On 1/1/20X1, the Illini issues $20,000 10% ordinary convertible bonds with face value due 12/31/20X3.Bonds are issued
Fantastic news! We've Found the answer you've been seeking!
Question:
On 1/1/20X1, the Illini issues $20,000 10% ordinary convertible bonds with face value due 12/31/20X3. Bonds are issued at face value. Interest is paid semi-annually on June 30 and December 31. Each $25 bond can be converted into one par $1 common share of Illini. On 1/1/20X2, half of the convertible bonds are converted to Illini common stock.
See instructions and table in this question. Enter the correct numerical figures for the journal entries below:
Project 2.1 Part 2 Journal Entries
Date | Account name (debit) | Account name (credit) | Debit | Credit |
1/1/20X1 | Money | [A] | ||
Obligations with the public | [B] | |||
30/6/20X1 | Interest expenses | [C] | ||
Money | [D] | |||
31/12/20X1 | Interest expenses | [MI] | ||
Money | [F] | |||
1/1/20X2 | Obligations with the public | [GRAMS] | ||
Common actions | [H] | |||
APIC | [I] | |||
30/6/20X2 | Interest expenses | [J] | ||
Money | [K] | |||
31/12/20X2 | Interest expenses | [L] | ||
Money | [METRO] |
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date: