quiz A-answer - Dec 18 Treasury...

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ANSWER TO QUIZ A 1-5EECAE 6-10CAEEE 11-15CCABA PROBLEM 1. 2. May 5, Cash…………………………….77500 (50*1550) Preferred stock……………………….77500 Oct 20, Cash…………………………….55000 (55*1000) Preferred stock………………………………….50000 (50*1000) Paid-in capital in excess of par value, preferred stock.5000(5*1000) Nov.1, Retained earnings………………………..25,000 Common Dividend Payable………………………25,000 (0.50*50,000) Dec 1 Common Dividend Payable………………………25,000 (0.50*50,000) Cash ……………………………………………….25,000 Dec 8, Building………………………………….135,000 Common stock, $5par value……………………….10,000(2000*5) Paid-in capital in excess of par value, common stock…….125,000
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Unformatted text preview: Dec 18 Treasury Stock………………………………. .8000 Cash …………………………………………………8000(8*1,000) 3. 4.a. Cash………………….3024000 Discount on bonds payable………476000 (3500,000-3024,000) Bond payable……………………. .3500,000 b. interest expense=3500,000*8%*15+476000=3500,000*8%*30/2+(3500,000-3024,0 00)=4200,000+476000=4676000 c.June 30, interest expense…………………………….155867 discount on bonds payable…………………15,867(476000/15/2) cash ………………………………140,000(3500,000*8%/2) Dec 31 interest expense…………………………….155867 discount on bonds payable…………………15,867(476000/15/2) cash ………………………………140,000(3500,000*8%/2)...
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