The stockholders’ equity section of McLean Inc. at the beginning of the current year appears below.
Common stock, $10 par value, authorized 1,000,000
shares, 300,000 shares issued and outstanding ………. $3,000,000
Paid-in capital in excess of par …………………………… 600,000
Retained earnings …………………………………………. 570,000
During the current year the following transactions occurred.
1. The company sold to the public a $200,000, 10% bond issue at 102. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common stock at $30 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $8.
2. At the end of the year, 80% of the warrants in (1) had been exercised, and the remaining were outstanding and in good standing.
(a) Prepare general journal entries for the current year to record the transactions listed above.
(b) Prepare the stockholders’ equity section of the balance sheet at the end of the current year. Assume that retained earnings at the end of the current year is $750,000.
what, if any, critical infrastructure is located near your community? How is it protected/maintained? Explain.Jun 04 2020
The sales level that results in a project's net income to exactly cover all fixed costs excluding depreciation is calledAug 06 2021
Compute the new price to be quoted on the yacht refurbishment described in Exhibit 15–7Nov 27 2019
Describe how service projects can be evaluated using IRR. Explain how this approach relies on the economic concept of ‘opportunity cost’.I'm a little confused on what IRR...May 23 2018
Stock Dividend25%# of shares of stock outstanding25,000Market Value Balance Sheet:Cash$145,000Fixed Assets$598,000Total$743,000Debt$127,000Equity$616,000Total$743,000Find...Aug 12 2020
A _______________ survivorship curve is most typical of an opportunistic species. (A) Type I (B) Type II (C) Type III (D) All of these are typical of opportunistic species.Mar 20 2018
In Problem 8, Nancy Lerner is taking a course from Professor Goodheart who will count only her best midterm grade and from Professor Stern who will count only her worst m...Dec 12 2019
Graphing demand for labor and computing the optimal quantity A company operates in a competitive market, selling each unit of output for a price of $30 and paying the mar...Jul 01 2021
Comparing Coordinate Systems Describe the differences between the rectangular coordinate system and the polar coordinate system.Aug 13 2021
Which group of elements melt below 200 °C?a) Alkalib) Transitionc) Alkali earthd) Preciouse) ActinideMay 21 2021