Prepare entries fro redemption of bonds and conversion of bonds into common stock. (LO 2) E15-8B...

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Prepare entries fro redemption of bonds and conversion of bonds into common stock. (LO 2) E15-8B Presented below are three independent situations. 1. Oolong Corporation retired $130,000 face value, 12% bonds on June 30, 2017, at 103. The carrying value of the bonds at the redemption date was $117,500. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 2. Pine Inc. retired $150,000 face value, 12.5% bonds on June 30, 2017, at 97. The carrying value of the bonds at the redemption date was $151,000. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 3. Maria Company has $80,000, 8%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay annual interest on December 31 of each year. The bonds are convertible into 30 shares of Maria $5 par value common stock for each $1,000 worth of bonds. On December 31, 2017, after the bond interest has been paid, $30,000 face value bonds were converted. The market price of Maria common stock was $44 per share on December 31, 2017. Instructions For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds. Prepare entries fro redemption of bonds and conversion of bonds into common stock. (LO 2) E15-8B Presented below are three independent situations. 1. Oolong Corporation retired $130,000 face value, 12% bonds on June 30, 2017, at 103. The carrying value of the bonds at the redemption date was $117,500. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 2. Pine Inc. retired $150,000 face value, 12.5% bonds on June 30, 2017, at 97. The carrying value of the bonds at the redemption date was $151,000. The bonds pay annual interest, and the interest payment due on June 30, 2017, has been made and recorded. 3. Maria Company has $80,000, 8%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay annual interest on December 31 of each year. The bonds are convertible into 30 shares of Maria $5 par value common stock for each $1,000 worth of bonds. On December 31, 2017, after the bond interest has been paid, $30,000 face value bonds were converted. The market price of Maria common stock was $44 per share on December 31, 2017. Instructions For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds.