i just need help with part 3.
thank you!
On January 1, 2018, Gless Textiles issued $18 million of 7%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 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. Required: 1. Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century 2. Prepare the journal entries for the June 30, 2022, interest payment by both Gless and Century assuming both use the straight-line method 3. On July 1, 2023, when Gless's common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by century. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date Credit Debit 18,180,000 1 General Journal January 01, 2018 Cash Convertible bonds payable Premium on bonds payable 18,000,000 180,000 2 January 01, 2018 Investment in convertible bonds Premium on bond investment Cash OOO 1.800.000 18,000 1,818,000 Required Required 2 > On January 1, 2018. Gless Textiles issued $18 million of 7%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 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 Required: 1. Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century. 2. Prepare the journal entries for the June 30, 2022, interest payment by both Gless and Century assuming both use the straight-line method. 3. On July 1, 2023, when Gless's common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries for the June 30, 2022, interest payment by both Gless and Century assuming both use the straight-line method. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Debit Credit 1 June 30, 2022 Interest expense Premium on bonds payable 621,000 9,000 Cash 630,000 2 June 30, 2022 Cash 63,000 Premium on bond investment Interest revenue 900 62,100 On January 1, 2018. Gless Textiles issued $18 million of 7%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 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 Required: 1. Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century. 2. Prepare the journal entries for the June 30, 2022, interest payment by both Gless and Century assuming both use the straight-line method 3. On July 1, 2023, when Gless's common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 On July 1, 2023, when Gless's common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method). (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less No Debit Credit Date July 01, 2023 1 General Journal Convertible bonds payable Premium on bonds payable Common stock 1,800,000 16,200 olo 1,818,000 2 July 01, 2023 181,800 Investment in common stock Investment in convertible bonds Premium on bond investment 1,800 x 180,000
