12. If Metlock, Inc. issues 5000 shares of $10 par value common stock for $390000,...
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12. If Metlock, Inc. issues 5000 shares of $10 par value common stock for $390000, the account
Paid-in Capital in Excess of Par Value will be credited for $340000.
Cash will be debited for $340000.
Paid-in Capital in Excess of Par Value will be credited for $50000.
Common Stock will be credited for $390000.
8. Cullumber Company received proceeds of $1071000 on 10-year, 6% bonds issued on January 1, 2019. The bonds had a face value of $1136000, pay interest annually on December 31, and have a call price of 105. Cullumber uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2021?
$1136000
$1077500
6. A corporation issues $291000, 10%, 5-year bonds on January 1, 2020, for $278700. Interest is paid annually on January 1. If the corporation uses the straight-line method of amortization of bond discount, the amount of bond interest expense to be recognized in December 31, 2020s adjusting entry is
$26640.
$29100.
$2460.
$31560.
$1084000
$1123000
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