ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 372
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit Credit
2)
On January 1, 2014, Barwood Corporation granted 5,360
options to executives. Each option entitles the holder to
purchase one share of Barwood’s $5 par value common stock at
$50 per share at any time during the next 5 years. The market
price of the stock is $73 per share on the date of grant. The fair
value of the options at the grant date is $150,800. The period of
benefit is 2 years.
Prepare Barwood’s journal entries for January 1, 2014, and
December 31, 2014 and 2015. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
3)
Tomba Corporation had 546,600 shares of common stock
outstanding on January 1, 2014. On May 1, Tomba issued
51,000 shares.
4)
For each of the unrelated transactions described below,
present the entries required to record each transaction.