Cliapter 14 Saved Help Save & Exit Submit Check my work On January 1, 2018, Gless Textiles issued $13.1 million of 9 % , 10- year convertible bonds at 103. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 50 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 10 % of the issue as an investment. 10 points Required: Assume Gless Textiles prepares its financial statements according to International Financial Reporting Standards. Prepare the journal entry for the issuance of the bonds by Gless using the net method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers in whole dollars.) Skipped eBook View transaction list Print Journal entry worksheet 1 References Record the entry for the issuance of bonds by Gless under IFRS using the net method. Note: Enter debits before credits. Event General Journal Debit Credit Mc Check my work On January 1, 2018, Gless Textiles issued $13.1 million of 9% , 10- year convertible bonds at 103. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 50 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 10 % of the issue as an investment 10 points Required: Assume Gless Textiles prepares its financial statements according to International Financial Reporting Standards. Prepare the journal entry for the issuance of the bonds by Gless using the net method. (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.) Skipped eBook View transaction list Print Journal entry worksheet 1 Reterences Record the entry for the issuance of bonds by Gless under IFRS using the net method. Note Enter debits before credits Event General Journal Debit Credit Prev 9 of 13 Next>