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On September 30, 2020, Oriole Inc. issued $4,150,000 of 10-year, 8% convertible bonds for $4,730,000. The bonds pay interest on March 31 and September 30 and mature on September 30, 2030. Each $1,000 bond can be converted into 80 no par value common shares. In addition, each bond included 20 detachable warrants. Each warrant can be used to purchase one common share at an exercise price of $13. Immediately after the bond issuance, the warrants traded at $2.90 each. Without the warrants and the conversion rights, the bonds would have been expected to sell for $4,355,000. On March 23, 2023, half of the warrants were exercised. The common shares of Oriole Inc. were trading at $20 each on this day. Immediately after the payment of interest on the bonds, on September 30, 2025, all bonds outstanding were converted into common shares. Assume the entity follows IFRS. Prepare the journal entry to record the issuance of the bonds on September 30, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit September Cash 30, 2020 Bonds Payable Contributed Surplus - Stock Warrants Contributed Surplus - Conversion Rights 4730000 4355000 134300 240700 Using (1) a financial calculator or (2) Excel functions, calculate the effective rate (yield rate) for the bonds. (Round answer to 4 decimal places, e.g. 5.2500%.) Semi-annual effective rate 3.6478 % Date Sept. 30, 2020 Mar. 31, 2021 Sept. 30, 2021 Mar. 31, 2022 Sept. 30, 2022 Mar. 31, 2023 Sept. 30, 2023 Mar. 31, 2024 Sept. 30, 2024 Mar. 31, 2025 Sept. 30, 2025 $ LA Cash Paid 166000 166000 166000 166000 166000 166000 166000 166000 166000 166000 Schedule of Bona Premium Amortization Effective Interest Method Effective Interest $ LA 158860 158600 158330 158050 157760 157460 157148 156825 156491 156144 LA $ Premium Amortized 7140 7400 7670 7950 8240 8540 8852 9175 9509 9856 CA UUUL Prepare the December 31, 2020 year-end adjusting journal entries and the payment of interest on March 31, 2021. Assume that Oriole Inc. does not use reversing entries. For amortization of premium, pro-rate using number of months. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit December 31, 2020 Interest Expense Bonds Payable Interest Payable March 31, 2021 Interest Expense Interest Payable Bonds Payable Cash Prepare the journal entry to account for the exercise of the warrants on March 23, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation March 23, Cash 2023 Contributed Surplus - Stock Warrants Common Shares How many common shares were issued in this transaction? Common shares issued shares Prepare the journal entry to account for the bond redemption on September 30, 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit September Bonds Payable 30, 2025 Contributed Surplus - Conversion Rights Common Shares eTextbook and Media List of Accounts How many shares were issued on September 30, 2025? Shares issued shares Calculate the minimum market value of the common shares as of the date of the conversion, September 30, 2025. (Round answer to 2 decimal places, e.g. 52.75.) Minimum market value $
