ÐÏà¡±á>þÿ <>þÿÿÿ9:;ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿì¥Á5@ ð¿0–sbjbjÏ2Ï2 (|XXœÿÿÿÿÿÿˆÄÄÄÄÄÄÄì”|”|”|”|Tè|ôì¬§òèèèèèèèè§¦©¦©¦©¦©¦©¦©¦$ž¨RðªZÍ¦™Äž•èèž•ž•Í¦ÄÄèèf§–›–›–›ž•jÄèÄè§¦–›ž•§¦–›$–›º›œÄÄ?œèÜ€h¤”eîÉ”|–Ž/œŒ |§0¬§7œJ¬–™ÞJ¬?œØä¼0ÄÄÄÄ?œ¨J¬Äçœ4èòÚ„ˆ–›bˆÔ6‹h èèèÍ¦Í¦ììdlPqDt›"ììPqE15-3(Stock Issued for Land) Twenty-five thousand shares reacquired by Elixir Corporation for $53 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange the common stock was trading at $62 per share on an organized exchange.Hint: (LO 3)Instructionsa.Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method.b.Briefly identify the possible alternatives (including those that are totally unacceptable) for quantifying the cost of the land and briefly support your choice. (a) Land ($62 X 25,000) 1,550,000 Treasury Stock ($53 X 25,000) 1,325,000 Paid-in Capital from Treasury Stock 225,000 (b) One might use the cost of treasury stock. However, this is not a relevant measure of this economic event. Rather, it is a measure of a prior, unrelated event. The appraised value of the land is a reasonable alternative (if based on appropriate fair value estimation techniques). However, it is an appraisal as opposed to a market-determined price. The trading price of the stock is probably the best measure of fair value in this transaction. E16-1(Issuance and Conversion of Bonds) For each of the unrelated transactions described below, present the entry(ies) required to record each transaction.1. Grand Corp. issued $20,000,000 par value 10% convertible bonds at 99. If the bonds had not been convertible, the company's investment banker estimates they would have been sold at 95. Expenses of issuing the bonds were $70,000. 2.Hoosier Company issued $20,000,000 par value 10% bonds at 98. One detachable stock purchase warrant was issued with each $100 par value bond. At the time of issuance, the warrants were selling for $4.3.Sepracor, Inc. called its convertible debt in 2007. Assume the following related to the transaction: The 11%, $10,000,000 par value bonds were converted into 1,000,000 shares of $1 par value common stock on July 1, 2007. On July 1, there was $55,000 of unamortized discount applicable to the bonds, and the company paid an additional $75,000 to the bondholders to induce conversion of all the bonds. The company records the conversion using the book value method. 1. Cash ($20,000,000 X .99) 19,800,000 Discount on Bonds Payable 200,000 Bonds Payable 20,000,000 Unamortized Bond Issue Costs 70,000 Cash 70,000 2. Cash 19,600,000 Discount on Bonds Payable 1,200,000 Bonds Payable 20,000,000 Paid-in Capital—Stock Warrants 800,000 Value of bonds plus warrants ($20,000,000 X .98) $19,600,000 Value of warrants (200,000 X $4) 800,000 Value of bonds $18,800,000 3. Debt Conversion Expense 75,000 Bonds Payable 10,000,000 Discount on Bonds Payable 55,000 Common Stock 1,000,000 Paid-in Capital in Excess of Par 8,945,000* Cash 75,000 *[($10,000,000 – $55,000) – $1,000,000] E16-8(Issuance of Bonds with Detachable Warrants) On September 1, 2007, Sands Company sold at 104 (plus accrued interest) 4,000 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $15 per share. Shortly after issuance, the warrants were quoted on the market for $3 each. No market value can be determined for the Sands Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $30,000 were incurred.Hint: (LO 3)InstructionsPrepare in general journal format the entry to record the issuance of the bonds. (AICPA adapted) SANDS COMPANY Journal Entry September 1, 2007 Cash 4,220,000 Unamortized Bond Issue Costs 30,000 Bonds Payable (4,000 X $1,000) 4,000,000 Premium on Bonds Payable—Schedule 1 136,000 Paid-in Capital—Stock Warrants— Schedule 1 24,000 Bond Interest Expense—Schedule 2 90,000 (To record the issuance of the bonds) Schedule 1 Premium on Bonds Payable and Value of Stock Warrants Sales price (4,000 X $1,040) $4,160,000 Face value of bonds 4,000,000 160,000 Deduct value assigned to stock warrants (4,000 X 2 = 8,000; 8,000 X $3) 24,000 Premium on bonds payable $ 136,000 Schedule 2 Accrued Bond Interest to Date of Sale Face value of bonds $4,000,000 Interest rate 9% Annual interest $ 360,000 Accrued interest for 3 months – ($360,000 X 3/12) $ 90,000 EXERCISE 16-9 (10–15 minutes) (a) Cash ($2,000,000 X 1.02) 2,040,000 Discount on Bonds Payable 40,000 [(1 – .98) X $2,000,000] Bonds Payable 2,000,000 Paid-in Capital—Stock Warrants 80,000* *$2,040,000 – ($2,000,000 X .98) E16-10(Issuance and Exercise of Stock Options) On November 1, 2007, Columbo Company adopted a stock option plan that granted options to key executives to purchase 