Question
In: Accounting
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on December 31, 2004 with unamortized premium...
|
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on December 31, 2004 with unamortized premium of $120,000. These bonds pay interest semiannually on January 1 and July 1 and mature on January 1, 2010. Straight-line amortization is used. Garden Inc., 80%-owned subsidiary of Willy Wagtail, buys $1,000,000 par value of Willy Wagtail’s outstanding bonds in the market for $980,000. There is only one issue of outstanding bonds of the affiliated companies and they have consolidated financial statements. For the year 2005, Willy Wagtail has income from its separate operations (excluding investment income) of $4,500,000 and Garden reports net income of $600,000. |
|
Required: Determine the following: |
|
|
1. |
Noncontrolling interest expense for 2005. |
|
2. |
Consolidated net income for Willy Wagtail Company and subsidiary for 2005. |
what the information you need
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on December 31, 2004 with unamortized premium...
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on
December 31, 2004 with unamortized premium of $120,000. These bonds
pay interest semiannually on January 1 and July 1 and mature on
January 1, 2010. Straight-line amortization is used.
Garden Inc., 80%-owned subsidiary of Willy Wagtail, buys
$1,000,000 par value of Willy Wagtail’s outstanding bonds in the
market for $980,000. There is only one issue of outstanding bonds
of the affiliated companies and they have consolidated financial
statements.
For the...
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on December 31, 2004 with unamortized premium...
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on
December 31, 2004 with unamortized premium of $120,000. These bonds
pay interest semiannually on January 1 and July 1 and mature on
January 1, 2010. Straight-line amortization is used. Garden Inc.,
80%-owned subsidiary of Willy Wagtail, buys $1,000,000 par value of
Willy Wagtail’s outstanding bonds in the market for $980,000. There
is only one issue of outstanding bonds of the affiliated companies
and they have consolidated financial statements. For the...
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on December 31, 2004 with unamortized premium...
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on
December 31, 2004 with unamortized premium of $120,000. These bonds
pay interest semiannually on January 1 and July 1 and mature on
January 1, 2010. Straight-line amortization is used.
Garden Inc., 80%-owned subsidiary of Willy Wagtail, buys
$1,000,000 par value of Willy Wagtail’s outstanding bonds in the
market for $980,000. There is only one issue of outstanding bonds
of the affiliated companies and they have consolidated financial
statements.
For the...
Question 1 (a): Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on December 31, 2004...
Question 1 (a):
Willy Wagtail Company has $4,000,000 of 12% bonds outstanding on
December 31, 2004 with unamortized premium of $120,000. These bonds
pay interest semiannually on January 1 and July 1 and mature on
January 1, 2010. Straight-line amortization is used.
Garden Inc., 80%-owned subsidiary of Willy Wagtail, buys
$1,000,000 par value of Willy Wagtail’s outstanding bonds in the
market for $980,000. There is only one issue of outstanding bonds
of the affiliated companies and they have consolidated financial...
A company has bonds outstanding with a par value of $660,000. The unamortized premium on these...
A company has bonds outstanding with a par value of $660,000.
The unamortized premium on these bonds is $3,300. The company
retired these bonds by buying them on the open market at 98. What
is the gain or loss on this retirement?
21/ A company has bonds outstanding with a par value of $120,000. The unamortized premium on...
21/ A company has bonds outstanding with a par value of
$120,000. The unamortized premium on these bonds is $2,880. If the
company retired these bonds at a call price of 97, the gain or loss
on this retirement is:
Multiple Choice
$2,880 loss.
$3,600 gain.
$3,600 loss.
$2,880 gain.
$6,480 gain.
22/ On January 1 of
Year 1, Congo Express Airways issued $3,400,000 of 7% bonds that
pay interest semiannually on January 1 and July 1. The bond issue...
1) On March 31, 2016, Bundy Company retired $10,600,000 of bonds, which have an unamortized premium...
1) On March 31, 2016, Bundy
Company retired $10,600,000 of bonds, which have an unamortized
premium of $600,000, by paying bondholders $10,400,000. What is the
amount of the gain or loss on the retirement of the bonds?
A) $800,000 gain.
B) $400,000 loss.
C) $200,000 gain.
D) $200,000 loss.
2) A Company retired $660,000 of
bonds, which have an unamortized discount of $26,000, by
repurchasing them for $660,000. What is the amount of the gain or
loss on the retirement...
White Corporation has 4,000,000 shares of common stock outstanding on 12/31/10. An additional 1,000,000 shares of...
White Corporation has 4,000,000 shares of common stock
outstanding on 12/31/10. An additional 1,000,000 shares of common
stock were issued on 4/1/11, and 500,000 more on
7/1/11. On 10/1/11, White issued 25,000, $1,000 face
value, 8% convertible bonds. Each bond is convertible
into 20 shares of common stock. No bonds were converted
into common stock in 2011. What is the number of shares
to be used in computing basic earnings per share and diluted
earnings per share, respectively?
a. 5,000,000 and 5,000,000.
b. 5,000,000 and 5,125,000....
Suomi Corp had a $4,000,000 6% 10-year bonds that were issued on December 31, 2014 at...
Suomi Corp had a $4,000,000 6% 10-year bonds that were issued on
December 31, 2014 at 94, with interest payable semiannually, on
June 30 and December 31. Suomi uses straight-line method of
amortization. On April 1, 2017, Suomi retired $600,000 of its bonds
at 102 plus accrued interest. Prepare the two journal entries to
record the retirement and show your computations. Do not use cents
- round to nearest dollar.
For the year ended December 31, 2016, Harvest Productions Inc. earned $4,000,000. Outstanding preferred shares included...
For the year ended December 31, 2016, Harvest Productions Inc.
earned $4,000,000. Outstanding preferred shares included $400,000
in 3% cumulative preferred shares issued on January 1, 2015 and
$500,000 in 2% non-cumulative preferred shares issued on January 1,
2016. Dividends on the cumulative preferred shares were not
declared in 2015. On December 15, 2016, Harvest declared and paid
$24,000 in dividends on the 3% cumulative shares including the
arrears. Harvest also declared and paid the $10,000 dividends on
the non-cumulative...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Tidewater Company uses the product cost concept of applying the cost-plus approach to product pricing. The...
- Create 5 short-term plan of technology projects that you can perform outside of an I.T. department...
- Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
- Toady and Froggy were running a vegan cafe together. The business was having financial difficulties.Betelguese, who...
- 1. The following questions concern Jesse Gelsinger who suffered from partial OTC. a. In the...
- Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales...
- TzeMay was one of the first women engineering students at ABC University. She graduated in 1995...
ADVERTISEMENT