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please answer BOTH quickly and correct. I need it done asap. i will give a thumbs up if both are correct and answered quickly. Pina
please answer BOTH quickly and correct. I need it done asap. i will give a thumbs up if both are correct and answered quickly.
Pina Corporation has outstanding 2,200$1,000 bonds, each convertible into 50 shares of $10 par value common stock. The bonds are converted on December 31,2020 , when the unamortized discount is $34.400 and the market price of the stock is $21 per share. Record the conversion using the book value approwch. (Credit account tities are cutomatically indented when amount is entered. Do not. indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts) Concord Corporation issued 1,900 shares of $10 par value common stock upon corversion of 950 shares of $50 par value preferred stock. The preferred stock was originally issued at $60 per share. The common stock is trading at $25 per share at the time of comversion. Record the conversion of the preferred stock. (Credit account bitles are automatically indented when amount is entered. Do not indent mamually. If no entry is required, select "No Entry" for the account titles and enter Of for the amounts.) Step by Step Solution
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