课程名称︰中级会级学乙下 课程性质︰中会 课程教师︰蔡彦卿 开课学院：管院 开课系所︰财金系 考试日期（年月日）︰2008.03.18 考试时限（分钟）：3hr 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 1、On January 1,2007, Orlando Bloom Company issued 2000 of its 5-year, $1000 face value, 11% bonds dated January 1 at an effective annaul interest rate of 9%. Interest is payable each December 31. Orlando Bloom uses the effective-interest method of amortization. On December 31,2008, the 2000 bonds were extinguished early through acquisition in the open market by Orlando Bloom for $1980,000 plus accrual interest. On July 1,2007, Orlando Bloom issued 5000 of its 6-year, $1000 face value, 10% convertible bonds dated July 1 at an effective annual interest rate of 12%. Interest is payable every June 30 and December 31.The bonds are convertible at the inverstor's option into Orlando Bloom's common stock at a ratio of 10 shares of common stock for each bond. On July 1, 2008, an investor in Orlando Bloom's convertible bonds tendered 1500 bonds for conversion into 15000 shares of Orlando Bloom's common stock, which had a fair market value of $105 and a par value of $1 at the date of conversion. instructions (1)make all necessary journal entries for the issuer and the investor to record the iissuance of both the 11% and the 10% bonds. Ignore any potential impact of year-to-year market value changes on the investor accounting for the bonds. (2)make all necessary journal entries to record the early extinguishment of both debt instruments assuming (a)Orlando Bloom considered the conversion to be a significant economic event(viewed as debt)and the investors considered their investment in convertible bonds to be debt rather than equity. (b)Orlando Bloom considered the conversion to be a non-significant economic event (viewed as equity) and the investors considered their investment in convertible bonds to be equity rather than debt. 2、Spiderman acquire $50000 of Superman Corp. 9% bonds on July 1, 2005. The bonds were acquired at 92; interest is paid semiannually on March 1 and September 1. The bonds mature at September 1, 2012. Spiderman's books are kept on a calendar-year basis. On February 1, 2008, Spiderman sold the bonds for 97 plus accrual interest. Assuming straight-line amortization and no reversing entry at January 1,2008, give entry to record the sale of the bonds on February 1.(rounded to the nearest dollar) 3、Shreck Co. acquired the following assets in exchange for nonmonetary assets: (a)Exchanged a piece of equipment with a $50000 original cost, $20,000 book value, and $30000 current market value for a piece of similar equipment owned by Fiona Inc, which had a $60000 original cost, $10000 book value, and a $30000 current market value. (b)Exchanged a machine- cost$70000, book value$10000, current market value $40000-for a similar machine-market value$35000 and a "small" amount in cash$5000. (c)Exchanged a building- cost$150000, book value$40000, current market value $35000-for building with market value of $24000 plus cash of $6000 (d)Exchanged patent- cost$12000, book value$6000, current market value$3000- and cash of $1000 for another patent with market value of $4000. Instuction: Prepare journal entries required on Shrek Co.'s book to record the exchanges. 4、 The following independent cases describe facts concerning the ownership of racing bicycles: (a)Batman purchased a new Colnago bicycle for $8000 at the beginning of 2006. The bicycle was being depreciated using the straight-line method over an estimated useful life of seven years, with a salvage value of $1000. At the beginning of 2008, Batman paid $1600 to upgrade the bicycle As a result, the useful life the bicycle was extended by one year. The salvage value remain $1000. (b)Superwoman purchased a new bike for $6000 at the beginning of 2005. The bike was depreciated using the double-declining-balance method over an estimated life of 5 years, with a $1000 salvage value. At the beginning of 2006, the salvage value of his bike jumped to $2000. (c)Obama purchased a new bike for $7000 in 2004 and did not use it during 2004. However, in 2005 and 2006, Obama used his bike and logged 6000 and 8000 kilometers, respectively each year. Obama estimated that the bike had a production life of $20000 kilometers. He did not use the bike in 2007, but in 2008 he decided to upgrade the bike with $2000 of new components, giving the bike an additional 10000 kimometers of productive use. During the 2008 season, he logged 12000 kilometers on the bike. The estimated salvage value of the bicycle is $1000. Instruction: in each case, computed the deprection for 2008. 5、T-mac company purchased a building on January 1,2004, for a total of $10000000. The building has been depreciated using the straight-line method with a 25 years useful life and no residual value. As of January 1, 2008, T- mac is evaluating the building for possible impairment. The bulding has remaining useful life of 15 years and is expecgted to generate cash inflows of $700000 per year. The estimated fair value of the building on January 1, 2008, is $5300000. Instruction: Determine whether the bulding is impaired as of January 1, 2008. Make your determination using both the provisions of both US GAAP and the provision of IAS 36. 6、On August 10, Jameson Corporation reaquired 8000 shares of its $100 par vale common stock at $134. The stock was originally issued at $110. The shares were resold on November 21 at $145. Instruction: Provide the entries required to record the reacquistion and the subsequent resale of the stock using the: (1)Par value method of accounting for treasure stock (2)Cost method of accounting for treasury stock. 7、 The Perry Company wants to raise additional equity capital. The company decides to issue 5000 shares of $25 par preferred stock with detachable warrants. The package of the stock and warrants sells for $105. Each warrant enables the holder to purchase two shares of $10 par common stock at $30 per share. Immediately following the issuance of the stock, the stock warrants are selling at $14 each. The market value of the preferred stock without the warrants is $96. Instruction: (1) prepare a journal entry for Perry Company to record the issuance of the preferred stock and the detachable warrants. (2) assuming that all the warrants are exercised, prepare a journal entry for Perry to record the exercise of the warrants. (3) Assuming that only 70 percent of the warrants are exercised, prepare a journal entry for Perry to record the exercise and expiration of the warrants. --

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