Colson Inc. converts $600,000 of bonds sold at face value into 10,000 shares of common stock, par
Question:
Colson Inc. converts $600,000 of bonds sold at face value into 10,000 shares of common stock, par value $1. Both the bonds and the stock have a market value of $760,000. What amount should be credited to Paid-in Capital in Excess of Par—Common Stock as a result of the conversion?
(a) $10,000.
(b) $160,000.
(c) $600,000.
(d) $590,000.
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781118004234
1st Edition
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
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