Compute the impact of these convertible bonds on Sarasota's diluted earnings per share

Q: Sarasota Inc. issued $4,170,000 of 10%, 10-year convertible bonds on June 1, 2020, at 97 plus…

A: Solution: When a bond is sold at a discount, the amount of the bond discount must be amortized to…

Q: Marigold Inc. had net income for the current year ending December 31, 2020 of $872,880. During the…

A: Earnings per share refers to the profit earned during the period that is attributable to each common…

Q: On December 1, Y4, Boston Corp. issued $4,600,000 (par value), 12%, 5-year convertible bonds for…

A:

Q: On July 1, 2020, Tuttle Company had bonds payable outstanding with a face value of $350,000 and a…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: On January 1, 2015, when its $30 par value common stock was selling for $80 per share, a corporation…

A: The question is based on the concept of Financial Accounting.

Q: The information below pertains to Pina Company for 2021. Net income for the year   $1,230,000 7%…

A: (a) Compute basic earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)…

Q: Trear Company has $80,000, 10%, 12 year convertible bonds outstanding. These bonds were sold at face…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Sunland Inc. issued $4,320,000 of 9%, 10-year convertible bonds on June 1, 2020, at 99 plus accrued…

A: Working Notes: Computation of discount on bonds payable: Particulars Amount (S) Semiannual…

Q: At the beginning of current year, Sandy Company issued 5,000 convertible bonds payable. The bonds…

A: Convertible bonds are fixed-income security or debt that earns a fixed rate of interest & can be…

Q: On January 1, 2018, when its $30 par value common stock was selling for$80 per share, a corporation…

A: Journal entry is the primary reporting of the transactions in the account books.

Q: Oriole Company had 196000 shares of common stock, 19200 shares of convertible preferred stock, and…

A: When all the convertible securities of the company are converted, then the EPS (Earning per share)…

Q: The information below pertains to Crane Company for 2021. Net income for the year $1.210,000 7%…

A: EPS or Earnings-per-Share refers to portion of net profit that belongs to each single unit of common…

Q: Concord Corporation had 199000 shares of common stock, 20700 shares of convertible preferred stock,…

A: The computation of the Basic earnings per share for 2021 is as follows:

Q: On August 31, 2015, Chickasaw Industries issued $25 million of its 30-year, 6% convertible bonds…

A: 1.

Q: If Intervale Railway invests $100,000 in 5% bonds at face value that the company intends to hold…

A: Given is: Intervale Railway invests $100,000 in 5% bonds at face value that the company intends to…

Q: urnal entry for April 1, 2021 bond conversion?

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Q: Wasabi Inc. and Tempura Corporation have both issued 5 million common stocks. In addition, Wasabi…

A: Conversion Value : It is determined by multiplying the Stock Price by the Conversion ratio.…

Q: Young company issued 5,000 convertible bonds at the beginning of the current year.  The bonds have a…

A: The bonds were not converted and instead, the entity paid off the convertible bondholders at…

Q: Air Supply issued $6 million of 9%, 10-year convertible bonds at 101. The bonds are convertible into…

A: Total issue price of the bonds = Face value x issue price…

Q: During the past 2 years Meacham Industries issued three separate convertible bonds. For each of…

A: A bond is an instrument that represents the loan that is made by the investor to the company and…

Q: On June 30, 2021, Marc Industries had outstanding $800 million of 8% convertible bonds that mature…

A: From the question we get the following data: Face value of the bond converted = $800 million * ½ =…

Q: On May 1, 2011, Stone Corporation issued $4 million of 10-year, 6% convertible bonds at 101. The…

A: Convertible bonds are described as those types of bonds which can be converted into predetermined…

Q: Mae Jong Corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of…

A: Bonds: Bonds are debts instruments issued by corporates. Bonds are issued at par, premium and…

Q: During the past 2 years Meacham Industries issued three separate convertible bonds. For each of…

A: A bond is an instrument that represents the loan that is made by the investor to the company and…

