Question: Archer Company issued 4,000,000 par value, 7% convertible bonds at 99 for cash. The net present value of the debt without the conversion feature is

Archer Company issued £4,000,000 par value, 7% convertible bonds at 99 for cash. The net present value of the debt without the conversion feature is £3,800,000. Prepare the journal entry to record the issuance of the convertible bonds.

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