bonds

Project Description:

on january 1, 2014, gottlieb corporation issued $3,250,000 of 10-year, 9% convertible debentures at 104. interest is to be paid semiannually on june 30 and december 31. each $1,000 debenture can be converted into 8 shares of gottlieb corporation $103 par value common stock after december 31, 2015.

on january 1, 2016, $325,000 of debentures are converted into common stock, which is then selling at $113. an additional $325,000 of debentures are converted on march 31, 2016. the market price of the common stock is then $117. accrued interest at march 31 will be paid on the next interest date.

bond premium is amortized on a straight-line basis.

make the necessary journal entries for:

(a) december 31, 2015. (c) march 31, 2016.
(b) january 1, 2016. (d) june 30, 2016.

record the conversions using the book value method
Skills Required:
Project Stats:

Price Type: Negotiable

Completed
Total Proposals: 8
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