General question/exercise 14-15 bond conversion on june 30, 2019, an interest payment date, $200,000 of guadalupe. bonds were converted into shares of common stock each having a par value of $5 and a market value of $54. the conversion ratio is 25 shares of common stock for every $1,000 of bonds. there is a remaining $9,000 unamortized discount on the bonds. using the book value method, the company would record a. no change in paid-in capital in excess of par. b. an $166,000 increase in paid-in capital in excess of par. c. a $245,000 increase in paid-in capital in excess of par. d. a $9,000 increase in paid-in capital in excess of par. e. none of the above

Partnerships are the most common type of business firms in the world. t/f

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inventory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a.prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price.b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1

Almost 80% of business owners are clueless about the competition, resulting in a) lost market share and customers. b) needless lawsuits. c) uninspired products. d) lack of perseverance