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Anderson, Inc. issued 1,000, $1,000 bonds at 104 several years ago. Each bond is convertible into 3 shares of Anderson common stock. Each share of
Anderson, Inc. issued 1,000, $1,000 bonds at 104 several years ago. Each bond is convertible into 3 shares of Anderson common stock. Each share of common stock has a par value of $5. On July 1, 2019, all of the bonds are converted into common stock at a time when the unamortized bond premium is $15,000. Required: Please prepare the accounting entry to record the conversion of the bonds into common stock. (SHOW ALL WORK)
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