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On July 1, 2020, Rihanna Corporation called its 4% $5 million convertible bonds for conversion. There was $90,500 of unamortized discount on July 1, 2020.
On July 1, 2020, Rihanna Corporation called its 4% $5 million convertible bonds for conversion. There was $90,500 of unamortized discount on July 1, 2020. At the time of conversion, the balance in the Contributed Surplus-Conversion Rights was $125,000. On the date of conversion, the bonds fair value was $4,935,000 so the company paid an additional $45,000 to induce the conversion. Assuming ASPE, What amount is recorded under the "Loss on Conversion" account
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