On January 1, 2019, Metlock issued 10-year, $300,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Metlock $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2020. (Ignore all tax effects.) (a) Your answer has been saved. See score details after the due date. Prepare the journal entry Metlock would have made on January 1, 2019, to record the issuance of the bonds. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31, 2019 Attempts: 1 of 1 used (b) Metlock’s net income in 2020 was $31,000 and was $28,000 in 2019. Compute basic and diluted earnings per share for Metlock for 2020 and 2019. (Round answers to 2 decimal places, e.g. 52.75.) 2020 2019 Basic earning per share $ $ Diluted earning per share $ $
On January 1, 2019, Metlock issued 10-year, $300,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Metlock $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2020. (Ignore all tax effects.) (a) Your answer has been saved. See score details after the due date. Prepare the journal entry Metlock would have made on January 1, 2019, to record the issuance of the bonds. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31, 2019 Attempts: 1 of 1 used (b) Metlock’s net income in 2020 was $31,000 and was $28,000 in 2019. Compute basic and diluted earnings per share for Metlock for 2020 and 2019. (Round answers to 2 decimal places, e.g. 52.75.) 2020 2019 Basic earning per share $ $ Diluted earning per share $ $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 10MC
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Question
On January 1, 2019, Metlock issued 10-year, $300,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Metlock $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock ) outstanding throughout its life. None of the bonds have been converted as of the end of 2020. (Ignore all tax effects.)
(a)
Your answer has been saved. See score details after the due date.
Prepare the journal entry Metlock would have made on January 1, 2019, to record the issuance of the bonds. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
| Jan. 31, 2019 |
|
|
|
|
|
|
|
Attempts: 1 of 1 used
(b)
Metlock’s net income in 2020 was $31,000 and was $28,000 in 2019. Compute basic and diluted earnings per share for Metlock for 2020 and 2019. (Round answers to 2 decimal places, e.g. 52.75.)
| 2020 | 2019 | |||
| Basic earning per share | $ | $ | ||
| Diluted earning per share | $ | $ |
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