Finland Corporation sold 140 convertible, 10-year bonds at par for $140,000. Each bond pays 4% annual interest and each bond can be converted to ten common shares at the bondholder’s request. When the bonds were issued common shares were trading for $12 per share. The market rate of interest for similar bonds without conversion rights was 6%. 
Prepare the journal entry to record the issuance of the bonds

Answer rating: 100% (QA)

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