On January 1, 2020, Martin Corporation issued $4,000,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into eight shares of Martin Corporation $100 par value common stock after December 31, 2021.

On January 1, 2022, $4,00,000 of debentures are converted into common stock, which is then selling at $110. An additional $400,000 of debentures are converted on March 31, 2022. The market price of the common stock is then $115. Accrued interest at March 31 will be paid on the next interest date.

Bond premium is amortized on a straight-line basis.

Instructions:

Make the necessary journal entries for:

1. December 31, 2021.
2. January 1, 2022.
3. March 31, 2022.
4. June 30, 2022.

Record the conversions using the book value method.

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