Problem 1: On June 1, 2019 Adelphi Corporation issued $220,000 of 6%, 5-year bonds. The bonds which were issued at 103, pay interest on January 1 and June 1. Use this information to calculate the amount of bond discount or premium that is amortized with each interest payment. If this is discount amortization enter as a positive number. If this is premium amortization enter as a negative number.
Problem 2: On December 31, 2018, Adelphi Corporation has outstanding 500 shares of $100 par value, 4% cumulative and nonparticipating preferred stock, and 6,000 shares of $10 par value common stock. Preferred dividends were paid in 2016 but were not paid in 2017. During 2018, Alpha distributed $35,000 in dividends. Use this information to determine for 2018 the dollar amount of dividends that will be distributed per Common Share. Round answer to closest cent.
Problem 3: On March 1, 2019, Baltimore Corporation had 65,000 shares of common stock outstanding with a par value of $5 per share. On March 1, Baltimore Corporation authorized a 15% stock dividend when the market value was $18 per share. Use this information to calculate the amount either (debited) or credited to retained earnings. Enter as a negative number if retained earnings are debited and a positive number if retained earnings are credited.
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