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The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 13.75% bonds having a face amount of $90.6 million. The bonds had been issued in 2010 and had a remaining discount of $3.6 million at December 31, 2017. On January 1, 2018, Indian River Electronics called the bonds before their scheduled maturity at the call price of 103. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the redemption of the bonds Note: Enter debits before credits Dale General Journal January 01, 2016 Debit Credit Record entry Clear entry View general journal On January 1, 2018, Gless Textiles issued 517 million of 10%, 20-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock, Bonds that are similar in all respects. except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount), Century Services purchased 20% of the issue as an investment Required: 1. Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century 2. Prepare the journal entries for the June 30, 2022, interest payment by both Gless and Century assuming both use the straight-line method. 3. On July 1, 2023, when Gless's common stock had a market price of $33 per share. Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method) Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond Investment by Century. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of the bonds by Gless. u nter debits before credits January 01, 2018 General Journal Doble Credhe On January 1, 2018. Gless Textiles issued $17 million of 10%, 20-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock Bonds that are similar in all respects. except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 20% of the issue as an investment Required: 1. Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century 2. Prepare the journal entries for the June 30, 2022, interest payment by both Gless and Century assuming both use the straight-line method 3. On July 1, 2023, when Gless's common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries for the June 30, 2022, interest payment by both Gless and Century assuming both use the straight-line method. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the interest payment by Gless. Note: Enter debits before credits June 30. General Journal 2022 Debit Credit On January 1, 2018. Gless Textiles issued $17 million of 10%, 20-year convertible bonds at 101. The bonas pay me December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock Bonds that are similar in all respects. except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 20% of the issue as an investment Required: 1. Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century 2. Prepare the journal entries for the June 30, 2022, interest payment by both Gless and Century assuming both use the straight-line method 3. On July 1, 2023, when Gless's common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method) Complete this question by entering your answers in the tabs below. Required 1 Required 2 On July 1, 2023, when Gless's common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method). (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry for Gless regarding the conversion of the bonds. Note: Enter debits before credits July 01, 2023 General Journal Debit 1 Credit
