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please reply dast and accurate Mecco Energy Corp. issued a convertible bond on 1 August 20X9. The 10-year, 3% $14,000,000 bond pays interest semi-annually each
please reply dast and accurate
Mecco Energy Corp. issued a convertible bond on 1 August 20X9. The 10-year, 3% $14,000,000 bond pays interest semi-annually each 31 July and 31 January, At maturity, each $1.000 bond is convertible into 120 common shares. The bond was issued for $14,560,000 Market interest rates were approximately 4%. (PV of S1. PVA of S1, and PVAD of S1) (Use appropriate factor(e) from the tables provided.) Required: 1. Provide the journal entry to record the initial Issuance of the bond. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field. Round your time value to 5 decimal places and your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the entry for issuance of bonds. bits before credits General Journal Debit Credit 2. Assume instead that the bond was convertible into common shares at the maturity date into common shares based on the market value of common shares at that time. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction that Journal entry worksheet Record the entry for issuance of bonds. Note: Enter debits before credits Transaction General Journal Debit Credit Step by Step Solution
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