On January 1, 2024, Coronado issued 10-year, $220,000 face value, 6% bonds at par. Each $1,000...

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On January 1, 2024, Coronado issued 10-year, $220,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Coronado $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2025. (Ignore all tax effects.) (a) Prepare the journal entry Coronado would have made an January 1, 2024, to record the issuance of the bonds. (List debit entry before credit entry. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2024 Save for Later Attempts: 0 of 1 used Submit Answer On January 1, 2024, Coronado issued 10-year, $220,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Coronado $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2025. (Ignore all tax effects.) (a) Prepare the journal entry Coronado would have made an January 1, 2024, to record the issuance of the bonds. (List debit entry before credit entry. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2024 Save for Later Attempts: 0 of 1 used Submit Answer

Answer rating: 100% (QA)

Date January 1 2024 Journal Entry Debit Cash Ac 220000 Credit Bonds Payab... View the full answer