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January 1, 2022 Entry – Issuance of Note:

Before the beginning of 2024, KVWN, Inc., a media company, (“the Company”) formalized plans to extinguish its debt and repurchase shares due to its high cash position and overall strong financial health. The following information is available for each transaction:

When should the anesthesia provider administer antibiotic prophylaxis during a surgical procedure to prevent surgical site infections? 

Which findings supports the use of thrombolytic agents for a patient diagnosed with a stroke? Select all that apply. One, some, or all responses may be correct.

Transaction 1: On January 1, 2022, the Company issued a zero-interest bearing, 6-year, $4,000,000 note to Ron Burgundy to purchase a new studio. The market rate at the time of issue was 9%. The Company uses the effective-interest method to amortize any discount or premium. On January 1, 2024, the Company took advantage of favorable prices of its stock to extinguish $1,200,000 of the face value of the debt by issuing 5,000 shares of its $10 par value common stock. The Company’s stock was selling for $160 per share on this date. Required: (17.5 Points) Record the journal entries for the Company for each of the requested dates below. If required to round, round final answers to the nearest whole dollar.

January 1, 2024 Entry – Partial Extinguishment of Debt:

Transaction 2:  At the beginning of 2024, the Company determined that its stock is undervalued in the market and made plans to buy back its stock. On January 1, 2024, the Company had 100,000 shares issued and outstanding of its $10 par value stock after issuing the shares to partially extinguish its debt noted in the previous transaction. The following subsequent transactions occurred in 2024: January 15 Purchased 1,800 shares of their own stock at $25 per share. March 28 Sold 1,200 shares of the repurchased stock at $29 per share. November 14 Retired 500 shares of treasury stock. Required: (2.5 Points Each) Provide answers to the following questions:

How many shares outstanding does the Company have as of the end of 2024?

What is the purpose of the line isolation monitor in the operating room?

What is the FIRST step if a fire occurs in the airway of an intubated patient under general anesthesia?