ACC 304 help A Guide to career/Snaptutorial ACC 304 help A Guide to career/Snaptutorial | Page 178

ACC 304 Week 10 Chapter 16 Homework
1) Archer Inc. issued $4,461,300 par value, 7% convertible bonds
at 99 for cash. If the bonds had not included the conversion feature,
they would have sold for 95.
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