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QUIZ H-ANSWER - 157,500 b 3 $35,000*0.9091 25,000*0.8264...

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ANSWERS TO QUIZ H 1-5EBEBC 6-10CCDEE 11-15 CEADE PROBLEM 1. 2. Feb.15 Retained earnings …………………………………………200,000(5%*8*500,000) Common stock dividend distributable……………………..125,000(5%*5*500,000) Paid-in capital in excess of par value, common stock………75,000 Mar 20, Common stock dividend distributable……………………..125,000(5%*5*500,000) Common stock…………………………………………………125,000 May 1 outstanding shares=500,000+500,000*5%=525,000 Retained earnings………………………………………………… 157,500 Common dividend payable………………………………… 157,500 (0.3*525,000) June 1 Common dividend payable………………………………… 157,500 (0.3*525,000) Cash ……………………………………………………….
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Unformatted text preview: 157,500 b. 3. $35,000*0.9091+25,000*0.8264+15,000*0.7513 =31,818.5+20660+11,269.5=63,748 4. 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+(3500,000-3024,000)=4200,0 00+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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