calculate the income effect of the dividends on preferred shares. Calculate Blossom’s basic EPS for 2020 Calculate the after-tax interest paid on the 8% bonds.

The Colson Company issued $300 000 bonds at 98 on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1, and January 1. The Colson company records straight-line amortization Prepare Colson's Journal entry for the January Issue. OCash $300 000 Bonds Payable $300 000 Bonds Payable Cash 5300 000 $300 000 O Cash Prentum on Bonds Payable Bonds Payabte 5306 000 Cash Discount on Bends Payablele Bonds PayablE S6 000 $300 000 $294 000 se oco 300.000

devers corporation issued $400 000 6% bonds on may 1 2020. the bonds were dated january 1 2020 and mature january 1 2023 with interest payable july 1 and january 1. The bonds were issued at face vale plus accrued interest. prepare deverss journal entries for (a) the may 1 issuance (b) the july 1 interest payment and (c) dec 31 adjusting entry

A company issued $190,000 of 5%, ten-year convertible bonds on January 1, 2020 at 95. The bonds pay interest on June 30 and December 31. Bond discount/premium is amortized semiannually on a straight-line basis. On June 30, 2025, these bonds were converted into common stock. What should be the unamortized bond discount/premium on June 30, 2025 relating to the bonds converted? $__________

Current Attempt in Progress\\nFlint Inc. issued $3,780,000 of 9%,10 -year convertible bonds on June 1,2020 , at 98 plus accrued interest. The bonds were dated April 1,2020 , with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis.\\nOn April 1, 2021, $1,417,500 of these bonds were converted into 30,000 shares of $19 par value common stock. Accrued interest was paid in cash at the time of conversion.\\n(a) Prepare the entry to record the interest expense at 5 ctober 1, 2020. Assume that accrued interest payable was credited when the bonds were issued.\\n(b) Prepare the entry to record the conversion on April 1, 2021. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.

The table below shows a partial view of Webster Corporation's balancesheet. Webster CorporationBalance Sheet (partial)At December 31, 2021 Long-term debt Notes payable 10% $2,000,00010% convertible bonds payable 2,500,00012% convertible bonds payable 3,000,000Total long-term debt $7,500,000 Stockholders' equity 6% cumulative, convertiblepreferred stock, $100 par, 50,000shares outstanding.      5,000,000 Common stock, $1 par, 600,000shares outstanding.         600,000Additional paid-in capital 2,500,000 Retained earnings 8,500,000Total stockholders' equity $16,600,000 Notes and Assumptions December 31, 20211. Options were granted in December 2020 to purchase 25,000 shares of common stock at $25 per share. The average market price of common stock during 2021 was $35 per share. All options are still outstanding atthe end of 2021 2. Both the 10 percent and 12 percent convertible bonds were issued in2020 at face value. Each convertible bond is convertible into 50 shares of common stock.…

QUESTION INFORMATION: Prior to 2022, a company issued bonds with a face value of $200,000, a stated rate of 10%, and a market rate of 12%. Interest is paid on December 31 of each year. As of December 31, 2022, the bonds had a carrying amount of $180,000. One year later, following the December 31, 2023 annual interest payment, the company called the bonds for 101% of face value. QUESTION TO ANSWER: The loss that the company records on the early extinguishment of the bonds is $_

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