The company has convertible bonds with a total face amount of $100,000 and a carrying value of
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The company has convertible bonds with a total face amount of $100,000 and a carrying value of $98,500. The bonds are converted into 2,000 shares of $1 par common stock. Each share of stock had a market value of $55 on the date of conversion. Make the journal entry to record the conversion. Assume that the conversion is viewed as a culminating event so that a gain or loss is recognized.
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Bonds Payable 100000 Loss on Bond Conversion 11500 ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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