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Kuis AK 2

Diky Adisaputra
Soal 1 (20%)
L Corp. issue $400,000 of 12%, 5 year bonds on May 1, 2011, yield 15%. Interest is payable
semiannually on May 1 and November 1. Prepare the journal entry to record:
a) The issuance of the bonds on May 1.
b) The payment of interest and related amortization on November 1, 2011
c) The accrual of interest and the related amortization on December 31, 2011.
d) The payment of interest and related amortization on May 1, 2012
e) The extinguishment of the bonds in March 1, 2013. Note: In March 1, 2013, 50% of bonds
are retired with call price 101 on cash and the remaining 50% of bonds are retired by
exchanging asset. The asset has a fair value of $190,000 and carrying value $210,000.
Soal 2 (20%)
On January 2, 2010, Hezz Corp. is authorized by BAPEPAM to issue 1,000 shares preference
with $1,000 par, 8%, cumulative and non participating; and 20,000 ordinary shares with $500
par. During 2010, Hezz Company took part in the following transactions concerning
shareholders equity:
6 January
4 February
25 June
10 July
31 December

Issued 2,000 ordinary share with market price $550.


Issued 300 preference shares for buying machine with fair value $100,000 and building with fair
value $120,000, and land with value with appraisal $130,000.
Issue 1,800 ordinary shares with market price $570 per share.
Purchase 1,200 treasury stock with market price $600.
Declare the $20 per share cash dividend on ordinary share and preference dividend (calculate the
cash dividend for preference share)

Soal 3 (20%)
The information below pertains to Raaz Corp for December 31, 2011:
Net income for the year
8% convertible bonds, issued at par ($2,000 per bond). Each bond is convertible
into 20 shares of ordinary share. The liability component on the bond is $2,800,000
based on a market rate of 9%
6% convertible, cumulative preference shares, 100 par value. Each share is convertible
into 2 shares of ordinary share. Two years again, each share can be convertible
into 3 shares of ordinary shares.
Tax rate for 2010
Average market price of ordinary shares

1,300,000

3,000,000

4,000,000
25%
26 per share

Ordinary shares in beginning 2010 is 620,000 shares issued and outstanding with par value $10.
The following transactions happened during 2010:
February 1
June 1
August 1
October 1
November 1

issued 20,000 new ordinary shares


5% share dividend declared
acquired 40,000 treasury shares
Issue a 2-for-1 stock split
Reissued 12,000 treasury shares

There is dividend in arrears for prior 2 years. The company also has ordinary share options
(granted in a prior year) to purchase 75,000 shares of ordinary share at 20 per share.
(a) Compute basic earnings per share for 2010.
(b) Compute diluted earnings per share for 2010.
Soal 4 (20%)
Lihat Soal UTS AK2 Semester Genap 2010/2011 (Kamis, 24 Maret 2011). Soal No. 4.
Soal 5 (20%)
The NET CHANGES in the balance sheet accounts of LADY GAGA INC. for the year
2009 are shown below:
Dr
Cr
Account
$
Cash
125,600
$
Account receivable
64,000
$
Allowance for doubtful account
14,000
$
Inventory
217,200
$
Prepaid expenses
20,000
$
Long term investments
144,000
$
Land
300,000
$
Buildings
600,000
$
Machinery
100,000
$
Office equipment
28,000
Accumulated depreciation
$
Buildings
24,000
$
Machinery
20,000
$
Office equipment
12,000
$
Account payable
183,200
$
Accrued expenses
72,000
Dividend payable
$

128,000
$
32,000
$
800,000

Premium of bonds
Bonds payable
Preferred stock ($ 50 par)

$
60,000
$
156,000
$
223,200

Common stock ($ 10 par)


Additional paid-in capitalcommon
Retained earnings

$
87,200
$
1,705,200

A condensed Income Statement for the year ended


Net sales
Cost of goods sold
Gross profit
Operating expenses:
Operating expenses (incl. depr. expense)
Bad debt expense
(629,000)
Other gain or loss:
On sale of fixed assets
$
On sale of long term investments
(36,000)
Income before income taxes
175,000
Income tax expense (20%)
(35,000)
Net income

$
1,705,200

Dec 31, 2009:


$
$
$

1,400,000
(560,000)
840,000

$
$

(614,000)
(15,000)

(32,000)
$
(4,000)

$
$
$

140,000

Additional information:
1. Cash dividend of $128,000 were declared on December 15, 2009; payable
January 15, 2010. A 5% stock dividend was issued on March 31, 2009, when
the market value was $22.00 per share.
2. The long-term investments were sold for $140,000.

3. A building and land which total cost $480,000 and had a book value of
$300,000 were sold for $400,000. The cost of the land, included in the cost
and book value above, was $20,000.
4. Loss on sale of land was $132.000. The book value of land sold was
$240,000.
5. The following entry was made to record exchange of an old machine for new
one:
Machinery
Accumulated depreciation machinery
Machinery
Cash

160,000
$
40,000
$
60,000
$
140,000

6. A fully depreciated copier machine which cost $28,000 was written off.
7. Preferred stock of $60,000 par value was redeemed for $80,000.
8. The company sold 12,000 shares of its common stock ($10 par) on June 15,
2009 for $25 a share. There were 87,600 shares outstanding on December
31, 2009.
9. Bonds were sold at 104 on December 31, 2009.
Instructions:
Prepare a statement of cash flow using DIRECT METHOD based on PSAK No. 2
Hint: You need to calculate the depreciation expenses first and deduct them from
Operating Expense
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Subject: AK2.Nama.NPM. (Contoh: AK2.DikyAdisaputra.07062xxxx)