Stevens Corporation issued 5% convertible bonds with a total face value of $3,000,000 for $3,000,000. If the
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Stevens Corporation issued 5% convertible bonds with a total face value of $3,000,000 for
$3,000,000. If the bonds had not had a conversion feature, they would have sold for $2,600,000.
Under IFRS, the entry to record the transaction would require a credit to:
(a) Bonds Payable for $3,000,000.
(b) Bonds Payable for $400,000.
(c) Share Premium—Conversion Equity for $400,000.
(d) Discount on Bonds Payable for $400,000.
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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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