30,000 shares of the company's $10 par value common stock. The options were granted on January 2, 2008, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company. The options expired 6 years from date of grant. The option price was set at $40, and the fair value option pricing model determines the total compensation expense to be $450,000.All of the options were exercised during the year 2010: 20,000 on January 3 when the market price was $67, and 10,000 on May 1 when the market price was $77 a share.Hint: (LO 4)InstructionsPrepare journal entries relating to the stock option plan for the years 2008, 2009, and 2010. Assume that the employee performs services equally in 2008 and 2009. 1/2/08 No entry (total compensation cost is $450,000) 12/31/08 Compensation Expense 225,000 Paid-in Capital—Stock Options 225,000 [To record compensation expense for 2008 (1/2 X $450,000)] 12/31/09 Compensation Expense 225,000 Paid-in Capital Stock Options 225,000 [To record compensation expense for 2009 (1/2 X $450,000)] 1/3/10 Cash (20,000 X $40) 800,000 Paid-in Capital—Stock Options 300,000 ($450,000 X 20,000/30,000) Common Stock (20,000 X $10) 200,000 Paid-in Capital in Excess of Par 900,000 (To record issuance of 20,000 shares of $10 par value stock upon exercise of options at option price of $40) 5/1/10 Cash (10,000 X $40) 400,000 Paid-in Capital—Stock Options 150,000 ($450,000 X 10,000/30,000) Common Stock 100,000 Paid-in Capital in Excess of Par 450,000 (To record issuance of 10,000 shares of $10 par value stock upon exercise of options at option price of $40) E16-2(Conversion of Bonds) Aubrey Inc. issued $4,000,000 of 10%, 10-year convertible bonds on June 1, 2007, at 98 plus accrued interest. The bonds were dated April 1, 2007, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis.On April 1, 2008, $1,500,000 of these bonds were converted into 30,000 shares of $20 par value common stock. Accrued interest was paid in cash at the time of conversion.Hint: (LO 1)Instructionsa.Prepare the entry to record the interest expense at October 1, 2007. Assume that accrued interest payable was credited when the bonds were issued. (Round to nearest dollar.)b.Prepare the entry(ies) to record the conversion on April 1, 2008. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made. (a) Interest Payable ($200,000 X 2/6) 66,667 Interest Expense ($200,000 X 4/6) + $2,712 136,045 Discount on Bonds Payable 2,712 Cash ($4,000,000 X 10% ÷ 2) 200,000 Calculations: Par value $4,000,000 Issuance price 3,920,000 Total discount $ 80,000 Months remaining 118 Discount per month $678 ($80,000 ÷ 118) Discount amortized $2,712 (4 X $678) (b) Bonds Payable 1,500,000 Discount on Bonds Payable 27,458 Common Stock (30,000 X $20) 600,000 Paid-in Capital in Excess of Par 872,542* *($1,500,000 – $27,458) – $600,000 Calculations: Discount related to 3/8 of the bonds ($80,000 X 3/8) $30,000 Less discount amortized [($30,000 ÷ 118) X 10] 2,542 Unamortized bond discount $27,458E16-3(Conversion of Bonds) Vargo Company has bonds payable outstanding in the amount of $500,000, and the Premium on Bonds Payable account has a balance of $7,500. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock.Hint: (LO 1)InstructionsAssuming that the book value method was used, what entry would be made? Conversion recorded at book value of the bonds: Bonds Payable 500,000 Premium on Bonds Payable 7,500 Preferred Stock (500 X 20 X $50) 500,000 Paid-in Capital in Excess of Par (Preferred Stock) 7,500 E16-4(Conversion of Bonds) On January 1, 2006, when its $30 par value common stock was selling for $80 per share, Plato Corp. issued $10,000,000 of 8% convertible debentures due in 20 years. The conversion option allowed the holder of each $1,000 bond to convert the bond into five shares of the corporation's common stock. The debentures were issued for $10,800,000. The present value of the bond payments at the time of issuance was $8,500,000, and the corporation believes the difference between the present value and the amount paid is attributable to the conversion feature. On January 1, 2007, the corporation's $30 par value common stock was split 2 for 1, and the conversion rate for the bonds was adjusted accordingly. On January 1, 2008, when the corporation's $15 par value common stock was selling for $135 per share, holders of 30% of the convertible debentures exercised their conversion options. The corporation uses the straight-line method for amortizing any bond discounts or premiums.Hint: (LO 1)Instructionsa.Prepare in general journal form the entry to record the original issuance of the convertible debentures.b.Prepare in