Question: Please answer required 3. only On January 1, 2016, Gless Textiles issued $15 million of 8%, 10-year convertible bonds at 101. The bonds pay interest

Please answer required 3. only

Please answer required 3. only On January 1, 2016, Gless Textiles issued $15 million of 8%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible

On January 1, 2016, Gless Textiles issued $15 million of 8%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 10% of the issue as an investment. Required 1. Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Date General Journal Debit Credit January 01, 2016 Cash 15,150,000 Convertible bonds payable Premium on bonds payable 15,000,000 150,000 January 01, 2016 Investment in convertible bonds 1,500,000 15,000 Premium on bond investment Cash 1,515,000

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