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Please show all calculations Case C On the 31 August 20X1 SFP, Argon Mining Ltd. reported the following: Debt Convertible bond payable, 5%, due 31
Please show all calculations
Case C On the 31 August 20X1 SFP, Argon Mining Ltd. reported the following: Debt Convertible bond payable, 5%, due 31 August 20X4, convertible into 500,000 shares $12,000,000 Less discount (620,000) $11,380,000 Equity $ 460,000 Contributed capital: common share conversion rights Interest is paid annually on 31 October, and the bonds were originally valued to yield 7%. Required: Provide entries on 31 August 20X2 to record the interest expense and payment. Assuming that conversion also occurs on this date, show the journal entry for conversion of the bonds to common shares on this date. The market price of common shares was $42 per share on 31 August 20X2Step by Step Solution
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