general journal form the entry to record the exercise of the conversion option, using the book value method. Show supporting computations in good form. (a) Cash 10,800,000 Bonds Payable 10,000,000 Premium on Bonds Payable 800,000 (To record issuance of $10,000,000 of 8% convertible debentures for $10,800,000. The bonds mature in twenty years, and each $1,000 bond is convertible into five shares of $30 par value common stock) (b) Bonds Payable 3,000,000 Premium on Bonds Payable (Schedule 1) 216,000 Common Stock, $15 par (Schedule 2) 450,000 Paid-in Capital in Excess of Par 2,766,000 (To record conversion of 30% of the outstanding 8% convertible debentures after giving effect to the 2-for-1 stock split) Schedule 1 Computation of Unamortized Premium on Bonds Converted Premium on bonds payable on January 1, 2006 $800,000 Amortization for 2006 ($800,000 ÷ 20) $40,000 Amortization for 2007 ($800,000 ÷ 20) 40,000 80,000 Premium on bonds payable on January 1, 2008 720,000 Bonds converted 30% Unamortized premium on bonds converted $216,000 Schedule 2 Computation of Common Stock Resulting from Conversion Number of shares convertible on January 1, 2006: Number of bonds ($10,000,000 ÷ $1,000) 10,000 Number of shares for each bond X 5 50,000 Stock split on January 1, 2007 X 2 Number of shares convertible after the stock split 100,000 % of bonds converted X 30% Number of shares issued 30,000 Par value/per share $15 Total par value $450,000 E16-5(Conversion of Bonds) The December 31, 2007, balance sheet of Kepler Corp. is as follows.10% callable, convertible bonds payable (semiannual interest dates April 30 and October 31; convertible into 6 shares of $25 par value common stock per $1,000 of bond principal; maturity date April 30, 2013) $500,000Discount on bonds payable 10,240 $489,760On March 5, 2008, Kepler Corp. called all of the bonds as of April 30 for the principal plus interest through April 30. By April 30 all bondholders had exercised their conversion to common stock as of the interest payment date. Consequently, on April 30, Kepler Corp. paid the semiannual interest and issued shares of common stock for the bonds. The discount is amortized on a straight-line basis. Kepler uses the book value method.Hint: (LO 1)InstructionsPrepare the entry(ies) to record the interest expense and conversion on April 30, 2008. Reversing entries were made on January 1, 2008. (Round to the nearest dollar.) Interest Expense 25,640 Discount on Bonds Payable 640 [$10,240 ÷ 64 = $160; $160 X 4] Cash (10% X $500,000 X 1/2) 25,000 (Assumed that the interest accrual was reversed as of January 1, 2008; if the interest accrual was not reversed, interest expense would be $17,307 and interest payable would be debited for $8,333) Bonds Payable 500,000 Discount on Bonds Payable ($10,240 – $640) 9,600 Common Stock ($25 X 6 X 500) 75,000 Paid-in Capital in Excess of Par 415,400* *($500,000 – $9,600) – $75,000 E16-6(Conversion of Bonds) On January 1, 2007, Gottlieb Corporation issued $4,000,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into eight shares of Gottlieb Corporation $100 par value common stock after December 31, 2008.On January 1, 2009, $400,000 of debentures are converted into common stock, which is then selling at $110. An additional $400,000 of debentures are converted on March 31, 2009. The market price of the common stock is then $115. Accrued interest at March 31 will be paid on the next interest date.Bond premium is amortized on a straight-line basis.Hint: (LO 1)InstructionsMake the necessary journal entries for:a.December 31, 2008.b.January 1, 2009.c.March 31, 2009.d.June 30, 2009.Record the conversions using the book value method. (a) December 31, 2008 Bond Interest Expense 156,000 Premium on Bonds Payable 4,000 ($80,000 X 1/20) Cash ($4,000,000 X 8% X 6/12) 160,000 (b) January 1, 2009 Bonds Payable 400,000 Premium on Bonds Payable 6,400 Common Stock 320,000 [8 X $100 X ($400,000/$1,000)] Paid-in Capital in Excess of Par 86,400 Total premium ($4,000,000 X .02) $80,000 Premium amortized ($80,000 X 2/10) 16,000 Balance $64,000 Bonds converted ($400,000 ÷ $4,000,000) 10% Related premium ($64,000 X 10%) 6,400 (c) March 31, 2009 Bond Interest Expense 7,800 Premium on Bonds Payable 200 ($6,400 ÷ 8 years) X 3/12 Bond Interest Payable 8,000 ($400,000 X 8% X 3/12) March 31, 2009 Bonds Payable 400,000 Premium on Bonds Payable 6,200 Common Stock 320,000 Paid-in Capital in Excess of Par 86,200 Premium as of January 1, 2009 for $400,000 of bonds $6,400 $6,400 ÷ 8 years remaining X 3/12 (200 ) Premium as of March 31, 2009 for $400,000 of bonds $6,200 (d) June 30, 2009 Bond Interest