1. xPlease complete the following assignments IN EXCEL (show each assignment on a different tab):
Problem 1:
1) Kitchen Co., purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2021. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $66 million. Interest is received semiannually on June 30 and December 31.
Required:
Prepare the journal entry to record bb Best investment on January 1, 2017.
2.The Balloon, Inc. Company issued 10% bonds, dated January 1, with a face amount of $80 million on January 1, 2021. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31.(FV of $1 (Links to an external site.), PV of $1 (Links to an external site.), FVA of $1 (Links to an external site.), PVA of $1 (Links to an external site.), FVAD of $1 (Links to an external site.) and PVAD of $1 (Links to an external site.))
Required:
a. Determine the price of the bonds at January 1, 2021.
b. Prepare the journal entry to record their issuance by CPA, Inc. (the bond) issuer on January 1, 2021, interest on June 30, 2021 and interest on December 31, 2021 (at the effective rate).
c. Prepare amortization table IN EXCEL
3.Please complete the following problems (in excel) – one assignment per tab:
Problem 1:
The following is a news item reported by Reuters:
WASHINGTON, Jan 29 (Reuters)—Blue Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 3 million shares of common stock.
In a filing with the U.S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions.
After the sale there will be about 31.5 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing.
Blue’s shares closed at $17.15 on Nasdaq.
The common stock of Blue Group has a par of $.01 per share. Required:
Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs.
Problem 2
During its first year of operations, Western Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share.
Feb. 12 Sold 2 million common shares, for $9 per share.13 Issued 40,000 common shares to attorneys in exchange for legal services.13 Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000.Nov. 15
Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000.
Note: FMV of the common stock is $9 per share
Required:
Prepare the appropriate journal entries to record each transaction.
Problem 3
In 2016, Borland Semiconductors entered into the transactions described below. In 2013, Borland had issued 170 million shares of its $1 par common stock at $34 per share.
Required:
Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
1.On January 2, 2016, Borland reacquired 10 million shares at $32.50 per share.2.On March 3, 2016, Borland reacquired 10 million shares at $36 per share.3.On August 13, 2016, Borland sold 1 million shares at $42 per share.4.
On December 15, 2016, Borland sold 2 million shares at $36 per share.
Problem 4
In 2016, Western Transport Company entered into the treasury stock transactions described below. In 2014, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share.
Required:
Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
1.On January 23, 2016, Western Transport reacquired 10 million shares at $20 per share.2.On September 3, 2016, Western Transport sold 1 million treasury shares at $21 per share.3.On November 4, 2016, Western Transport sold 1 million treasury shares at $18 per share.
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