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+ Chapter 15 Homework 8.89 / 10 Question 2 of 2 Your answer is partially correct Kingbird Corporation is a regional company which is an SEC registrant. The corporation's securities are thinly traded on NASDAQ Kingbird Corp has issued 16,000 units. Each unit consists of a $800 par, 12% subordinated debenture and 16 shares of a par common stock. The units were sold to outside investors for cash at 51408 per unit. Prior to this sale, the 2-week ask price of common stock was $4 per share. Twelve percent areasonable market yield for the debentures, and therefore the par value of the bonds is equal to the fair value (a) Prepare the journal entry to record Kingbird's transaction, under the following conditions. (Round answers to decimal places, et $38.487.Credit account titles are automatically indented when amount is entered. Do not Indent manually . If no entry is required, select "No Entry for the account title and enter for the amounts: Employing the incremental method Employing the proportional method. mine the recent price quote on the common stock reflects fair value 121 Debit Credit No Account Titles and Explanation Type here to search O RI IMA + Chapter 15 Homework 8.89/10 Question 2 of 7 12000000 Bonds 0800 Common stoc Paid Capitalin e Par Coronto 23520000 2 Desconto Bons Payable 12000000 Bon Payable 204500 Conto Paid in Capitalin ens of Par Common stoc 64 FM 04/2007 4'FAO N O Type to search