Expense 124,800 Premium on Bonds Payable 3,200 Bond Interest Payable 8,000 ($400,000 X 8% X 1/4)*** Cash 136,000* [Premium to be amortized: ($80,000 X 80%) X 1/20 = $3,200, or $51,200** ÷ 16 (remaining interest and amortization periods) = $3,200] ***Total to be paid: ($3,200,000 X 8% ÷ 2) + $8,000 = $136,000 ***Original premium $80,000 2007 amortization (8,000 ) 2008 amortization (8,000 ) Jan. 1, 2009 write-off (6,400 ) Mar. 31, 2009 amortization (200 ) Mar. 31, 2009 write-off (6,200) $51,200 ***Assumes interest accrued on March 31. If not, debit Bond Interest Expense for $132,800. E16-7(Issuance of Bonds with Warrants) Illiad Inc. has decided to raise additional capital by issuing $170,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bonds without the warrants is considered to be $136,000, and the value of the warrants in the market is $24,000. The bonds sold in the market at issuance for $152,000.Hint: (LO 3)Instructionsa.What entry should be made at the time of the issuance of the bonds and warrants?b.If the warrants were nondetachable, would the entries be different? Discuss.(a) Basic formulas: Value of bonds without warrantsX Issue price = Value assigned to bondsValue of bonds without warrants + Value of warrants Value of warrantsX Issue price = Value assigned to warrantsValue of bonds without warrants + Value of warrants $136,000X $152,000 = $129,200 Value assigned to bonds$136,000 + $24,000 $24,000X $152,000 = 22,800 $152,000Value assigned to warrants Total$136,000 + $24,000 Cash 152,000 Discount on Bonds Payable 40,800 ($170,000 – $129,200) Bonds Payable 170,000 Paid-in Capital—Stock Warrants 22,800 (b) When the warrants are non-detachable, separate recognition is not given to the warrants. The accounting treatment parallels that given convertible debt because the debt and equity element cannot be separated. The entry if warrants were non-detachable is: Cash 152,000 Discount on Bonds Payable 18,000 Bonds Payable 170,000 E16-9(Issuance of Bonds with Stock Warrants) On May 1, 2007, Friendly Company issued 2,000 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 98, but the market value of the warrants cannot be determined.Hint: (LO 3)Instructionsa.Prepare the entry to record the issuance of the bonds and warrants.b.Assume the same facts as part (a), except that the warrants had a fair value of $30. Prepare the entry to record the issuance of the bonds and warrants. (a) Cash ($2,000,000 X 1.02) 2,040,000 Discount on Bonds Payable 40,000 [(1 – .98) X $2,000,000] Bonds Payable 2,000,000 Paid-in Capital—Stock Warrants 80,000* *$2,040,000 – ($2,000,000 X .98) (b) Market value of bonds without warrants $1,960,000 ($2,000,000 X .98) Market value of warrants (2,000 X $30) 60,000 Total market value $2,020,000 $1,960,000X $2,040,000 = $1,979,406 Value assigned to bonds$2,020,000 $60,000X $2,040,000 = $ 60,594 Value assigned to warrants $2,040,000 Total$2,020,000 Cash 2,040,000 Discount on Bonds Payable 20,594 Bonds Payable 2,000,000 Paid-in Capital—Stock Warrants 60,594 E16-11(Issuance, Exercise, and Termination of Stock Options) On January 1, 2008, Titania Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company's $10 par common stock at $25 per share. The options were exercisable within a 5-year period beginning January 1, 2010, by grantees still in the employ of the company, and expiring December 31, 2014. The service period for this award is 2 years. Assume that the fair value option pricing model determines total compensation expense to be $350,000.On April 1, 2009, 2,000 options were terminated when the employees resigned from the company. The market value of the common stock was $35 per share on this date.On March 31, 2010, 12,000 options were exercised when the market value of the common stock was $40 per share.Hint: (LO 4)InstructionsPrepare journal entries to record issuance of the stock options, termination of the stock options, exercise of the stock options, and charges to compensation expense, for the years ended December 31, 2008, 2009, and 2010. 