Q: Hoffman Corporation issued $60 million of 5%, 20-year bonds at 102. Each of the 60,000 bonds was…

A:

Q: ABC, Inc., has 757 shares of common stock outstanding at a price of $62 a share. They also have 197…

A: The weight of the preferred stock is the proportion of preferred equity in the total capital of the…

Q: The following information was obtained from the statement of financial position of NORWAY, INC. on…

A: The answers for the multiple choice questions and relevant computation are shown hereunder : The…

Q: During 2020, Masefield, Inc. had the following convertible securities outstanding: • $200,000 of 6%…

A: Earnings per share is an useful financial metric for an investor or shareholder through which an…

Q: Richmond Co. sold convertible bonds at a premium. Interest is paid on May 31 and November 30. On May…

A: Convertible Bonds:   Convertible bonds are long-term debts issued by a corporation carrying a fixed…

Q: On December 31, 2011, Cey Company had outstanding 10%,P1,000,000 face amount convertible bonds…

A: Share Premium: The difference between the par value of a firm's shares and the total money collected…

Q: At the beginning of the current year, Cove Company, a closely-held entity, issued 6% bonds with a…

A: Solution Concept In case of the compound financial instrument Compound financial instrument is the…

Q: In April 2007, Blood corporation issued 3,000,000 of 10% nonconvertible bonds at 102 that are due on…

A:

Q: Nolan Corporation has outstanding convertible bonds with a face value of $15,000 and a current book…

A: Face value of common stock = (Face value of bonds / $1000) x no. of shares x par value per share =…

Q: Tallent, Inc. has outstanding convertible bonds with $20 million face value, $19.5 million book…

A: When bonds are converted into equity shares then the book value of the bond is debited and stock…

Q: Waterway Industries had 200000 shares of common stock, 19300 shares of convertible preferred stock,…

A: Diluted Earnings Per Share: The diluted earnings per share (diluted EPS) of a corporation is…

Q: Wild Cat Corporation has a $1,000,000 debt issue that is convertible into 10,000 prdinary shares.…

A: a) Basic EPS = Net income/Weighted average number of outstanding shares   b) Diluted EPS = {Net…

Q: Uberita Company issued 5,000 convertible bonds at the beginning of the current year. The bonds had a…

A: Date Transaction Debit Credit Jan-01 Cash 5000000     6% Convertible Bonds Payable   4515000…

Q: n January 1, 2015, when its $30 par value common stock was selling for $80 per share, a corporation…

A: Date Account Title and Explanation Debit Credit Jan 1, 2015 Cash $11,000,000     Bonds Payable…

Q: Larkspur Inc. issued $3,780,000 of 10%, 10-year convertible bonds on June 1, 2020, at 99 plus…

A:

Q: 1. Irredeemable bonds were issued at 103 but registration and other fees amounted to 5% of issue…

A: Solution : Note :as per bartleby guidelines we are required to answer the first question only please…

Q: On January 1, 2017, Slug Corporation issued $64 million of 6%, 10-year convertible bonds at 103. The…

A: Transaction General Journal Debit Credit 1.a Cash (6400000*103%) $6,592,000…

Q: Items 21 and 22 are based on the Following Information: Fortunato Company had 200,000 ordinary…

A: Given information, On January 1st,2015,  Number of ordinary shares outstanding = 200,000. Net income…

Q: In 2019, Crane Ltd. issued $48,000 of 9% bonds at par, with each $1,000 bond being convertible into…

A: Diluted EPS is the earnings per share whereby the weighted average shares includes the effect of…

Q: On July 1, 2018, bondholders converted bonds of Vebbz Corporation with a face value of $90,000 into…

A: The correct option is c i.e., Common Stock -] CR $81,000; Contributed Surplus - Conversion - CR…

Q: sarasota corporation has 9% convertible bonds outstanding. it recorded interest expense (net of…

A: This question is providing the conversion of the 9% convertible bonds outstanding and there are $…