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has outstanding 2,100 $1,000 bonds, each convertible into 60 shares of $10 par value common stock. The bonds are converted on December 31, 2020, when

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has outstanding 2,100 $1,000 bonds, each convertible into 60 shares of $10 par value common stock. The bonds are converted on December 31, 2020, when the unamortized discount is $26,200 and the market price of the stock is $21 per share. Record the conversion using the book value approach. Account Titles and Explanation Debit Credit

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