1/1/08 No entry 12/31/08 Compensation Expense 175,000 Paid-in Capital Stock Options 175,000 ($350,000 X 1/2) (To recognize compensation expense for 2008) 4/1/09 Paid-in Capital Stock Options 17,500 Compensation Expense 17,500 ($175,000 X 2,000/20,000) (To record termination of stock options held by resigned employees) 12/31/09 Compensation Expense 157,500 Paid-in Capital—Stock Options 157,500 ($350,000 X 1/2 X 18/20) (To recognize compensation expense for 2009) 3/31/10 Cash (12,000 X $25) 300,000 Paid-in Capital—Stock Options 210,000 ($350,000 X 12,000/20,000) Common Stock 120,000 Paid-in Capital in Excess of Par 390,000 (To record exercise of stock options) Note: There are 6,000 options unexercised as of 3/31/10 (20,000 – 2,000 – 12,000). E16-12(Issuance, Exercise, and Termination of Stock Options) On January 1, 2006, Nichols Corporation granted 10,000 options to key executives. Each option allows the executive to purchase one share of Nichols' $5 par value common stock at a price of $20 per share. The options were exercisable within a 2-year period beginning January 1, 2008, if the grantee is still employed by the company at the time of the exercise. On the grant date, Nichols' stock was trading at $25 per share, and a fair value option-pricing model determines total compensation to be $400,000.On May 1, 2008, 8,000 options were exercised when the market price of Nichols' stock was $30 per share. The remaining options lapsed in 2010 because executives decided not to exercise their options.Hint: (LO 4)InstructionsPrepare the necessary journal entries related to the stock option plan for the years 2006 through 2010. 1/1/06 No entry 12/31/06 Compensation Expense 200,000 Paid-in Capital—Stock Options 200,000 ($400,000 X 1/2) 12/31/07 Compensation Expense 200,000 Paid-in Capital—Stock Options 200,000 5/1/08 Cash (8,000 X $20) 160,000 Paid-in Capital—Stock Options 320,000 * Common Stock (8,000 X $5) 40,000 Paid-in Capital in Excess of Par 440,000 *($400,000 X 8,000/10,000) 1/1/10 Paid-in Capital—Stock Options 80,000 Paid-in Capital from Expired Stock Options ($400,000 – $320,000) 80,000 E16-13(Weighted-Average Number of Shares) Newton Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,000,000 shares of $10 par common stock. At no time has Newton issued any potentially dilutive securities. Listed below is a summary of Newton's common stock activities.1. Number of common shares issued and outstanding at December 31, 2005 2,000,0002. Shares issued as a result of a 10% stock dividend on September 30, 2006 200,0003. Shares issued for cash on March 31, 2007 2,000,000Number of common shares issued and outstanding at December 31, 2007 4,200,0004. A 2-for-1 stock split of Newton's common stock took place on March 31, 2008.Hint: (LO 6)Instructionsa.Compute the weighted-average number of common shares used in computing earnings per common share for 2006 on the 2007 comparative income statement.b.Compute the weighted-average number of common shares used in computing earnings per common share for 2007 on the 2007 comparative income statement.c.Compute the weighted-average number of common shares to be used in computing earnings per common share for 2007 on the 2008 comparative income statement.d.Compute the weighted-average number of common shares to be used in computing earnings per common share for 2008 on the 2008 comparative income statement.(CMA adapted) (a) 2,200,000 shares Jan. 1, 2006–Sept. 30, 2006 (2,000,000 X 9/12) 1,500,000 Retroactive adjustment for stock dividend X 1.10 Jan. 1, 2006–Sept. 30, 2006, as adjusted 1,650,000 Oct. 1, 2006–Dec. 31, 2006 (2,200,000 X 3/12) 550,000 2,200,000 Another way to view this transaction is that the 2,000,000 shares at the beginning of the year must be restated for the stock dividend regardless of where in the year the stock dividend occurs. (b) 3,700,000 shares Jan. 1, 2007–Mar. 31, 2007 (2,200,000 X 3/12) 550,000 Apr. 1, 2007–Dec. 31, 2007 (4,200,000 X 9/12) 3,150,000 3,700,000 (c) 7,400,000 shares 2007 weighted average number of shares previously computed 3,700,000 Retroactive adjustment for stock split X 2 7,400,000 (d) 8,400,000 shares Jan. 1, 2008–Mar. 31, 2008 (4,200,000 X 3/12) 1,050,000 Retroactive adjustment for stock split X 2 Jan. 1, 2008–Mar. 31, 2008, as adjusted 2,100,000 Apr. 1, 2008–Dec. 31, 2008 (8,400,000 X 9/12) 6,300,000 8,400,000 Another way to view this transaction is that the 4,2000,000 shares at the beginning of the year must be restated for the stock split regardless of where in the year the stock split occurs. E16-14(EPS: Simple Capital Structure) On January 1, 2008, Wilke Corp. had 480,000 shares of common stock outstanding. During 2008, it had the following transactions that affected the common stock account.February 1 Issued 120,000 sharesMarch 1 Issued a 10% stock dividendMay 1 Acquired 100,000 shares of treasury stockJune 1 Issued a 3-for-1 stock splitOctober 1 Reissued 60,000 shares of treasury stockHint: (LO 6)Instructionsa.Determine the weighted-average number of shares outstanding as of December 31, 2008.b.Assume that Wilke Corp. earned net income of $3,456,000 during 2008. In addition, it had 100,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2008. Compute earnings per share for 2008, using the weighted-average number of shares determined in part (a).c.Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2008.d.Assume the same facts as in part (b), except that net income included an extraordinary gain of $864,000 and a loss from discontinued operations of $432,000. Both items are net of applicable income taxes. Compute earnings per share for 2008. (a) EventDates OutstandingShares Outstanding RestatementFraction of YearWeighted SharesBeginning balanceJan. 1–Feb. 1480,0001.1 X 3.01/12132,000Issued sharesFeb. 1–Mar. 1600,0001.1 X 3.01/12165,000Stock dividendMar. 1–May 1660,0003.02/12330,000Reacquired sharesMay 1–June 1560,0003.01/12140,000Stock splitJune 1–Oct. 11,680,0004/12560,000Reissued sharesOct. 1–Dec. 311,740,0003/12 435,000 Weighted average number of shares outstanding1,762,000 (b)Earnings Per Share =$3,456,000 (Net Income)= $1.961,762,000 (Weighted Average Shares) (c)Earnings Per Share =$3,456,000 – $900,000= $1.451,762,000 (d) Income from continuing operationsa $1.72 Loss from discontinued operationsb (.25 ) Income before extraordinary item 1.47 Extraordinary gainc .49 Net income $1.96 a Net income $3,456,000 Deduct extraordinary gain (864,000 ) Add loss from discontinued operations 432,000 Income from continuing operations $3,024,000 a$3,024,000= $1.721,762,000 b$(432,000)= $(.25)1,762,000 c$864,000= $.49 E16-15(EPS: Simple Capital Structure) Ace Company had 200,000 shares of common stock outstanding on December 31, 2008. During the year 2009 the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2009 Ace Company reported net income of $249,690 after a casualty loss of $40,600 (net of tax).Hint: (LO 6)InstructionsWhat earnings per share data should be reported at the bottom of its income statement, assuming that the casualty loss is extraordinary? EventDates OutstandingShares OutstandingFraction of YearWeighted SharesBeginning balanceJan. 1–May 1200,0004/1266,667Issued sharesMay 1–Oct. 31208,0006/12104,000Reacquired sharesOct. 31–Dec. 31194,0002/12 32,333Weighted average number of shares outstanding203,000 Income per share before extraordinary item ($249,690 + $40,600 = $290,290; $290,290 ÷ 203,000 shares) $1.43 Extraordinary loss per share, net of tax ($40,600 ÷ 203,000) (.20) Net income per share ($249,690 ÷ 203,000) $1.23 E16-19(EPS: Simple Capital Structure) At January 1, 2008, Langley Company's outstanding shares included the following.280,000 shares of $50 par value, 7% cumulative preferred stock900,000 shares of $1 par value common stockNet income for 2008 was $2,530,000. No cash dividends were declared or paid during 2008. On February 15, 2009, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2008.On April 1, 2008, 450,000 shares of common stock were sold for $10 per share, and on October 1, 2008, 110,000 shares of common stock were purchased for $20 per share and held as treasury stock.Hint: (LO 6)InstructionsCompute earnings per share for 2008. Assume that financial statements for 2008 were issued in March 2009. EventDates OutstandingShares OutstandingFraction of YearWeighted SharesBeginning balanceJan. 1–April 1900,0003/12225,000Issued sharesApril 1–Oct. 11,350,0006/12675,000Reacquired sharesOct. 1–Dec. 311,240,0003/12 310,000 Weighted average number of shares outstanding— unadjusted 1,210,000 Stock dividend, 2/15/09 1.05 Weighted average number of shares outstanding— adjusted 1,270,500 Net income $2,530,000 Preferred dividend (280,000 X $50 X 7%) (980,000) $1,550,000 Earnings per share for 2008: Net income applicable to common stock=$1,550,000= $1.22Weighted average number of common shares outstanding 1,270,500 E16-25(EPS with Contingent Issuance Agreement) Winsor Inc. recently purchased Holiday Corp., a large midwestern home painting corporation. One of the terms of the merger was that if Holiday's income for 2007 was $110,000 or more, 10,000 additional shares would be issued to Holiday's stockholders in 2008. Holiday's income for 2006 was $120,000.Hint: (LO 7)Instructionsa.Would the contingent shares have to be considered in Winsor's 2006 earnings per share computations?b.Assume the same facts, except that the 10,000 shares are contingent on Holiday's achieving a net income of $130,000 in 2007. Would the contingent shares have to be considered in Winsor's earnings per share computations for 2006? (a) The contingent shares would have to be reflected in diluted earnings per share because the earnings level is currently being attained. (b) Because the earnings level is not being currently attained, contingent shares are not included in the computation of diluted earnings per share. P16-2(Entries for Conversion, Amortization, and Interest of Bonds) Counter Inc. issued $1,500,000 of convertible 10-year bonds on July 1, 2007. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $34,000, which is being amortized monthly on a straight-line basis.The bonds are convertible after one year into 8 shares of Counter Inc.'s $100 par value common stock for each $1,000 of bonds.On August 1, 2008, $150,000 of bonds were turned in for conversion into common. Interest has been accrued monthly and paid as due. At the time of conversion any accrued interest on bonds being converted is paid in cash.Hint: (LO 1)Instructions(Round to nearest dollar)Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates.a.August 1, 2008. (Assume the book value method is used.)b.August 31, 2008.c.December 31, 2008, including closing entries for end-of-year.(AICPA adapted) (a) Entries at August 1, 2008 Bonds Payable 150,000 Discount on Bonds Payable (Schedule 1) 3,032* Common Stock (8 X 150 X $100) 120,000 Paid-in Capital in Excess of Par 26,968** (To record the issuance of 1,200 shares of common stock in exchange for $150,000 of bonds and the write-off of the discount on bonds payable) *($34,000 X 1/10) X (107/120) **($150,000 – $3,032) – $120,000 Interest Payable 1,500 Cash ($150,000 X 12% X 1/12) 1,500 (To record payment in cash of interest accrued on bonds converted as of August 1, 2008) (b) Entries at August 31, 2008 Bond Interest Expense 255* Discount on Bonds Payable (Schedule 1) 255 (To record amortization of one month’s discount on $1,350,000 of bonds) *($34,000 X 90%) X (1/120) Bond Interest Expense 13,500 Interest Payable ($1,350,000 X 12% X 1/12) 13,500 (To record accrual of interest for August on $1,350,000 of bonds at 12%) (c) Entries at December 31, 2008 (Same as August 31, 2008, and the following closing entry) Income Summary 175,756 Bond Interest Expense* 175,756 (To close expense account) *($3,256 + $172,500) Schedule 1 Monthly Amortization Schedule Unamortized discount on bonds payable: Amount to be amortized over 120 months $34,000 Amount of monthly amortization ($34,000 ÷ 120) $283 Amortization for 13 months to July 31, 2008 ($283 X 13) $3,679 Balance unamortized 7/31/08 ($34,000 – $3,679) $30,321 10% applicable to debentures converted 3,032 Balance August 1, 2008 $27,289 Remaining monthly amortization over remaining 107 months $255 Schedule 2 Interest Expense Schedule Amortization of bond discount charged to bond interest expense in 2008 would be as follows: 7 months X $283.00 $1,981 5 months X $255.00 1,275 Total $3,256 Interest on Bonds: 12% on $1,500,000 $180,000 Amount per month ($180,000 ÷ 12) $15,000 12% on $1,350,000 $162,000 Amount per month ($162,000 ÷ 12) $13,500 Interest for 2008 would be as follows: 7 months X $15,000 $105,000 5 months X $13,500 67,500 Total $172,500 Total interest Amortization of discount $ 3,256 Cash interest paid 172,500 Bond interest expense $175,756 P16-3(Stock Option Plan) ISU Company adopted a stock option plan on November 30, 2005, that provided that 70,000 shares of $5 par value stock be designated as available for the granting of options to officers of the corporation at a price of $8 a share. The market value was $12 a share on November 30, 2005. On January 2, 2006, options to purchase 28,000 shares were granted to president Don Pedro—15,000 for services to be rendered in 2006 and 13,000 for services to be rendered in 2007. Also on that date, options to purchase 14,000 shares were granted to vice president Beatrice Leonato—7,000 for services to be rendered in 2006 and 7,000 for services to be rendered in 2007. The market value of the stock was $14 a share on January 2, 2006. The options were exercisable for a period of one year following the year in which the services were rendered. The fair value of the options on the grant date was $3 per option.In 2007 neither the president nor the vice president exercised their options because the market price of the stock was below the exercise price. The market value of the stock was $7 a share on December 31, 2007, when the options for 2006 services lapsed.On December 31, 2008, both president Pedro and vice president Leonato exercised their options for 13,000 and 7,000 shares, respectively, when the market price was $16 a share.Hint: (LO 4)InstructionsPrepare the necessary journal entries in 2005 when the stock option plan was adopted, in 2006 when options were granted, in 2007 when options lapsed, and in 2008 when options were exercised. 