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PROBLEMS – Questions 1 – 8 1. On March 31, 2009, Hanson Corporation sold $7,000,000 of its 8%, 10-year bonds for $6,730,500 including accrued interest. The bonds were dated January 1, 2009. Interest is paid semiannually on January 1 and July 1. On April 1, 2013, Hanson purchased 1/2 of the bonds on the open market at 99 plus accrued interest and canceled them. Hanson uses the straight-line method for amortization of bond premiums and discounts. (a) What was the amount of the gain or loss on retirement of the bonds? (b) Prepare the journal entry needed at April 1, 2013 to record retirement of the bonds. Assume that interest and premium or discount amortization have been recorded through January 1, 2013. Record interest and amortization on only the bonds retired. (c) Prepare the journal entry needed at July 1, 2013 to record interest and premium or discount amortization. 2. On January 1 of the current year, Feller Corporation issued $3,000,000 of 10% debenture bonds on a basis to yield 9%, receiving $3,134,580. Interest is payable annually on December 31 and the bonds mature in 6 years. The effective-interest method is used. (a) What is the interest expense for the first year? (b) What is the interest expense for the second year? 3. Basic and Diluted Earnings Per Share Assume that the following data relate to Rosen, Inc. for the year 2013: Net income (30% tax rate) $3,000,000 Average common shares outstanding 2013 1,000,000 shares 10% cumulative convertible preferred stock: Convertible into 80,000 shares of common $1,600,000 8% convertible bonds; convertible into 75,000 shares of common $2,500,000 Stock options: Exercisable at the option price of $25 per share; average market price in 2013, $30 84,000 shares Instructions Compute (a) basic earnings per share, and (b) diluted earnings per share. 4. Available-for-Sale Equity Investments On January 2, 2012,…