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Q: accounting help - journalizing transactions ( No Answer,   0 Comments )
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Subject: accounting help - journalizing transactions
Category: Business and Money > Accounting
Asked by: 49erfan85-ga
List Price: $25.00
Posted: 20 Mar 2006 02:18 PST
Expires: 21 Mar 2006 13:42 PST
Question ID: 709475
Please help with accounting.  I need to journalize the following transactions.

1)"Declared a 2% stock dividend on common stock and a $2 cash dividend
per share on preferred stock. On the date of declaration, the market
value of the common stock was $51 per share. On the date of record,
100,000 shares of common stock had been issued, 5,000 shares of
treasury common stock were held, and 15,000 shares of preferred stock
had been issued." common is $25 par, preferred is $100 par
I figured out most of the math, i mostly need help with how to journalize it.
heres what i have so far: 
Common: 0.02x100,000=2000x51=102,000
preferred:15,000x2=30,000
treasury:5,000x51=255,000
 
2) "recorded the payment of semiannyal interest on bonds issued and
the amortization of the mpremium for six months. the amortization was
determined using the straight line method.  Round ammortization to
nearest dollar."
 i jounalized The bonds previously: "Issued $12,000,000 of 10-year,
11% bonds at an effective interest rate of 10%, with ineterest paid
semiannually."
FV = 12,000,000
N = 20
PMT = 660,000          ;        ((.11 x 12,000,000)/2)
i = 5%                              (10%/2)*

12,000,000(PV1, 0.05, 20) = 4,522,674
    660,000(PVA, 0.05, 20) = 8,225,059
-------------------------    ---------
                                          12,747,733
The bond will be sold at a premium of 747,733 (12,747,733 -12,000,000) 
 
3)accrued interest for 4 months on the athens Sports Inc. bonds.  also
recorded amortization of $120.
i recorded the purchase of bonds previously they were "purchased at
$120,000 of Athens sports inc. 10 year, 15% bonds, directly from
issuing company for $116,400 plus accrued interest of $4,500.
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