2005 No journal entry would be recorded at the time the stock option plan was adopted. However, a memorandum entry in the journal might be made on November 30, 2005, indicating that a stock option plan had authorized the future granting to officers of options to buy 70,000 shares of $5 par value common stock at $8 a share. 2006 January 2 No entry December 31 Compensation Expense 66,000 Paid-in Capital—Stock Options 66,000 (To record compensation expense attributable to 2006—22,000 options at $3) 2007 December 31 Compensation Expense 60,000 Paid-in Capital—Stock Options 60,000 (To record compensation expense attributable to 2007—20,000 options at $3) Paid-in Capital—Stock Options 66,000 Paid-in Capital from Expired Stock Options 66,000 (To record lapse of president’s and vice president’s options to buy 22,000 shares) 2008 December 31 Cash (20,000 X $8) 160,000 Paid-in Capital—Stock Options 60,000 (20,000 X $3) Common Stock (20,000 X $5) 100,000 Paid-in Capital in Excess of Par 120,000 (To record issuance of 20,000 shares of $5 par value stock upon exercise of options at option price of $8) E15-19 (Comparison of Alternative Forms of Financing) Shown below is the liabilities and stockholders' equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each has assets totaling $4,200,000.Jana Kingston Co. Mary Ann Benson Co.Current liabilities $ 300,000 Current liabilities $ 600,000Long-term debt, 10% 1,200,000 Common stock ($20 par) 2,900,000Common stock ($20 par) 2,000,000 Retained earnings (Cash dividends, $328,000) 700,000Retained earnings (Cash dividends, $220,000) 700,000$4,200,000 $4,200,000For the year each company has earned the same income before interest and taxes.Jana Kingston Co. Mary Ann Benson Co.Income before interest and taxes $1,200,000 $1,200,000Interest expense 120,000 –0–1,080,000 1,200,000Income taxes (45%) 486,000 540,000Net income $ 594,000 $ 660,000At year end, the market price of Kingston's stock was $101 per share, and Benson's was $63.50.Hint: (LO 9)Instructionsa.Which company is more profitable in terms of return on total assets?b.Which company is more profitable in terms of return on stockholders' equity?c.Which company has the greater net income per share of stock? Neither company issued or reacquired shares during the year.d.From the point of view of net income, is it advantageous to the stockholders of Jana Kingston Co. to have the long-term debt outstanding? Why?e.What is the book value per share for each company? Mary Ann Benson Company is the more profitable in terms of rate of return on total assets. This may be shown as follows: Benson Company$660,000= 15.71%$4,200,000 Kingston Company$594,000= 14.14%$4,200,000 It should be noted that these returns are based on net income related to total assets, where the ending amount of total assets is con-sidered representative. If the rate of return on total assets uses net income before interest but after taxes in the numerator, the rates of return on total assets are the same as shown below: Benson Company$660,000= 15.71%$4,200,000 Kingston Company$594,000 + $120,000 – $54,000=$660,000$4,200,000$4,200,000=15.71%Kingston Company is the more profitable in terms of return on stockholder’ equity. 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Òúö$ööÖÿÿÿÿÖÿÿÿÿÖÿÿÿÿÖÿÿÿÿaöêf4 ¥¥¥€¥‘¥š¥ ¥’u€ð'Àmð'¬XÐÀF0ÀXÀ ÆÛCdÀþ$Ifgd´Sr$ ÆÛCdÀþ$Ifa$gd´Sr$ ÆÛÐC„`„a$gd´Sr &F ÆõÐCdÀþgd´Srmkdå $$If4Ö\ê’dô î&¨Òúö$ööÖÿÿÿÿÖÿÿÿÿÖÿÿÿÿÖÿÿÿÿaöêf4 ¥¡¥¢¥¥®¥£ÀŽ|0ÀŽ ÆÛCdÀþ$Ifgd´Sr$ ÆÛCdÀþ$Ifa$gd´Sr[kdw!$$If–l4ÖFv&'à¨àéöÖÿÿÿÖÿÿÿÖÿÿÿÖÿÿÿ4Ö laöâf4®¥¯¥°¥¿¥È¥Ñ¥£Àð'¬{ÐÀi0À{À ÆÛCdÀþ$Ifgd´Sr$ ÆÛCdÀþ$Ifa$gd´Sr$ ÆÛÐC„`„a$gd´Sr[kd"$$If–l4ÖFv&' ¨ éöÖÿÿÿÖÿÿÿÖÿÿÿÖÿÿÿ4Ö laöâf4Ñ¥Ò¥Ó¥Þ¥ß¥£ÀŽ|0ÀŽ ÆÛCdÀþ$Ifgd´Sr$ ÆÛCdÀþ$Ifa$gd´Sr[kd³"$$If–l4ÖFv&'à¨àéöÖÿÿÿÖÿÿÿÖÿÿÿÖÿÿÿ4Ö laöâf4ß¥à¥á¥r r ss(s)s£À›ð'¬„ð'À›ð'¬„ð'Àoð'¬`ð'PSOð'¬$ ÆÛC„`„a$gd´Sr$ ÆÐdÿa$gd´Sr$ ÆÛC„8„Èû^„8`„Èûa$gd´Sr$ ÆÐ„Ð„0ýdÀþ^„Ð`„0ýa$gd´Sr$a$gd´Sr[kdW#$$If–l4ÖFv&' ¨ éöÖÿÿÿÖÿÿÿÖÿÿÿÖÿÿÿ4Ö laöâf4(c) The Kingston Company earned a net income per share of $5.94 ($594,000 ÷ 100,000) while Benson Company had an income per share of $4.55 ($660,000 ÷ 145,000). Kingston Company has borrowed a substantial portion of its assets at a cost of 10% and has used these assets to earn a return in excess of 10%. The excess earned on the borrowed assets represents additional income for the stockholders and has resulted in the higher income per share. Due to the debt financing, Kingston has fewer shares of stock outstanding. (d) Yes, from the point of view of income it is advantageous for the stockholders of the Kingston Company to have long-term debt outstanding. The assets obtained from incurrence of this debt are earning a higher return than their cost to the Kingston Company. (e) Book value per share. 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