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Can Anyone solve this ? On January 1, 2014, Sandy Inc. issued $500,000, 11%, 10-year. The bonds sold at face value and pay semiannual interest.
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On January 1, 2014, Sandy Inc. issued $500,000, 11%, 10-year. The bonds sold at face value and pay semiannual interest. Interest is payable semiannually on January 1 and July 1. - On January 1, 2015, this is a conversion of all bonds into common stock when the market price of the common stock was $67 per share. Each $1,000 bond is convertible into 30 shares of Sandy's $20 par value common stock. Instructions 1. Prepare journal entries for: (a) The issuance of the bonds on January 1, 2014. (b) Interest expense on July 1 and December 31, 2014. (c) The payment of interest on January 1, 2015. (d) The conversion of all bonds into common stock on January 1, 2015Step by Step Solution
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