On January 1, 2021, Company GG issues $4,000,000 of 7-year convertible bonds with a stated interest rate

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On January 1, 2021, Company GG issues $4,000,000 of 7-year convertible bonds with a stated interest rate of 3 percent, payable annually on December 31. The bonds are convertible into common stock at a conversion rate of 25 shares per $1,000 bond.

Prepare the journal entries to record the issuance of the bonds and the interest payment on December 31, 2021.

Related Book For answer-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Posted Date: May 27, 2024 03:37 AM

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On January 1, 2021, Company GG issues $4,000,000 of 7-year convertible bonds with a stated interest rate

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Intermediate Accounting IFRS

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