Question
On July 1, 2017, Crane Ltd. issued 1,000 convertible, five-year, $1,000 bonds. Each bond is convertible into 20 common shares at the bondholder's option. On
On July 1, 2017, Crane Ltd. issued 1,000 convertible, five-year, $1,000 bonds. Each bond is convertible into 20 common shares at the bondholder's option. On the date of conversion rights were valued at $53,000
On July 1, 2020, the bonds had a carrying value on Crane's books of $969,000, and the fair market value of the bonds without the convertible option was $977,000.
assume all the bondholders voluntarily decided to convert their bonds to common shares on July 1, 2020
prepare the journal entry to record the conversion
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Machine Learning For Auditors Automating Fraud Investigations Through Artificial Intelligence
Authors: Maris Sekar
1st Edition
1484280504, 978-1484280508
