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On January 1, 2021, Gless Textiles issued $23 million of 8%, 20-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, 2025, interest payment by both Gless and Century assuming both use the straight-line method. 3. On July 1, 2026, 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). X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare the journal entries for the issuance of the bonds by Gless and the purchase of the bond investment by Century. (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.) Show less No Date General Journal Debit Credit 1 January 01, 2 Cash 11,110,0% Convertible bonds payable 11,000,0x Premium on bonds payable 110,000 2 January 01, 2 Investment in convertible bonds Premium on investment in bonds Cash 2,200,00 22,000x 33 2,222,00 X Required 1 Required 2 > On January 1, 2021, Gless Textiles issued $23 million of 8%, 20-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, 2025, interest payment by both Gless and Century assuming both use the straight-line method. 3. On July 1, 2026, 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). X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required Required 2 3 1 Prepare the journal entries for the June 30, 2025, interest payment by both Gless and Century assuming both use the straight-line 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.) Show less No Date General Journal Debit Credit 1 June 30, 202 Interest expense 437,250% X 2,750X Premium on investment in bonds Cash 440,000 X 2 June 30, 2025 Cash 88,000 Interest revenue Premium on investment in bonds 87,450 X 550 X On January 1, 2021, Gless Textiles issued $23 million of 8%, 20-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, 2025, interest payment by both Gless and Century assuming both use the straight-line method. 3. On July 1, 2026, 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 Required Required 1 2 3 On July 1, 2026, 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). (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.) Show less No Date General Journal Debit Credit 1 July 01, 2026 Convertible bonds payable Premium on investment in bonds Common stock X 2,200,00% 79,750X 2,279,74X 2 2,279,7 X July 01, 2026 Investment in common stock Investment in convertible bonds Premium on investment in bonds 2,200,000 79,750X