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W HO WICad completion Return to question On January 1, 2018, Madison Products issued $41.0 million of 6%, 10-year convertible bonds at a net price of $41.90 million Madison recently issued similar, but nonconvertible, bonds at 98 (that is, 98% of face amount). The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 30 shares of Madison's no par common stock. Madison records interest by the straight-line method. On June 1, 2020, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1 2020. By June 30 all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 30. Madison paid the semiannual interest and issued the requisite number of shares for the bonds being converted. Required: 1. & 2. Prepare the journal entry for the issuance of the bonds by Madison and Interest payment for the June 30, 2018 3. Prepare the journal entries for the June 30, 2020, interest payment by Madison and the conversion of the bonds (book value method). Answer is complete but not entirely correct. Show all X 4.png 5.png 6.png 2/16/2020 ype here to search of incorrect for the work you have completed so far. It does not indicate compl Return to questo REY I due Prepare the journal entry for the issuance of the bonds by Madison and interest payment for the June 30, 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.) Credit No Debit 41,900,000 Date General Journal January 01, 2018 Cash Convertible bonds payable Premium on bonds payable 41,000,000 900.000 1.230,000 50.000 June 30, 2018 Interest expense Premium on bonds payable Cash 1 200 000 x 4.png Spng 510 PM 6.png pe here to search Ney I duu Return to que: Prepare the journal entries for the June 30, 2020, interest payment by Madison and the conversion of the bonds (book value 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.) No 1 Date June 30, 2020 Credit General Journal Interest expense Premium on bonds payable Cash Debit 1,230,000 50,000 1,280,000 2 June 30, 2020 Convertible bonds payable Premium on bonds payable Common stock 41,000,000 750 000 41,750.000 Show at 4.png 6.png S10 PM .png e 2/16 o @W Ei S Type here to search