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in details please A Corporation issued $6,000,000 of 9%, ten-year convertible bonds on April 1,2022 at 96 . The bonds were dated April 1,2022 with
in details please
A Corporation issued $6,000,000 of 9%, ten-year convertible bonds on April 1,2022 at 96 . The bonds were dated April 1,2022 with interest payable April 1 and October 1 . The bond discount is amortized semiannually on a straight-line basis. On April 1,2023, $1,200,000 of these bonds were converted into 500 shares of $20 par value common stock. What should be the amount of the unamortized bond discount on April 1, 2023 (after being updated for interest paid on April 1,2023) relating to the bonds converted? (Hint: looking for the amount of the bond discount that will be written off when the conversion is recorded.) Step by Step Solution
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