Sasha Verbitsky Corporation has outstanding 1,000 $1,000 bonds, each convertible into 50 shares of $10 par value

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Sasha Verbitsky Corporation has outstanding 1,000 $1,000 bonds, each convertible into 50 shares of $10 par value common stock. The bonds are converted on December 31, 2008, when the unamortized discount is $30,000 and the market price of the stock is $21 per share. Record the conversion using the book value approach.

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Intermediate Accounting 2007 FASB Update Volume 2

ISBN: 9780470128763

12th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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