Colson Inc. converts $600,000 of bonds sold at face value (SO 6 into 10,000 shares of common

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Colson Inc. converts $600,000 of bonds sold at face value (SO 6 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 oi Par as a result oi the conversion?

a. $10,000.

b. $160,111)11.

c. $600,000.

d. $590,000.

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Financial Accounting Text Only

ISBN: 9780006575405

5th Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

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Question Posted: Jun 10, 2024 01:20 AM

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Colson Inc. converts $600,000 of bonds sold at face value (SO 6 into 10,000 shares of common

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Financial Accounting Text Only

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