Question
On July1, 2020, Star Company issued $100,000 par(100 bonds with $1000 par per bond) of 12%, 10-year bonds dated Dec 31at 102. Interest is payable
On July1, 2020, Star Company issued $100,000 par(100 bonds with $1000 par per bond) of 12%, 10-year bonds dated Dec 31at 102. Interest is payable semiannually on July 1 and Dec 31.Each $1,000 bond is convertible into 20 shares of common stock of par value of $50 per share. All bonds are converted into common stock on Dec 31, 2022.
instructions
What entries would be made for above transactions, including bonds issuance and interest payment in 2020 and bonds conversion in 2022?
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A X l00000 company Jousnal entnies in the books of starr Coedit Co Debitla Date Particalars 1000...
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
2nd edition
9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828
